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JMU student enrollment likely to hit 22K by 2021 |
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Based on enrollment projections approved by the State Council of High Education for Virginia and published by JMU, on campus enrollment is set to continue to increase in coming years....
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Are you considering a modular home? |
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According to Wikipedia, a stick-built structure is "one constructed entirely or largely on-site," as opposed to a modular home that is "divided into multiple modules or sections which are manufactured in a remote facility and then delivered to their intended site of use." My experience in chatting with buyers over the past 13 years has been that there are mixed opinions on modular homes. For example, some would suggest that . . .
Overall, my experience indicates that modular homes sell at slightly lower prices as compared to stick built homes -- and some of that is solely as a result of some buyers being hesitant to purchase a modular home. | |
Market Balance (Months of Supply) By Price Range |
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Most housing market analysts consider six months of inventory (active listings) to be an indicator of a balanced market (between buyers and sellers). This past month, our local housing market achieved that balance for the first time in a long time -- the number of buyers buying in a six months period exceeded (just barely) the number of houses for sale. HOWEVER -- it is important to note that this overall market reality can obscure the underlying trends in different segments of our local market. As shown above....
Read more about the latest market trends at HarrisonburgHousingMarket.com.... | |
Best First Half of the Year Since 2007 |
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As is shown above, this year's 598 sales between January and June are the most sales in the first half of the year that we have seen since waaaaaay back in 2007. Looks like this will be a solid year of home sales for Harrisonburg and Rockingham County! Read more about the latest market trends at HarrisonburgHousingMarket.com.... | |
Are home values increasing in Harrisonburg? |
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Yes, depending on how you look at the data....
Read more about the latest market trends at HarrisonburgHousingMarket.com.... | |
Just how quickly are people buying homes these days? |
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Fast, really fast. If we look at the Spring (and early Summer) buying season this year, as compared to last year, we will note that there has been a 20% increase in the pace of contracts being signed. Last year, an average of 117 contracts were signed each month between March and June. This year, that metric rose to 140 per month! Read more about the latest market trends at HarrisonburgHousingMarket.com.... | |
Strong Home Sales in June 2016 Bring Further Balance to Local Market |
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Learn more about this month's Featured Property: 4140 Brown Roan Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the video overview below, download the PDF, or read on for highlights.... First, a video overview.... Now, let's take a look at the overall market performance in June.... As shown above....
OK -- BIG NEWS HERE -- June 2016 home sales were "off the charts" as they say -- the highest month of monthly home sales we have seen in a LONG TIME! Actually, looking back further that this chart -- the last time we had more than 144 home sales was back in June 2007 -- at the peak of the market boom. AND -- MORE BIG NEWS -- It happened! It really happened! Most housing market analysts consider six months of inventory (active listings) to be an indicator of a balanced market (between buyers and sellers). The "BUYERS" trend line above is illustrating how many buyers are buying in a six month period. The "SELLERS" trend line above is illustrating how many sellers are in the market (active listings) at any given time. Over the past four years we have seen a steady increase in buyers and a declining number of sellers. And finally, in June, these two trajectories have crossed! There are more buyers buying in a six month period than there are homes for sale! Finally, what should we expect as far as sales for the next few months? Based on recent contract activity, I am thinking we'll see another strong month of sales during July. To put this year in perspective, we have seen an average of 140 contracts per month over the past four months -- as compared to an average of only 117 contracts per month during the same timeframe in 2015. There is more, oh so much more, in my full real estate market report. I have even made it very easily accessible for you to read online....
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Buyers have fewer and fewer choices of homes to purchase these days |
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click here for a larger image Buyers have fewer and fewer homes to choose from these days. The blue bars above show that there were 693 homes for sale at this time two years ago -- 653 homes for sale at this time one year ago -- and only 575 homes for sale today! This decline in inventory has helped create a more balanced market -- but can also lead to a frustrating home search for many buyers, depending on their desired price range and location. | |
More Student Housing Proposed for Port Republic Road (in Rockingham County) |
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view a larger image view a larger image The Rockingham County Planning Commission will consider a re-zoning of a 6.1 acre parcel on Port Republic Road this evening. The property, located across the street from Bojangles (but on the same side of Port Republic Road) is currently zoned R-3C and the applicant (KKB, LLC) is requesting that the land be rezoned to be PMF (Planned Multifamily). Per the Planning Commission's packet of information about this rezoning request, this land would be used for a student housing community to include a total of 140 apartments, and 425 bedrooms....
Read more about this proposed development via the recent Daily News Record article or the Planning Commission's information packet. | |
One of my favorite weekends of the year is coming up |
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It will be here before you know it -- so buy your tickets now if you haven't already. It is a fantastically fun combination of great music, great people, a great outdoor setting, lots of outdoor activities, camping (optional), and so much more. Check out this year's line up, read up on the kids events or get directions. Check out a lot of great photos by Ruby Sky Photography on Facebook.... I hope to see you at Natural Chimneys (Mt Solon, VA) on July 8 - 10 at the 4th Annual Red Wing Roots Festival! | |
Home Sales Preview, June 2016 |
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Are home sales slowing down a smidge in June 2016? The graph above shows the number of contracts ratified in the first 27 days of June this year as compared to last year. As you can see, buyers have not quite been keeping up with the pace of contracts seen last year. Stay tuned for a full analysis of the most recent market data in the first week or two of July. And if you're a buyer -- go buy a house, and help out those 2016 numbers. ;-) | |
Construction is booming, and limited building lots remain at Heritage Estates |
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view a larger image Two homes sold this Spring in Heritage Estates -- two homes are under construction (and under contract) and two more deals are being finalized now. All that to say, there are only a limited number of building lots remaining at Heritage Estates, an active adult community on the West side of Harrisonburg. Find out more about Heritage Estates by visiting HeritageEstates.us. | |
Mortgage interest rates continue to fall, now almost to 3.5% |
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Well -- there has never been a better time to lock in an interest rate this year than RIGHT NOW! The average 30-year fixed mortgage interest rate has continued to drop over the past month, to the current average rate of 3.54%. Perhaps it's silly, but I don't even have "rates will be going up soon" as a part of my vocabulary anymore. I said that for years (because that is what everyone assumed) and I was wrong, year after year. Sure, rates would go up a bit, but they'd then come right back down a few months later. So -- buyers, rejoice! If you are buying now/soon, you can lock in a super low mortgage interest rate on your mortgage! | |
Construction continuing at a steady pace at The Glen at Cross Keys |
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view a larger image As shown above, construction is moving along steadily at The Glen at Cross Keys -- with 58 out of 78 homes now under roof. Most of the recent builds have been the Sycamore and Paired Sycamore model that feature an open first floor plan with a two story great room. Click on the image below to view a photo set from a recent Sycamore home at The Glen at Cross Keys. Click here to view available homes at The Glen at Cross Keys. | |
The Reserve at Stoneport (high end rentals in Rockingham County) |
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view a larger image view a larger image These upscale apartments at The Reserve at Stoneport were built over the past year or two and many seem to be renting quickly. There are floor plans with anywhere from one to three bedrooms, with rental rates starting at $985/month for a one bedroom apartment -- and going up to $1500-$1700 or a three bedroom apartment. These apartments are certainly a unique addition to our local rental market and I have been pleasantly surprised that they have leased as quickly as they do. Larger metro areas certainly seem to have lots of these types of rental communities, but this was a first for Harrisonburg and Rockingham County. | |
More on Stoneport, the mixed use development on Port Republic Road |
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view larger image view larger image In addition to Walmart opening at Stoneport, Bellaire at Stoneport is up and running as a new Assisted Living and Memory Care facility. The location of the new(ish) Sentara RMH Medical Center continues to draw plenty of new commercial development to the Port Republic Road and Stone Spring Road corridors. | |
Dirt is moving to build new elementary school (Bluestone Elementary) in Harrisonburg |
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view a larger image Dirt is moving on Garbers Church Road as the City of Harrisonburg works to construct a new elementary school -- next to Heritage Oaks Golf Course and across the street from Harrisonburg High School. Read all about the plans for this school in this Daily News Record article from April. | |
Home Sales on the Rise in Local Market in May 2016 |
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Learn more about this month's Featured Property: 1831 Manor Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the video overview below, or download the PDF, or read on for highlights.... First, a video overview.... Now, let's take a look at the overall market performance in May.... The local housing market is, again, showing signs of strength....
As shown above, there have been several months in particular -- January, March, May -- that have catapulted us to our current 15% improvement in home sales this year as compared to last year. We have seen buyers signing contracts in record numbers over the past three months -- which bodes well for strong sales in June as well as (likely) July. Buyers are buying faster than sellers are ready to sell. Inventory levels, as shown above, have declined 12% over the past year. Buyers are seeing fewer and fewer choices of homes to purchase. Finally, the market graph we've all been waiting for -- as shown above, we are finally (!) approaching a perfect balance between buyers and sellers in our local market -- with almost exactly six months of supply available. This is a result of a slowly increasing pace of buying activity over the past few years -- and a slowly declining inventory level during the same timeframe. BUT WAIT -- remember -- all real estate is local, and sometimes that means down to the city, town or even neighborhood. If you are getting ready to sell your home, we should start by looking at these overall trends -- but then we'll need to dive much deeper into the analysis of your price range, neighborhood. property type, etc. There is more, oh so much more, in my full real estate market report. I have even made it very easily accessible for you to read online....
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SHARP DECLINE.... in local area unemployment rate!?! |
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The local unemployment rate dropped quickly, drastically, sharply in April 2016. Waaaaay down to 3.2% -- which is the lowest rate on record in the past six years -- by far. Read some commentary on this news via last week's Daily News Record article, excerpted below. Unemployment in the Harrisonburg metropolitan area hit an eight year low in April, according to data released Wednesday by the U.S. Bureau of Labor Statistics. | |
Walmart Neighborhood Market (on Port Republic Road) set to open June 15, 2016 |
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(larger image) The new Walmart Neighborhood Market on Port Republic Road (in Stoneport) is scheduled to open on June 15, 2016. (larger image) The front edge of Stoneport is now filled in with Bojangles, Wendy's and now this Walmart Neighborhood Market (and gas station). Also shown above (upper right quadrant) is nearby Sentara RMH Medical Center. | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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