ROCKINGHAM COUNTY MARKET REPORT JUNE 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
12.71%
4.19%
$207,798
5.78 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
594
1,193
-0.92%
-21.52%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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
18.93%
14.44%
$181,745
Interstate
81
4.37 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
201
412
-1.73%
-31.41%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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
6.72%
243
$256,005
81
6.72 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
127
-8.65%
-4.43%
-4.50%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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
33.33%
11.33%
9.45%
81
3.45 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
92
167
$232,216
-31.97%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 2016
Interstate
81
Grottoes
NORTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
93
207
$184,974
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
7.19 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-8.82%
-8.00%
-1.87%
-19.59%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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
25.00%
27.06%
12.94%
8.00 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
50
108
$198,462
-31.91%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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
10.71%
56
$218,528
NORTHEAST ROCKINGHAM MASSANUTTEN
28.06%
Elkton Route
33
HARRISONBURG JMU Route
31
-5.08%
-1.75%
33
9.64 months
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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. 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: As expected, the strong Buyer activity we have been seeing over the past few months has resulted in the highest single month’s sales since before the recession. In June, 143 homes sold in Harrisonburg and Rockingham County, and the strong contract activity in June means we will continue to see numbers similar to this in July and August. Total sales over the first 6 months of this year are 594, a nearly 13% increase over last year. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 6/30/16
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:
In June, 149 homes for sale went under contract, continuing the very strong numbers of the past four months. Buying conditions remain excellent, with the Brexit situation in Europe causing mortgage interest rates to fall from what were already a very low rate. As rates fall the overall affordability of homes gets better for folks in all price ranges. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 6/30/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County June 30, 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: Sales through the first 6 months of 2016 have been the best we’ve seen since before the recession. The total number of homes sold, 594, has risen 12.7% from last year at this time. While interest rates and affordability are still excellent, a tightening of inventory in certain areas and price ranges may hold back sales a bit in the second half of the year. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 6/30/16
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: The 12 month sales trend is always a good indicator of the overall sales trends, much better than a monthly or quarterly number. Sales for the past 12 months have been 1,183 residential units. At this time last year that number was 1,095, which means sales in the past 12 months have increased 5.6% over the prior period. This is a reasonable rate of growth, sustainable over the long term. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 6/30/16
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 inventory of homes for sale in Harrisonburg continues to limp along at the lowest levels in the past several years. Many of the new listings from this Spring have been sold, and inventory looks like it will decline even further through the remainder of the year. Interestingly, the tight inventory has not caused a rise in prices yet but inevitably will if additional inventory doesn’t hit the market. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 6/30/16
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 of homes for sale in Rockingham County this year has been interesting. While overall inventory looks very good compared to the past few years, agents are reporting severe shortages of homes for sale in certain areas, especially the Southwest part of the County (Bridgewater, Dayton, etc.) Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 6/30/16
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2012-2016 1-Year Change Average - down 0.688% Median - same as June 2015
3-Year Change Average - up5.980% Median - up 5.488%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: The average and median sales price numbers this month are puzzling. The average price of homes sold in the past 12 months is actually 2.7% lower than at this point last year. This in spite of furious competition for homes from Buyers and the resurgence of the luxury market, which would raise the overall average. The median is exactly the same as at this time last year. These numbers do not seem to reflect what is going on in the market, and we cannot explain why that is. We have to allow for potential errors in the data, or some kind of anomaly. We will watch things closely and see what next month’s numbers bring. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 6/30/16
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