Home sales pace, sales price decline in Harrisonburg and Rockingham County


Home sales pace, sales price decline in Harrisonburg and Rockingham County
By Scott Rogers • June 9, 2011
I just completed my monthly analysis of the Harrisonburg and Rockingham County real estate market. Click here for a PDF of the 24-page report or read on for some highlights. While there are several indicators that Harrisonburg and Rockingham County might be starting to see a recovery in the housing market, there are still plenty of trends that are not as hopeful. Above you will note that sales are still lower this year than in 2010, with a 6% decline in May 2011 sales (compared to May 2010) and a 6% decline in year-to-date home sales. Median prices also continue to decline, with a rather steep 10% decline in median sales price over the past year (Jan-May 2010 vs. Jan-May 2011). Despite a downward trend in the pace of home sales and in median prices, we are still on a several-month run of lots of buyers committing to buy homes in Harrisonburg and Rockingham County. This should, in theory, help to stabilize the pace of home sales over the next few months. May 2011 contracts exceeded both May 2010 and May 2009! The graph above (inventory) is one trendline that we're happy to see decline. There are currently 13% fewer homes on the market as compared to a year ago! This helps to balance the market, though there are still many more sellers in the market than buyers. Over the past five years, the pace of home sales has declined almost 50% in Harrisonburg and Rockingham County. Despite this tremendous decline in the number of home buyers in our market, the median price did not start declining until 2008, and even then, only had a slight decline (8%) through the end of 2010. As 2011 finishes out, we'll get a better idea of how these two trends (pace, price) will perform. For more reading, click here to download the full Harrisonburg & Rockingham County Real Estate Market Report as a PDF. As always, if you have questions about this report, or if I can be of assistance with real estate that you own, or that you'd like to own, please be in touch. You can reach me most easily at 540-578-0102 or scott@HarrisonburgHousingToday.com. 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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