Predictions for 2012 in the Harrisonburg and Rockingham County Real Estate Market


Predictions for 2012 in the Harrisonburg and Rockingham County Real Estate Market
By Scott Rogers • January 2, 2012
One of the best indicators in our local housing market is the pace of single family home sales. Townhouses and duplexes are sometimes bought by investors, and thus if we include those sales, we aren't getting the best picture of the pace at which homeowners are purchasing homes. Given that single family (detached) homes are a good indicator for the market, I made a prediction in January 2011 as to what would happen in our local real estate market this past year. Let's revisit those predictions for 2011.... So, how did I do? I estimated that the sales pace of single family homes would stay within 2% of the 2010 pace of home sales. Either a 2% increase in sales, a 2% decrease in sales, or somewhere in between. Drum roll, please.....After 555 single family home sales in 2010, there were......618 single family home sales in 2011 -- an 11% increase!!!! Wow, was I wrong! Please note that the 618 sales in 2011 might actually increase a bit further -- I'll publish my full market report in another week which will include final stats. So, now for predictions for 2012. It's actually a bit more difficult this year. After an 11% increase in single family home sales during 2011 --- it's hard to be conservative in my estimates. Before seeing these figures, I would have estimated we'd see a 2% to 5% increase in single family home sales in 2012. But given that 2011 showed a whopping 11% increase in sales pace, I think I'll have to predict that we'll see a 5% to 10% increase in 2012. That would put us somewhere between 649 and 680 sales in 2012 -- which is on pace with 2008. As always, let me know if you agree or disagree. I value your input as well. 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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