How Is Coronavirus Affecting How Many Buyers Are Buying Homes In Harrisonburg, Rockingham County?


How Is Coronavirus Affecting How Many Buyers Are Buying Homes In Harrisonburg, Rockingham County?
By Scott Rogers • April 2, 2020
Is Coronavirus slowing down home buyers in Harrisonburg and Rockingham County? It seems it may be, somewhat, but it's probably too early to make any definitive conclusions. Based on the graph above... More buyers signed contracts in January 2020 than in either of the past two months of January. More buyers signed contracts in February 2020 than in either of the past two months of February. We usually (based on 2018 and 2019 data) see around 131 buyers sign contracts in March -- but only 117 buyers signed contracts this past March. That is an 11% decline in buyer activity. Here's another graph that shows looks at the cumulative number of home buyers who signed contracts through the entire year in 2018 and 2019, and thus far in 2020... Above, you'll note that 2020 is still ahead of 2018 and 2019 when looking at the sum of January through March -- but that 2020 is drifting back downward towards 2018 and 2019. And, plenty disclaimers... It's possible that I have slightly under-reported March 2020 home buying activity, as some properties that went under contract in March might not be marked as such in the MLS yet. It's possible that some of the properties currently under contract won't go to closing based on buyers having financing issues related to Coronavirus, such that the 2020 number might be slightly higher now than it will be when looking back in a few months. The majority of changes to our every day lives (no school, work from home, stay at home) have happened in the past few weeks. We might see suppressed seller activity (fewer sellers listing their homes for sale) over the next month which could result in slower buyer activity even if the buyers are really still out there. Anyhoo - lots of data, lots of possible conclusions, lots of caveats, and lots to continue to monitor over time. If you're thinking of buying or selling this Spring, let's chat about what makes sense from a timing perspective given continually changing market dynamics. 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 23, 2024 (unless otherwise noted).
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