ROCKINGHAM COUNTY MARKET REPORT July 2017
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
2.38%
9.79%
1.69%
3.65 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
731
1,323
$214,166
-34.50%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 31, 2017
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
3.67%
9.22%
$184,180
2.61 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
254
450
-0.27%
-38.96%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 31, 2017
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
146
81
14.05%
3.33%
4.74 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-1.35%
JMU
276
$273,440
-27.60%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 31, 2017
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
3.85%
12 Month Residential Sales
81
12 Month Average Sales Price
$229,921
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
32.40%
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
81
-23.58%
-0.92%
JMU
4.27 months
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 31, 2017
Interstate
81
Grottoes
NORTHWEST 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
20.69%
20.47%
4.02%
3.94 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
140
259
$192,222
-45.30%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 31, 2017
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
0.00%
6.60%
4.36%
3.72 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
60
JMU
113
$208,757
-45.28%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 31, 2017
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
28.21%
33.90%
3.47%
NORTHEAST ROCKINGHAM MASSANUTTEN
3.49 months
Elkton Route
33
HARRISONBURG JMU Route
50
79
$228,459
-61.83%
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from July 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of July 31, 2017
Interstate
81
Grottoes
SALES ACTIVITY THIS MONTH RESIDENTIAL SALES BY MONTH Harrisonburg & Rockingham County, Monthly Sales, 2012-2017
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 declined to 115 in July, the second month in a row of decreasing numbers but a total which is typical for this time of year. We continue to believe buyers are struggling with the lack of choices. Sales numbers would be higher if inventory numbers were higher. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 7/31/17
SALES ACTIVITY THIS MONTH RESIDENTIAL PROPERTIES PLACED UNDER CONTRACT Harrisonburg and Rockingham County 2013-2017
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:
Like monthly sales, contracts declined this month, but the overall number is typical of this time of year. Contract activity this summer has been comparable to last year, although again would be higher with normal levels of inventory. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 7/31/17
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County July 31, 2017
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: The Year-to-Date increase in sales over last year continues to shrink month by month. Through the first 7 months of this year, 731 homes sold, only 2.4% more than last year at this time. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 7/31/17
SALES TRENDS RESIDENTIAL SALES, PAST 12 MONTHS Harrisonburg & Rockingham County, Past 12 Months Sales, 2013-2017
What This Chart Shows: The past twelve months sales, for this month and each month since 2013. This is one of the best ways to see the true long term trend in the market.
Bottom Line:
The rolling 12 month sales totals have remained fairly steady around 1,300 for the past 8 months. As the pace of sales declines due to the lack of inventory, we expect that this number may decrease slightly over the winter months.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 7/31/17
INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY City of Harrisonburg 2012-2017
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 rebounded again in July but levels still remain very low. There was actually quite a surge in new townhome listings during the month of July, but many were snapped up by Buyers immediately so the increased inventory isn’t reflected in the average number of homes for sale during the month. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 7/31/17
INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY Rockingham County 2012-2017
What This Chart Shows: The long term inventory trend in Rockingham County, with Single Family homes separated from Townhomes.
Bottom Line: Inventory levels so far in 2017 stayed well below the past five years and appear to have begun the seasonal decline. If inventory doesn’t increase significantly in early 2018, the County will see shortages similar to what the City of Harrisonburg has been experiencing.
Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 7/31/17
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2013-2017
1-Year Change Average - up 1.694% Median - up 4.570%
3-Year Change Average - up 7.535% Median - up 10.763%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: Average and median prices continued their slow but steady increase in July with the median sales price in the last 12 months rising to $194,500. Continuing increases at this pace will be healthy for our market going into 2018.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 7/31/17
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