Listing Inventory Drops 12% In Less Than A Month


Listing Inventory Drops 12% In Less Than A Month
By Scott Rogers • January 3, 2011
As I type, active listing inventory in Harrisonburg and Rockingham County stands at 745 residential listings --- which I believe is the lowest level we've seen in the past two years. This includes single family detached homes, townhomes and condos. Less a month ago, in my most recent market report, active inventory was at 846 listings. Thus, we've seen a 12% drop in less than a month. Furthermore, current listing inventory (745) is 27% below the highest inventory we've ever seen --- 1,015 active listings, just seven months ago in June 2010. We still have a largely imbalanced housing market in Harrisonburg and Rockingham County, with many more sellers in the market than buyers. Thus, a decline in listing inventory is great -- it helps to balance the market, making it a healthier market. The question, therefore, is whether this low inventory level will last.... A significant portion of the lower inventory levels are a result of listings that expired on 12/31/2010. There are 101 fewer listings now as compared to December 8th (745 vs 846) --- but 80 listings expired between 12/31/2010 and 1/1/2011. It is possible that a small (or large) portion of those 80 listings were not intended to have expired, and that they'll return to the market in the next few days. Within the next week we'll have a better idea of whether these low inventory levels will last. What do you think? And what do you hope? Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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