Analysis
| Newer Posts | Older Posts |
 |
 |
First Million Dollar (plus) Home Sale Since 2010 |
|
 Last month (November 2014) there a home sold in Lake Pointe for $1,025,000. This marked the first time since 2010 that a home has sold (per the HRAR MLS) for over $1,000,000 anywhere in Harrisonburg and Rockingham County. Not quite ready to spend $1,000,000 on your next home? Check out some excellent $500K+ homes at HarrisonburgLuxuryHomes.com. | |
 |
 |
|
|
Local Unemployment Rate Edges Down Below 5% |
|
 The local unemployment rate (Harrisonburg / Rockingham MSA) edged down to 4.8% in October 2014. That shows a slight decline from the several months prior -- as well as an overall improvement from a big picture perspective....
Low unemployment rates keep our local housing market healthy by keeping our foreclosure rate low along with not creating too many desperate sellers who sell at any price and affect pricing trends. For even more analysis of our local housing market, check out my full December 2014 market report online, or by downloading the PDF. Learn more about this month's Featured Property: 3339 Deavers Lane | |
|
|
|
|
Positive Long Term Trends Over The Past Six+ Months |
|
 There is a lot going on in the graph above.... This graph shows a rolling 12 months of the number of home sales in the Harrisonburg and Rockingham County area, as well as the median price of the homes that sold during these time frames. Each data point shows one year's worth of home sales, which eliminates the volatility of evaluating sales figures on a monthly basis. Of note, over the past six to eight months, we've seen two things happen.... 1. Median Prices jumped up from their usual $175K spot (where they've been for a few years) to levels closer to $178K or $179K. This is shown with the green line in the yellow shaded box. 2. The pace of home sales started increasing again, surpassing the 1,000 sales per year mark again, after having seen a decline in early 2014. This is shown with the orange line in the yellow shaded box. Both of these are long term trends that show sustained health and growth in our local real estate market. For even more analysis of our local housing market, check out my full December 2014 market report online, or by downloading the PDF.  | |
|
|
|
|
Harrisonburg Area Home Sales Up 2%, Prices Up 1% |
|
Learn more about this month's Featured Property: 3339 Deavers Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  First, the big picture trends of what has been happening this year in our local housing market are quite positive, even if not yet to the magnitude that some homeowners would prefer....
 We will certainly be seeing fewer buyers per month over the next few months, however, as shown above, there will be fewer sellers in the market hoping for those buyers to commit to their properties. Inventory levels are up 3.4% year over year, but are amidst what is a typical seasonal decline during the late Fall to early Winter months.  Why are we a seeing steadily increasing sales pace, and (slowly) increasing sales prices? One main reason is that we are seeing fewer and fewer distressed sales -- foreclosures, short sales, etc. As shown above, home sales have been steadily increasing for several years, and the rate of foreclosures has been steadily decreasing. If you are buying or selling now, or will be soon, I encourage you to become a student of the housing market. Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. You can continue your studies by reading the entire December 2014 market report online, or by downloading the PDF. Also, 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. | |
|
|
|
|
77 Home Sellers Ratified Contracts in November 2014 |
|
And here is what they were selling....  | |
|
|
|
|
Sales Preview, November 2014 |
|
 We'll give it a few more days for sales to be reported, but thus far, it is not clear whether we will see a year-over-year increase in home sales in November 2014. | |
|
|
|
|
What styles of homes could I purchase in Harrisonburg, Rockingham County? |
|
 If you're looking for a Victorian, Log House, Cabin, A-Frame, Dutch Colonial or Tudor --- you won't have many options! The list above shows the breakdown of currently active listings in Harrisonburg and Rockingham County, showing that most (56%) of the homes that are for sale are ranches (28%), townhouses (14%) or contemporary homes (14%). Any surprises on this list? | |
|
|
|
|
Showings Strong in November after slower October |
|
 One measure of future performance of our local real estate market is how many homes are being viewed by buyers. The data above is an analysis of showings of Funkhouser Real Estate Group listings over the past several months. A few things to note....
| |
|
|
|
|
The only price range seeing year over year improvement in sales pace |
|
 Take a look at the graph above. You'll note that the only price range seeing year over year improvement in sales pace is the $300K - $400K price range. The under $200K and the $200K - $300K price range are seeing no change in sales pace -- and the over $400K price range is seeing a declining sales pace. Read more about the current state of the local housing market at HarrisonburgHousingMarket.com. | |
|
|
|
|
Local housing market continues to rebound in October 2014 |
|
 Featured Property: 4570 Magnolia Ridge Drive, Harrisonburg, VA I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  First and foremost -- wow -- September and October home sales have been STRONG in 2014! Those two months alone have pulled the YTD pace of home sales even with (and beyond) the 2013 pace of home sales. We certainly had a slow start to the year (particularly in Feb, Mar, Apr) but the last two months (Sep, Oct) have really made the difference in the pace of home sales this year in Harrisonburg and Rockingham County. Take a look at how the past two months of home sales (107, 107) have far exceeded any recent September and October sales pace.  Yes, folks, you heard me correctly -- 2014 YTD home sales (882) have now surpassed 2013 YTD home sales (866). This increase is still relatively small (+1.85%) but it certainly beats the deficit we've been working with for the past nine months. Of note, the YTD median sales price has also increased (+1.45%) in 2014 -- and the time it takes to sell a home (median days on market) has declined by 3.3% over the past year to 117 days.  Despite colder weather on the horizon, we likely don't have to worry about the pace of home sales cooling off too quickly. As shown above, 94 buyers made buying decisions (signed contracts) in October 2014 -- as compared to only 70 such buyers one year ago in October 2013. As such, we are likely to see another strong month of home sales in November 2014.  There are many factors that have created this upswing in home sales activity in 2014 (and particularly September and October) and one of them is the remarkably low mortgage interest rates. The national average for a 30 year fixed rate mortgage dipped back below 4% in October 2014 -- for the first time in over a year.  Finally, some price trends we've been waiting so long to see -- a modest improvement in median sales price. Perhaps we'll even hit a median sales price of $180K this year? That would finally bring us back to where we were in 2010. If you are buying or selling now, or will be soon, I encourage you to become a student of the housing market. Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. You can continue your studies by reading the entire November 2014 market report online, or by downloading the PDF. Also, 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. | |
|
|
|
|
What did home buyers buy in October 2014? |
|
I'm finding 94 properties in the MLS that went under contract in October 2014. Here is what those 94 buyers decided to buy last month....  | |
|
|
|
|
Sales Preview, October 2014 |
|
 Well, this should help 2014 YTD sales. Contracts were up 31% in October 2014 as compared to contracts in October 2013. More analysis coming after the month closes out. | |
|
|
|
|
Revamped HarrisonburgTownhouses.com now features aerial images and live analysis of sales trends |
|
A few years ago, I created HarrisonburgTownhouses.com, a website providing comprehensive information about the main townhouse communities in and around Harrisonburg, Virginia. Today, HarrisonburgTownhouses.com has been revamped and relaunched with an entirely new format and now featuring an aerial photo of each community and live analysis of sales pace and price trends. Take a look, and let me know what you think, or if you have any recommendations for further improvements.  This is a sampling of some of the information you will find for each townhouse community....  Explore more at HarrisonburgTownhouses.com. | |
|
|
|
|
Analysis of Current Listings (Active and Under Contract) |
|
Housing inventory numbers will likely fall 20% over the next few months. There are currently 844 active and under contract listings in Harrisonburg and Rockingham County. Here's a look at how those break down....  Search for New Listings in Harrisonburg and Rockingham County. Or, browse houses with recent price reductions. | |
|
|
|
|
Fewer new homes selling but at higher prices (per SF) |
|
 Significantly fewer new single family homes are selling these days -- but the price per square foot of these sold homes is starting to edge upwards. The median price per square foot is now above $130 again in 2014, even though the number of new homes sold in 2014 is likely to be a good bit lower than in 2013. Learn more about recent market trends in my October 2014 market report....  Featured Property: 1207 Three Springs Road, McGaheysville, VA Jump to the full online market report, or download the PDF. | |
|
|
|
|
Housing inventory levels likely to fall 20% over next 3 months |
|
 If last year is any indication, housing inventory levels will be declining by 20% over the next three months. By the end of the year, we're likely to be down to around 550 homes for sale in Harrisonburg and Rockingham County. Buyers -- If you'll be buying over the next few months, you'll have fewer and fewer option as we continue through the Fall and into the Winter. Sellers -- If you're keeping your house on the market, you'll have somewhat less competition over the next few months as inventory levels thin out. Learn more about recent market trends in my October 2014 market report.... Featured Property: 1207 Three Springs Road, McGaheysville, VA Jump to the full online market report, or download the PDF. | |
|
|
|
|
September Sales Surge (+33%) Shows Continued Strength of Local Housing Market |
|
Featured Property: 1207 Three Springs Road, McGaheysville, VA I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  As shown above, August home sales were a bit deceiving. It appeared that after record high sales in May, June and July, that August was an indication that the strong home sales market would not continue through 2014. September sales, however, certainly provides new hope that in fact our year to date sales will end up about the same place as they were in 2013.  As shown above, given the strength of September sales, this year's year-to-date sales (773) have almost caught back up to where we were at this time last year (780).  The next question on most people's minds is how home prices are doing. As shown above, we have seen slow (slow!) gains in median home sales prices over the past several years. The stability (not a decline) is good, but I think most homeowners wish property values would start to increase a bit more quickly.  If you are planning to put your house on the market this Fall, it is important to look at trends in your particular price range. As shown above, inventory levels are increase for homes under $300K, but are decreasing for homes over $300K. If you are buying or selling now, or will be soon, I encourage you to become a student of the housing market. Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. You can continue your studies by reading the entire October 2014 market report online, or by downloading the PDF. Also, 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. | |
|
|
|
|
Home Sales Profile of Massanutten Resort |
|
Looking to purchase a home in Massanutten Resort? Understand the market first!  As shown above, there has been quite a bit more recovery of the Massanutten Resort market over the past five years than the overall housing market (Harrisonburg & Rockingham County). While City/County home sales may not hit 2013 levels this year, it appears that Massanutten Resort home sales will fly past last year's sales levels.  Despite increases in sales volume over the past several years at Massanutten Resort, home prices have not been faring as well. There has been an increase in the overall City/County median sales price over the past year, but no so in Massanutten Resort. Interested in learning more about the Massanutten Resort housing market? Feel free to email me with questions, or explore homes currently for sale in Massanutten Resort. | |
|
|
|
|
What did home buyers buy in September 2014? |
|
I'm finding 102 properties in the MLS that went under contract in September 2014. Here is what those 102 buyers decided to buy last month....  | |
|
|
|
|
Contracts Seeming Steady in September 2014 |
|
 On this, the last day of September 2014, let's take a quick look at contracts this past month as a preview of things to come. As you can see, above, there will be at least 100 contracts in September 2014 --- which marks a slight increase over last September's 96 contracts -- and the previous September's 98 contracts. Stay tuned for my full market report in early October. | |
|
|
| Newer Posts | Older Posts |
Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
Home Search
Housing Market Report
Harrisonburg Townhouses
Walk Through This Home
Investment Properties
Harrisonburg Foreclosures
Property Transfers
New Listings
