ROCKINGHAM COUNTY MARKET REPORT AUGUST 2016
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K L I N E RMe aAl tYy
HARRISONBURG & ROCKINGHAM COUNTY
Overall Area Summary Family Portrait Raffle Winners
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
The Zopp Family
NORTHWEST ROCKINGHAM
Timberville Broadway
14.32%
7.48%
1.30%
5.41 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
870
1,235
$210,985
-21.79%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from August 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2016
Interstate
81
Grottoes
HARRISONBURG Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Overall Area Summary
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
19.29%
11.72%
3.48%
81
3.92 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
303
429
$185,462
-34.40%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from August 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2016
Interstate
81
Grottoes
SOUTHEAST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
5.99%
247
$265,451
81
6.41 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
177
-3.52%
-2.97%
-6.11%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from August 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2016
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
12.67%
21.28%
10.18%
81
3.83 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
169
171
$234,437
-21.27%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from August 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2016
Interstate
81
Grottoes
NORTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
3.62%
12 Month Residential Sales
1.84%
12 Month Average Sales Price
$185,555
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
7.44 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
143
221
-1.97%
-10.80%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from August 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2016
Interstate
81
Grottoes
NORTHEAST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
19.05%
23.86%
14.30%
5.39 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
75
109
$199,510
-48.62%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from August 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2016
Interstate
81
Grottoes
Overall Area Summary
MASSANUTTEN Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
18.42%
11.11%
$217,708
NORTHEAST ROCKINGHAM MASSANUTTEN
11.39%
Elkton Route
33
HARRISONBURG JMU Route
45
60
-2.84%
33
9.00 months
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from August 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2016
Interstate
81
Grottoes
FINDING FOREVER HOMES
K
line May Realty is committed to helping the people in our community buy and sell homes. Once a month, we feature homeless animals from the RH-SPCA and Virignia Paws for Pits on our “Finding Forever Homes” segment. The “Finding Forever Homes” segment on the Kline May Realty Television Showcase is in its second year, and it has been a huge success. During the segment, we introduce our viewers to animals who are in need of a forever home, and every animal we have featured is no longer in a shelter environment.
SALES ACTIVITY THIS MONTH RESIDENTIAL SALES BY MONTH Harrisonburg & Rockingham County, Monthly Sales, 2012-2016
What This Chart Shows: Residential home sales by month, over the past 5 years. This chart helps show seasonal trends in home sales.
Bottom Line: Monthly sales rebounded strongly in August with 153 residential homes selling. This is the single highest monthly total since before the recession. The strong contract totals this month and last are encouraging and should lead to continued strong sales. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 8/31/16
SALES ACTIVITY THIS MONTH RESIDENTIAL PROPERTIES PLACED UNDER CONTRACT Harrisonburg and Rockingham County 2013-2016
What This Chart Shows: The number of residential properties on which Buyers and Sellers entered into contracts each month. This is an excellent indicator of future sales.
Bottom Line:
With 148 ratified contracts during the month of August, the strong buyer activity that began earlier this summer continues. The monthly total this year is significantly higher at this point in the year than the prior three years. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 8/31/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County Aug. 31, 2016
What This Chart Shows: Total residential sales from January 1 until the date on this chart, for each of the past five years.
Bottom Line: So far this year, overall residential sales in Harrisonburg and Rockingham County are running over 14% higher than 2015. At this point in the year, typically we see activity slowing. However this year we do not see this to be the case. We expect to finish the year significantly higher than last year’s total sales. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 8/31/16
SALES TRENDS RESIDENTIAL SALES, PAST 12 MONTHS Harrisonburg & Rockingham County, Past 12 Months Sales, 2013-2016
What This Chart Shows: The past twelve months sales, for this month and each month since 2012. This is one of the best ways to see the true long term trend in the market.
Bottom Line: Residential sales during the past 12 months total 1,235, an 11% increase over the prior period and a 46% increase over 4 years ago. The very strong buyer activity is continued good news for sellers, as homes that are priced appropriately and in good showing condition are selling quickly. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 8/31/16
INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY City of Harrisonburg 2012-2016
What This Chart Shows: The long term inventory trend in the City of Harrisonburg, with Single Family homes separated from Townhomes.
Bottom Line: The annual cycle of inventory ups and downs is easy to see in the above chart. It is typically this time of year when the inventory numbers begin to decline and continue to decline over the winter. That appears to be happening this year. Unfortunately, the peak of the 2016 inventory appears to be significantly below last year’s. This is bad news for buyers, but great news for those considering putting their house on the market. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 8/31/16
INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY Rockingham County 2012-2016
What This Chart Shows: The long term inventory trend in Rockingham County, with Single Family homes separated from Townhomes.
Bottom Line: As in the city of Harrisonburg, inventory in Rockingham County appears to have begun its annual decline. Also like the city, this year’s high point of inventory fell below last year’s with overall levels falling back to the levels we saw in 2013.
Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 8/31/16
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2012-2016
1-Year Change Average - up 0.694% Median - no change
3-Year Change Average - up 6.923% Median - up 6.286%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: Pricing remained fairly flat in August with a slight increase in the 12-month average, which is now $210,985. The median sales price remained unchanged at $186,000. While the numbers show prices relatively unchanged over last year, our agents report good competition for homes and continued strong activity and strong offers. This leads us to believe that the overall rate of increase in pricing has more to do with the mix of homes being sold than the value of any one individual home. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 8/31/16
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