ROCKINGHAM COUNTY MARKET REPORT June 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
3.20%
10.65%
3.31%
3.57 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
613
1,320
$214,676
-38.23%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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 Interstate
8.96%
11.17%
2.48%
81
2.20 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
219
458
$186,245
-49.62%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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
122
81
13.58%
7.46%
4.96 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
-3.94%
276
$275,091
-26.20%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 2017
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
60
12 Month Residential Sales
136
12 Month Average Sales Price
$226,602
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
35.59%
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-34.78%
-18.56%
2.42%
JMU
4.68 months
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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
29.03%
26.57%
3.39%
3.71 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
120
262
$191,251
-48.39%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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
4.00%
2.78%
6.93%
3.68 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
52
111
$212,216
-54.05%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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
29.03%
37.50%
4.99%
NORTHEAST ROCKINGHAM MASSANUTTEN
4.21 months
Elkton Route
33
HARRISONBURG JMU Route
40
77
$229,429
-56.36%
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from June 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of June 30, 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: Although a slight decline from May, June’s total of 134 home sales is very strong. We believe it would be considerably stronger were it not for the lack of inventory on the market. Buyer activity is still quite strong, and we expect sales numbers to remain high through the summer. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 6/30/17
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:
During the month of June, 153 listed properties went under contract, representing the second straight month of increasing numbers. 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, 6/30/17
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County June 30, 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: Through the first half of the year, 613 homes were sold. This represents a slightly over 3% increase over 2016. The fact that we have an increase in sales during the period of lowest inventory on record demonstrates the strength of the buyer activity and number of folks looking for homes. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 6/30/17
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 12-months Sales Total of 1,320 is a slight dip from last month. We expect this total to flatten over the next several months and possibly even decline as the lack of homes for sale restricts overall sales.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 6/30/17
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:
While inventory in the city of Harrisonburg is still critically low, we see an interesting difference developing between single-family homes and townhomes. Despite strong sales, the inventory of single-family homes has increased slightly. However, the inventory of townhomes continues to plummet and now, for the second month in a row, is at an all-time low of 25 townhomes for sale in the entire city. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 6/30/17
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: The inventory of homes for sale in Rockingham County is healthier than in the city of Harrisonburg but still below what has been typical over the past several years.
Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 6/30/17
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2013-2017
1-Year Change Average - up 3.310% Median - up 4.324%
3-Year Change Average - up 8.031% Median - up 9.659%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: After two years of very modest annual price increases, it appears there is finally upward pressure on pricing. The one year change in median price of 4.3% is a sustainable number although a bit lower than what most seller’s would like.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 6/30/17
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