Puzzling start to 2014 for local housing market


Puzzling start to 2014 for local housing market
By Scott Rogers • May 12, 2014
Featured Property: 1103 Dices Spring Road, Weyers Cave, VA I just published my monthly report on the Harrisonburg and Rockingham County real estate market and thus far, 2014 is not as exciting of a year as 2013 was for our local housing market. Click here to review the entire report online -- or click here to download the full PDF -- or read on for some highlights.... 2013 was an encouraging year in the local housing market. After many years of a declining pace of home sales, we finally saw a (strong!) rebound in the home sales activity. Now, however, with four months of 2014 behind us, we are facing a very different trend when comparing year over year trends -- the pace of home sales has declined 18% year-over-year. This could be the result of the icy winter weather in 2014... but that is becoming a less likely theory as we move through Spring. The next theory I'll throw out is that 2013 was a rebound year, with higher than normal sales volume, and 2014 is is reverting back to the slow upward trend that began in 2011. Even though it's not highlighted in yellow above, we should also note that prices seem to be improving year-to-date, with a 3% increase in median sales price. Going back to the rebound theory -- the blue line in this graph shows the month-by-month sales experienced during 2013. As is quickly evident, last year's home sales were head and shoulders above any other recent year of home sales. Home sales this year (red) certainly look rather unexciting in comparison to last year (2013) though when taken within the context of 2012 (green) we see that there has been an improvement when looking at a 24 month differential. Again, this may indicate that 2013 was a year of our marketing bouncing back and burning through old inventory, but that the 2013 sales pace was not sustainable moving forward. Now, here are your teasers to encourage you to read the rest of this data filled report.... Contract Activity Fell 8% Year Over Year Inventory Rose 8% Year Over Year Annualized Home Values INCREASED 2% in April 2014 The median sales price has increased 10% YTD. There's much, much more. Read it online (here) or download the PDF (here) and as always, if you're interested in talking to me about buying a home in Harrisonburg or Rockingham County.....or if you are interested in selling your current home.....just drop me a line by email (scott@HarrisonburgHousingToday.com) or call me at 540-578-0102. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? 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
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 24, 2024 (unless otherwise noted).
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