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Fluctuating Inventory Levels by Property Type |
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![]() click here for a larger version of this graph As shown above, the number of homes for sale fluctuates greatly through the year --- but the degree of fluctuations differs between single family homes and attached dwellings (duplexes, townhouses, condos). Single Family Homes 36% increase in homes for sales between Dec 2013 and Jun 2014. Duplexes / Townhouses / Condos 13% increase in homes for sales between Dec 2013 and Jun 2014. Thus, we are likely to see inventory declines over the next few months --- but the majority of those declines will be in single family homes. | |
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Median Sales Prices Stable Despite 5% YTD Decline in Home Sales |
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![]() Featured Property: 3273 Barrington 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.... ![]() If you can sort through all of the lines and arrows above, you'll note that August 2014 home sales (101) fell short as compared to August 2013 (112). After three great months in a row (May, Jun, Jul) it seemed that August was going to push us over the top and catch us up in 2014 to last year's pace of home sales. Not so. Maybe in September?? ![]() There is, in fact, some cause for optimism. As shown above, there was a 19% increase in contracts between August 2013 and August 2014 --- and the annual pace of contract signing (1,169) is ever so slightly above where it was a year ago. ![]() Amidst slightly slower home sales, and slightly higher contract numbers, inventory levels (as shown above) are holding steady. We will likely start to see these inventory levels starting to decline as we continue through the Fall. ![]() Despite sales declining (5% YTD) sales prices are staying relatively steady, as shown above. This graph is measuring a "rolling 12 month" value for both the number of and median price of home sales in our area. Care to read about all of the exciting details of this month's market report? You can read it online or download 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. | |
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Up with People, a powerful music and dance show with an international cast is coming to Harrisonburg |
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![]() Don't miss this amazing show, taking place on September 18 - 20.
PLUS...you have the opportunity to Bring the World into Your Home! Host a member of the cast to connect with other countries and cultures, share your community and local traditions, and receive two complimentary tickets to the show. As a host family, you are simply asked to provide a bed, breakfast and dinner and limited local transportation. If you are interested in hosting a cast member (Sept 15 - 22) please contact Jennifer Carson at 712-541-9880 or jcarlson@upwithpeople.org. | |
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High end home sales lagging slightly behind in 2014 |
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Looking at high end home sales ($500K or higher) it would appear that the pace of sales in 2014 won't necessarily match that of 2013.... ![]() As shown above, home sales over $500K bounced back considerably in 2013. Perhaps some of that was pent up demand from previous years? It seems unlikely that we'll end up with 20 sales over $500K in 2014. ![]() As shown above, home sales over $600K also are not faring as well this year as compared to last year. ![]() The graph above would certainly lead us to believe that home sales over $700K will definitely take a hit in 2014. However, it's not all bad news, as there are currently four homes priced over $700K that are under contract.... ![]() | |
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What did buyers buy in August 2014? |
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I'm finding 118 properties in the MLS that went under contract in August 2014 that are either still under contract, or have closed. Here is what those 118 buyers decided to buy last month.... ![]() | |
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Top 5 Articles in August 2014 |
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![]() Here are the articles from the past month that your peers enjoyed (read) most.... 1. Starbucks Truck Coming to JMU Campus 2. Bank Owned Properties in Harrisonburg and Rockingham County 3. Two out of five homes that sell do so within three months 4. How long might it take to sell a home priced over $400K? 5. Local Home Sales Surge to 82 Month High in July 2014 Stay tuned for more fun in September 2014, and if you have ideas or hot tips, feel free to email me at scott@HarrisonburgHousingToday.com. | |
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16% Increase in Contract Activity |
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![]() It's the last business day of the month, so let's take a quick peek at how things are shaping up this month. As noted above, there have been 119 contracts signed thus far in August 2014 -- though that number may still increase further. That marks a 16% improvement over the 103 contracts that were signed last August. Thus far, it seems that Fall 2014 will continue to be a strong home sales market in Harrisonburg and Rockingham County. | |
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Nearly half of all sellers provide buyers with closing cost assistance |
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![]() As you can see above, an increasing percentage of real estate transactions have some sort of "seller concession" -- which is usually a credit from the seller to the buyer to help pay for closing costs. Sometimes it could also be related to repairs that have not been completed. I suppose that while it is true that an increasing number of sellers are providing closing cost assistance to buyers -- it is also likely true (perhaps even truer) that an increasing number of buyers need closing cost assistance. How much money is changing hands here? Let's take a look.... ![]() | |
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62% of our home sales market is under $200K |
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![]() A few fast facts for you....
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Mortgage interest rates dip to lowest level of 2014 |
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![]() Fixed mortgage interest rates keep declining....now to their lowest level thus far in 2014. The average rate for a 30-year fixed rate mortgage is now 4.1%. If you are under contract to buy a home, it may be wise to lock in your rate now! | |
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An analysis of current residential listing inventory |
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There are 888 active and under contract listings in Harrisonburg and Rockingham County. Here's a look at how those break down.... ![]() | |
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Construction is booming at the Reserve at Stone Port |
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![]() click here for a larger version of this photo If you haven't driven down Ridgedale Road lately, you might not have seen how construction is booming at the Reserve at Stone Port! This luxury apartment community is slated to open this Fall, and is described as follows on the Cathcart (developer) and Reserve at Stone Port (community) websites.... "The Reserve at Stone Port is a wonderful escape from the ordinary. Relax in an atmosphere appointed with luxury and comfort, where exceptional finishes and remarkable features outline each unique and spacious 1, 2, and 3 bedroom apartment homes. Experience extraordinary style, convenience, resort-style amenities, and an award-winning customer service team." ![]() The site plan (above) references amenities including a clubhouse, swimming pool, fire pit, hot tub, cabana, tot lot, putting green, sport court and dog park! There appear to be 1 BR, 2 BR and 3 BR options available, the floor plans for which are available online. | |
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Move In Day at the Harrisonburg Ice House |
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![]() I suppose it shouldn't surprise us any longer.... LOTS OF PEOPLE WANT TO LIVE IN DOWNTOWN HARRISONBURG! The very first residents move into the Harrisonburg Ice House yesterday, and (surprise! or not!) all of the apartments are already leased! A bit more context from today's issue of the Daily News Record.... "The first tenants moving in to the $10 million mixed-use development's 34 apartments marked the beginning of a new phase in the life of the building along South Liberty and West Bruce streets. JMU already has offices in the building, and developers are hoping to finish most of the remaining commercial and office space by the year's end."View photos from move in day on the Matchbox Downtown blog. Read today's Daily News Record article about the Ice House. | |
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Starbucks truck coming to JMU campus |
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![]() JMU students, faculty and staff will now be able to get their favorite caffeinated beverage on the run via a Starbucks truck that will be rolling through JMU campus this year. Starbucks has partnered with three universities as a trial of this new concept: James Madison University, Arizona State University, and Coastal Carolina University. Per the news release from Starbucks.... The new truck, a pilot mobile service coming to three college campuses this fall, offers a menu of drinks and food nearly identical to what customers would find in their neighborhood Starbucks stores.The Starbucks truck will start operating at JMU on August 25. The photo above is a photo from Starbucks -- but I'm eager to see what the actual truck looks like on JMU campus. If you see it in action, email me a photo of it to scott@HarrisonburgHousingToday.com. | |
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Bridgewater College purchasing Crimson Inn |
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![]() Bridgewater College is purchasing the Crimson Inn, located on Main Street in Bridgewater - to use as occasional overflow housing. They are not planning to house students at the Crimson Inn this semester. Read all of the details in today's Daily News Record article. | |
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Bank Owned Properties in Harrisonburg and Rockingham County |
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![]() While there aren't many foreclosure sales scheduled, and we have been seeing fewer foreclosures compared to home sales, there are still a good number of bank owned homes in the system for sale right now. You can always find the most current listing of bank owned homes online at HarrisonburgREO.com. Feel free to contact me if you have any questions about these properties. | |
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Little Libraries in Harrisonburg |
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![]() Find your next book to read in one of Harrisonburg's "Little Libraries" as described in today's Daily News Record.... The miniature libraries, begun in Wisconsin in 2009, have become pop¬ular side¬walk staples around the county. When a visi¬tor takes a book, they are expected to leave one in its place.For more information.... Read about Harrisonburg's Little Libraries on Sustain HBurg. Locate the Little Libraries on this interactive map. Read today's full Daily News Record article. | |
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Strengthen your other offer terms when making a low offer |
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If you are making a low offer, you can increase the appeal of your offer by strengthening your other offering terms.... DEPOSITS Make the largest deposit you are comfortable with so the seller knows you have money "on the line" and that you won't risk losing that money by attempting to walk away from the deal. CLOSING COST ASSISTANCE Sellers don't just look at the contract price --- they calculate their net proceeds based on the offer price and any credits or closing cost assistance. Only ask for assistance if you truly need it. FINANCING Provide as much detail as possible about your financing intentions, and always include a pre-approval letter. Sellers who believe you are capable of financing the purchase will be less hesitant as they consider other terms of your offer. PERSONAL PROPERTY Don't automatically ask for everything the seller intends to convey --- if you don't need them all, leave them out of the offer. Allowing the seller to keep their washer/dryer (for example) may make them more flexible in other areas. INSPECTIONS Having a professional inspect the property you are purchasing is usually a good idea; however if you only intend to do it for informational purposes, consider leaving it out of the contract negotiations and conducting it post-settlement. SETTLEMENT & POSSESSION If possible, cater your settlement date and the details of transferring possession of the property to the needs or wants of the seller. This can go a long way towards gaining seller flexibility on other contract terms. Finally, research the seller's context for selling. That information can be invaluable in negotiating a successful contract. | |
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How long might it take to sell a home priced over $400K? |
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![]() Technically, it could take quite a while -- as there is a 25 month supply of these homes currently on the market. What does this mean? Let's examine it....
As you can see from the chart above, this 25-month supply is roughly equivalent to where we were a year ago (24-month supply) and a much better place than where we were two years ago (45-month supply). This final tidbit might be the most interesting, however.... Homes sold in the past 12 months for more than $400K sold with a median of 117 days on the market. How could this be, you might ask? Where is the disconnect? Many of the 95 homes actively listed for sale over $400K will not necessarily sell in the next 12 months. As such, we have a high supply of these homes (25 months worth) but the homes that actually sell do so relatively quickly (median of 4 months). | |
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Rising Number of Home Sales Per Trustee Sale |
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![]() Not only are there fewer foreclosures happening (252 in 2012 declined to 222 in 2013) there are also fewer foreclosure when compared to the number of home sales. As shown above....
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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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