Townhouse sales pick up pace, prices still declining


Townhouse sales pick up pace, prices still declining
By Scott Rogers • January 11, 2013
After a massive decline in townhouse sales (644 sales in 2005 down to only 168 sales in 2011) the pace of townhouse sales finally increased (+32%) in 2012. Despite more townhouse buyers being in the market in 2012, prices declined further (-6%) down to a median sales price of $134,995. A few notes as you ponder this data: This data set includes townhouses, duplexes and condos. This data includes 22 condo sales at University Place in November 2012 at $33K per sale, which brought the median price down a bit. Many of the buyers in the peak years of townhouse sales were investors buying investment properties --- fewer and fewer investors were buying such properties as the market declined. Many of the buyers in the peak years of townhouse sales were first time buyers --- whereas many would-be first time townhouse buyers are now renting instead. If you are looking to buy a townhouse, there is a great opportunity right now with room to negotiate on many prices. If you are looking to sell a townhouse, be realistic about pricing, market your property thoroughly, and be willing to consider leasing your property instead if it comes down to that. 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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