ROCKINGHAM COUNTY MARKET REPORT April 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
2.18%
13.40%
1.78%
3.78 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
328
1,320
$213,011
-37.77%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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
9.01%
12.22%
$182,559
Interstate
81
2.32 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
121
450
-0.18%
-49.91%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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
63
81
15.92%
1.61%
4.48 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
-3.08%
284
$270,583
-35.82%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 30, 2017
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
33
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
0.66%
3.24%
81
3.45 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-31.25%
153
$229,136
-1.58%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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
54
13.95%
$193,864
81
5.34 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-1.82%
245
-0.32%
-27.79%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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
52.17%
19.39%
9.62%
3.59 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
35
117
$200,470
-56.75%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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
15.79%
33.96%
4.50%
NORTHEAST ROCKINGHAM MASSANUTTEN
5.92 months
Elkton Route
33
HARRISONBURG JMU Route
22
71
$217,927
-44.41%
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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: After the surge in activity during March, home sales continued to increase but at a slower pace in April finishing with 97 homes sold. We believe this number would be significantly higher if there were more homes on the market from which Buyers could choose. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 4/30/17
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:
In April, 145 homes went under contract. This is a strong number; however, it represents a 20% drop from last April. As with sales, we believe this slow down is because of lack of inventory rather than lack of Buyer activity. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 4/30/17
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County April 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: While ahead of the 2016 sales pace, the increase this year is minimal. Without a significant increase in the inventory of homes for sale, 2017 may not outpace 2016. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 4/30/17
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 has been fairly steady for the past 6 months and is holding at over 1,300 home sales in a 12-month period.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 4/30/17
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:
The lack of inventory for sale in the City of Harrisonburg has become critical with the number of homes for sale 50% lower than last year and only a 2 month supply of homes on the market at the current pace of sales.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 4/30/17
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: After several months of steady decline, inventory is beginning to rebound in the county. However, current levels are 26% below this time last year. As in the city, intense competition for homes and upward pressure on prices.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 4/30/17
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2013-2017
1-Year Change Average - up 1.783% Median - up 2.151%
3-Year Change Average - up 6.947% Median - up 6.443%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: Prices have increased almost 2% over the last year. However, both the 12-month average and median price dropped this month likely due to the mix of homes sold rather than prices actually dropping. Typically, a shortage of inventory brings about price increases, but this year Buyers appear to be less emotional about competing for houses than in the mid 2000s. Instead of driving prices up irrationally, today’s Buyers withdraw from bidding when they reach their limit. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 4/30/17
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