Comparing My 2017 Housing Market Predictions To Reality


Comparing My 2017 Housing Market Predictions To Reality
By Scott Rogers • January 4, 2018
As shown above, I was horribly inaccurate with my prediction of how many home sales we would see in 2017. After a 16% increase in the pace of sales between 2015 and 2016 I thought I was being sufficiently conservative to only point to a potential 4% increase in the pace of sales between 2016 and 2017. Perhaps what I did not fully account for was the limiting impact of low inventory levels -- which I believe are a key reason why we did not see more home sales in 2017. So -- not only did we not see 1350 home sales in 2017 (as I predicted) we also did not see 1301 home sales (the 2016 total). We ended up with right around 1,254 home sales for 2017. Now, let's see how I did in predicting market values in 2017.... Woah! I think I'm going to say his prediction mattered much more than the first. :) As you can see -- I predicted that we would see the median sales price climb from $192,900 up to $198,500 in 2017. And --- it did! The median sales price for the 1,254 sales reported thus far in the Harrisonburg-Rockingham MLS show a median sales price of.... $198,500! That means (as conveniently shown in this one year old graph above) we ended up seeing a 3% increase in median sales prices -- only slightly below the 4% increases seen in 205 and 2016. Stay tuned for some predictions for 2018 in the coming days! 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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