ROCKINGHAM COUNTY MARKET REPORT JULY 2016
Presented by:
K L I N E RMe aAl tYy
HARRISONBURG & ROCKINGHAM COUNTY
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
12.44%
6.73%
1.01%
5.57 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
714
1,205
$210,599
-19.55%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 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
15.02%
12.57%
1.95%
81
4.28 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
245
412
$184,686
-31.71%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 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
4.23%
242
$264,634
81
6.55 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
148
-7.98%
-2.21%
-0.98%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 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
35.09%
21.28%
9.58%
81
3.23 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
106
171
$232,047
-38.98%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 31, 2016
Interstate
81
Grottoes
NORTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
116
215
$184,785
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
7.20 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-0.85%
-0.46%
-2.09%
-11.87%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 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
15.38%
21.84%
17.32%
6.79 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
60
106
$200,033
-31.73%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 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
18.18%
59
$220,800
NORTHEAST ROCKINGHAM MASSANUTTEN
30.38%
Elkton Route
33
HARRISONBURG JMU Route
39
-5.36%
-0.68%
33
9.15 months
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 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. We features animals from the RH-SPCA, but we have added an additional organization to our “Finding Forever Homes” line-up, Virignia Paws for Pits. 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. We’d like you to meet Coco, who is currently living at the RH-SPCA. Due to circumstances that are beyond Coco’s control, she had a temporary home and is now back at the shelter waiting for her forever home! My name is Coco! Why, I just love other dogs! Being with another dog helps me to feel relaxed and perhaps even a little goofy. Having another dog friend in my forever home would be the greatest thing ever! Just schedule a play date with your resident canines once your application is approved. Since I am still learning and need more training and socialization, I do request a home with older children (12+). Your time and patience will be rewarded with love, devotion, playful antics, and looks filled with admiration. Do you need some sweetness in your life? Come see if I’m the gal for you!
IF YOU WOULD LIKE TO BE MY FOREVER HOME, PLEASE CALL THE RH-SPCA AT 540-434-5270!
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: Although this is not the sales volume we have seen over the past couple of months, July’s total residential sales of 111 units is very good and very similar to July sales totals in prior years. We expect over 100 sales in August as long as Buyer activity remains strong. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 7/31/16
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:
Buyers ratified contracts on 134 listed properties in July, a strong number representing the fifth consecutive month with over 100 properties going under contract. Conditions remain good for buyers, although inventory is tightening, especially in the lower price ranges. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 7/31/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County July 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: Residential sales through the first seven months of 2016 (714) are running over 12% higher than 2015, a significant leap. We are on pace to see over 1,200 sales during this year, a number which we feel represents a fairly healthy pace of sales for our market. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 7/31/16
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: For the first time since January 2008, there were more than 1,200 residential sales in Rockingham County in a 12 month period. This is quite a milestone for our market. We feel, based upon our local population, annual sales between 1200 – 1300 homes represents a healthy market. It is very encouraging to see this threshold broken, and we expect sales to continue to increase at a moderate pace. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 7/31/16
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: We are very pleased to report the inventory of homes for sale in the City of Harrisonburg has made a bit of a rebound, despite a very strong pace of sales in the City. This means that even though homes have been removed from the market at a rapid pace, they have been more than replenished with new inventory, and we have seen a net gain since the early part of the year. This is a very welcome change in the several-years trend of declining inventory. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 7/31/16
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: The inventory in Rockingham County has dipped, and appears as though it will finish out the year having lower inventory overall than during 2015. This is in direct opposition to the City, which has finally begun to see a slight increase in the number of homes for sale after several years of decline. Although lower than last year, the overall inventory in the County remains consistent with the past several years. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 7/31/16
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2012-2016 1-Year Change Average - up 1.016% Median - up 0.541%
3-Year Change Average - up 6.614% Median - up 5.682%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: The 12-month Average and Median sales prices rose in July to $210,599 and $186,000 respectively. We are hopeful this will be the beginning of more steady price increases. The trend of flat pricing despite strong demand is puzzling, but we hope this trend has started normalizing. We hope to begin to see steady price increases in the 3% – 5% annual range. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 7/31/16
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