There are so MANY (and so FEW) houses for sale!?!


There are so MANY (and so FEW) houses for sale!?!
By Scott Rogers • April 15, 2011
It's been an interesting week showing houses over $400,000 in Harrisonburg and Rockingham County. Both of the following seem to be true: There are way too many homes for sale over $400K. There are way too few homes for sale over $400K. OK --- so, why are there TOO MANY homes for sale over $400K? If you compare the average number of $400K sales/month over the past year with the number of active listings, you'll find that it would take 25 months to sell all of the homes listed for sale over $400K. Way TOO MANY homes, right? But wait --- if there are soooooo many homes for sale, how are there also TOO FEW homes for sale over $400K? Well, as I drove my clients through neighborhood after neighborhood, there were so many areas where there was not a single home for sale. In fact, looking back two years, there were 125 homes for sale over $400K, but now there are only 81 homes for sale over $400K. This 35% reduction in inventory significantly limits the homes from which a buyer can choose. So, what happened? I think many (many) sellers who wanted to sell their homes, and tried over the past year or two, have become discouraged and have taken their homes off the market. They look at the oversupply (25 months) and figure they'll be better off just taking their home off the market. Many sellers are out of the game! And what is happening now? Given limited inventory levels, (some) buyers aren't finding what they are looking for. Frustrated by not finding a home that works well for them, buyers are also out of the game! What a conundrum! 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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