ROCKINGHAM COUNTY MARKET REPORT May 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
6.44%
13.10%
4.27%
3.63 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
479
1,338
$214,462
-39.62%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from May 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of May 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 Interstate
12.99%
11.19%
1.53%
81
2.42 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
174
457
$182,551
-44.84%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from May 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of May 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
81
3.13%
17.07%
8.11%
4.33 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
99
288
$276,146
-37.88%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from May 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of May 31, 2017
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
46
12 Month Residential Sales
145
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
1.90%
81
3.89 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-33.33%
-7.05%
$227,907
0.85%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from May 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of May 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
16.90%
20.48%
3.35%
4.46 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
83
253
$193,696
-38.08%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from May 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of May 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
16.67%
10.48%
5.40%
3.72 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
42
116
$204,591
-57.12%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from May 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of May 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
45.83%
43.64%
5.98%
NORTHEAST ROCKINGHAM MASSANUTTEN
4.86 months
Elkton Route
33
HARRISONBURG JMU Route
35
79
$230,508
-52.60%
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from May 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of May 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: Looking at the sales activity in May, we see the summer market is in full force. 148 home sales is considerably higher than the sales number from last year. During the last three months, contract numbers have been strong, so we expect June’s sales to exceed May’s. Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 5/31/17
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:
Buyer activity during May was very strong with 151 homes going under contract. Curiously, this is the exact same number as last May. May was the third month in a row of strong contract numbers, indicating a very strong market despite the low inventory. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 5/31/17
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County May 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: Through the first five months of 2017, home sales are 6.5% ahead of last year. While this is a strong increase, it would undoubtedly be much higher if there were more homes to sell. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 5/31/17
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 12-months Sales Total of 1,338 is 13% higher than one year ago, and when analyzed with the Sold Year-to-Date increase, demonstrates the slowing of sales because of our very tight inventory.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 5/31/17
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:
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 is now at an all-time low of 25 townhomes for sale in the entire city. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 5/31/17
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: The inventory of homes for sale has rebounded over the past two months, which is encouraging taking into account the very strong sales. However, the overall inventory is still significantly below where it was during each of the past five years.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 5/31/17
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2013-2017
1-Year Change Average - up 4.269% Median - up 4.162%
3-Year Change Average - up 8.183% Median - up 8.258%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: After an unexplained drop in the average and median prices last month, both figures have rebounded and we are finally beginning to see an increase. Both the average and median prices are slightly more than 4% higher than at this time last year. We believe this increase will continue and may accelerate due to the shortage of inventory and strong Buyer demand. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 5/31/17
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