How could townhome values have dipped so far, so fast?


How could townhome values have dipped so far, so fast?
By Scott Rogers • April 18, 2011
After staying relatively stable over the past few years, townhome values are dropping quite quickly in 2011 -- per the median home value of Harrisonburg and Rockingham County townhomes.... Townhome Sales between January and March 2010: 42 sales Average Sales Price = $171,260 Median Sales Price = $155,000 Townhome Sales between January and March 2011: 32 sales Average Sales Price = $144,608 Median Sales Price = $126,000 I believe what we're seeing here is that the median (and average) sales prices are coming down because of the composition of which (townhome) properties have actually sold in the first quarter of 2011. If my theory is correct. the median (and average) sales prices might increase quickly as the year continues. Alternatively, they could stay quite low if the smaller, older, more remote townhomes continue to sell -- at lower prices than most. Properties selling in 2011 (1Q) under the $126,000 median sales price included: $49K - 1346 Hunters Road (Hunters Ridge, student condo) $74K - 423 Wirt Avenue (Elkton) $90K - 3602 Killy Court (Massanutten) $90K - 1171 Rosedale Drive (Rosedale) $100K - 116 Granny Smith Drive (Timberville) $100K - 118 Granny Smith Drive (Timberville) $100K - 120 Granny Smith Drive (Timberville) $107K - 1642 Buttonwood Court (Harmony Heights) $113K - 964 Rosedale Drive (Rosedale) $116K - 1017 Misty Court (Misty Meadows) $120K - 136 Olivia Dawn Lane (Broadway) $120K - 1151 Commercial Court (Park Crest) $123K - 206 A Fourteenth Street (Grottoes) $125K - 3004 Kidd Court (Massanutten condo) $125K - 206 D Fourteenth Street (Grottoes) $125K - 1211 Mountain View Drive (University Court) The bottom line (if you made it down here) is that the data thus far from 2011 does not necessarily mean your townhome's value has taken a nose dive. It may just mean that small, less expensive townhomes are the ones that are actually selling these days. 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 21, 2024 (unless otherwise noted).
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