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Strong Home Sales (+21%), Improving Prices (+3%) in Harrisonburg, Rockingham County |
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I have just released my August 2013 monthly market report covering the Harrisonburg and Rockingham County housing market. Click here to download the full report as a PDF, read on for some highlights, or click here to view more details on the cover home, 1032 James Place. ![]() The big picture indicators in our local market are all positive when we look at January through July home sales in Harrisonburg and Rockingham County.... ![]() As shown above:
Assuming you are hoping for a strengthening local housing market, these are all great news for our local area. Below you can see the reason why the year-to-date home sales figures are so strong.... As you can see, above, the past four months of home sales (Apr, May, Jun, Jul) have been much stronger than any of the previous three years --- with the one exception of June 2010 when the federal home buyer tax credit expired. What, you might ask, should we expect for the next few months? Based on the trend in signed contracts, shown above, I believe we will continue to see strong home sales over the next several months. It is also important to note that it's not just the short term indicators that are positive in our local housing market.... Each of the data points on the graph shown above takes 12 months of data into account --- thus these trends take a long time to show any substantial change, but they are excellent indicators of the overall shifts in a housing market. As can be seen, above, we are seeing steady growth in the pace of home sales, and stability in home values. There is a LOT more in my full report, including....
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Home Sales Price Distribution in Harrisonburg, Rockingham County |
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![]() Thus far this year, 60% of all home sales have been under $200K......and 90% of all home sales have been under $325K in Harrisonburg and Rockingham County. | |
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Are home prices up 12.2% in Harrisonburg and Rockingham County? |
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![]() As you may have read about in the news, home values (nationally) are increasing.... USA TODAY: May home prices show 12.2% annual increaseSo, is that what we're seeing here in Harrisonburg and Rockingham County as well? As shown in the chart at the top, we have only seen a 0.2% annual increase in prices in Harrisonburg and Rockingham County. Review a full battery of local housing market trends here. | |
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Priced Right, Marketed Well, It May Sell Quickly! |
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![]() Above is a graph from my monthly market report that I haven't highlighted recently --- 1 in 3 houses that sold in the past year was on the market (list date to closing date) for less than 90 days. | |
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Home Sales Up 22%, Foreclosures Down 26% |
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![]() These are both great indicators for our local housing market --- home sales are up (22%) and foreclosures are down (26%) in the first six months of the year, as compared to the first six months of last year. | |
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HarrisonburgTownhouses.com updated with 2013-Q2 sales data |
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![]() HarrisonburgTownhouses.com has been updated with sales data from 2013-Q2, and many townhouse communities are (finally) starting to see median prices increase again. So, are you wondering about property values in your townhouse community? Or considering purchasing an investment property? Whatever the reason for your interest in townhouses in Harrisonburg, you will likely find the information you need at HarrisonburgTownhouses.com, including (for each townhouse community):
The townhouse communities featured on HarrisonburgTownhouses.com include:
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Are rising interest rates slowing down buyer activity? |
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![]() It seems quite possible --- see above. But remember folks, these are still ridiculously low interest rates from a historical perspective. | |
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[VIDEO] Overview of July 2013 Real Estate Market Report |
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Earlier this week I released my July 2013 report on our local housing market. The video above provides an overview of some of the main news surrounding this most recent report. Click here to view my video overview of the July 2013 housing market report. Click here to download the full market report (28 page PDF). Click here to read the report online. | |
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Local Home Sales Up 22% Year To Date |
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I have just released my July 2013 monthly market report covering the Harrisonburg and Rockingham County housing market. Click here to download the full report as a PDF, read on for some highlights, or click here to view more details on the cover home, 3100 Brookshire Drive. ![]() As can be seen below, we finally saw all three overall market trends head in a positive direction --- sales are up, median prices are up, and days on market are down! ![]() June marked another exciting month of home sales in Harrisonburg and Rockingham County. As shown below, this is the third month in a row where we have seen a significant increase in home sales over the same month last year. ![]() Interest rates are starting to creep up, even if they are still at historically low levels.... ![]() The rising interest rates may have cooled buyer activity a bit. After record setting months (April, May, June) buyer activity slowed in June. ![]() There is a LOT more in my full report, including....
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Putting rising interest rates in context |
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![]() Several of you asked me to put yesterday's news (average rates increased by 0.5% in a week) in perspective. As you can see above, we are still working with ridiculously low mortgage interest rates (4.46%) from a historical perspective. | |
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Who Represents The Buyer? |
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![]() In the past year there have been 941 home sales in Harrisonburg and Rockingham County. In those 941 sales, the same Realtor represented the buyer and seller 156 times. Thus, 16.6% of the time, the buyer and seller are represented by the same Realtor. | |
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2012 was not the year to (try to) sell an expensive home |
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![]() Last year was the worst year in the last 10 years to try to sell a home for more than $600K in Harrisonburg and Rockingham County. This year is shaping up quite nicely. It may not be a blockbuster (10+ or 12+) year, but it won't be nearly as bad as last year. Looking for that perfect $600K+ home? Don't miss this one: photos | web site | |
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Inventory of single family homes shows greater seasonal fluctuations than townhouses, condos |
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![]() There are more homes for sale in the summer than the winter, right? Well, yes, that is true --- but those shifts in inventory are seen much more so in single family homes than in townhouses and condos, at least in Harrisonburg and Rockingahm County. As shown above, there are distinct summer highers and winter lows in the single family home inventory levels, whereas townhouses and condos do not show those same seasonal fluctuations. | |
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Local home prices have still not increased |
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![]() The pace of home sales are up --- 26% YTD. Contracts are up --- 18% year over year. Inventory is down --- 15% over the past year. But home values are still not yet increasing. You can likely sell your home for about the same price now as you could have a year ago. So, when will we see prices start to edge up? Late 2013? 2014? | |
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Foreclosures slowing in Harrisonburg, Rockingham County |
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![]() Based on Jan 1 - May 31 data (78 recorded Trustee Sales) the foreclosure rate seems to be slowing in Harrisonburg and Rockingham County. This is good news for the local housing market, as foreclosures (and bank owned properties) can have a negative impact on home values. | |
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June 2013 Local Housing Market Report: Sales Increasing, Prices Stable. |
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I have just released my June 2013 monthly market report covering the Harrisonburg and Rockingham County housing market. Click here to download the full report as a PDF, read on for some highlights, or click here to view more details on the cover home, 2694 Eversole Road. ![]() Some of the most exciting news in this report is that buyer activity continues to be strong, both in closed sales, and properties going under contract. Below we can see that both April and May were very strong months of closed transactions which have lead to a 26% year-to-date improvement in the pace of sales in this area. ![]() In addition to strong sales (closings) over the past two months, we have also seen record numbers of buyers signing contracts in recent months. Last month, 143 buyers signed contracts to buy residential properties in Harrisonburg and Rockingham County --- well more than than any other recent month. ![]() So, as home sales have increased, and contracts have increased, what have we seen as far as home values? For almost two years now, median home prices have hovered right around $175K in Harrisonburg and Rockingham County. ![]() In further good news, foreclosure have been declining thus far in 2013 as compared to the overall number of home sales. ![]() Read more, lots more, in my full monthly market report. Click here to download the full June 2013 Harrisonburg and Rockingham County Real Estate Market Report. 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. | |
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143 Contracts Signed in May 2013 (most contracts per month in at least six years!) |
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![]() I have been tracking contract activity over over six years and I have never seen contract levels this high in a single month. Over the past six years, we never saw any more than 121 contracts signed in a single month. Last month, there were an astonishing 143 contracts signed! | |
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Local unemployment levels hit 4.5 year low in April 2013, but.... |
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![]() If the past five years are any indicator, the local unemployment rate will start increasing again in May. As shown above, April has consistently been a low point for unemployment rates in our area, followed by increases in May, June, July. Can anyone offer any insight or guesses as to why this happens so consistently in this area? | |
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Lots (lots!) of contracts signed thus far in May 2013 |
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![]() If the first 28 days of May are any indication, our local housing market will be setting new records this month. There have already been 125 contracts signed on residential real estate listings in Harrisonburg and Rockingham County this month. That is nearly double the pace of contract signing seen in previous months of May. | |
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Recovery of the high end housing market? |
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![]() The bottom dropped out of the high end housing market ($600K+) last year in Harrisonburg and Rockingham County. After 7+ sales every year between 2004 and 2011 (and as high as 22 in 2006) there were only 2 sales over $600K last year! This year, however, the high end housing market seems to be bouncing back. There have already been three sales over $600K, and there are two more properties under contract. That said, there are currently 21 homes for sale over $600K, so there are quite a few sellers in this market, despite the increasing number of buyers. | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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