The impact of distressed sales (bank owned, short sales) on the Harrisonburg, Rockingham County housing market


The impact of distressed sales (bank owned, short sales) on the Harrisonburg, Rockingham County housing market
By Scott Rogers • January 16, 2012
Housing markets across the country have been affected by an increase in distressed sales over the past few years -- both bank owned homes (that were foreclosed on) and short sales (where the sales price didn't pay off the mortgage). So, what was the impact in our local area? A few observations based on the data above.... Distressed sales increased significantly (+ 38%) between 2010 and 2011. Thankfully, the number of foreclosures declined (- 17%) between 2010 and 2011, so we are likely to see fewer distressed sales in 2012. As could be expected, distressed sales made up a larger portion of home sales in 2011 (14%) as compared to 2010 (10%). This marks a 35% increase in the percentage of local home sales that were distressed sales. The median price of distressed sales declined by 15% over the past year. This may have been a combination of better deals on distressed properties and/or lower valued homes being sold as distressed sales. Thanks for reading to this last point, because this is the important one! While the overall median sales price in our local area declined 3% over the past year --- if you take out distressed sales, the median sales price only declined 1%. Again, given the decline in foreclosures in 2011, I am hopeful that we'll see a smaller number of distressed sales in 2012, leading to greater stability in our local housing market. 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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