ROCKINGHAM COUNTY MARKET REPORT APRIL 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
13.48%
4.12%
1.17%
6.08 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
320
1,163
$209,241
-0.93%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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
22.47%
12.71%
$182,731
Interstate
81
4.63 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
109
399
-1.90%
-22.37%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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
8.62%
239
81
2.13%
22.04%
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
63
-6.64%
Route
$262,831
6.98 months
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 30, 2016
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
20.00%
12 Month Residential Sales
1.32%
12 Month Average Sales Price
$220,400
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
3.51 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
48
154
-0.34%
-33.71%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 30, 2016
Interstate
81
Grottoes
NORTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
53
211
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
9.55%
81
2.53%
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-5.36%
-3.21%
JMU
$194,431
7.39 months
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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
40.00%
38.96%
12.27%
8.68%
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU Route
28
107
$197,237
8.30 months
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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
0.00%
53
$217,927
NORTHEAST ROCKINGHAM MASSANUTTEN
104.64%
Elkton Route
33
HARRISONBURG
19
JMU Route
-11.67%
-2.11%
33
10.64 months
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from April 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of April 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, and we have formed a partnership with the RH-SPCA to create the monthly “Finding Forever Homes” segment on the Kline May Realty Television Showcase. During the segment, we introduce our viewers to animals who are in need of a forever home. If you are approved to adopt a pet featured on the Kline May Corner, the adoption fee is reduced to $25. Come over here and give Grandma some sugar! Now I’m not going to lie, I’m not a spring chicken like I used to be in my hay day but this ole gal gets around pretty darn good these days. I don’t have much in the way of teeth so I have to have pate canned food, unless you want to invent dentures for me! Honey, I’m going to have to be the only critter running around the house, I’m not too keen on other cats or dogs. My only questions are when can I move in....and do I get my own room?
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: Our market has continued a steady increase in sales with 100 homes selling in Harrisonburg and Rockingham County during the month of April. Based on the Buyer activity that we’re seeing and the number of contracts ratified in April, we expect this number to be over 120 for May. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 4/30/16
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: During April, Buyers ratified contracts on 178 homes. This is the highest single monthly total since we began keeping records in 2010. This incredible activity is evidence of the pent-up demand we have mentioned in past reports combined with historically low interest rates. Both factors are motivating buyers to act now. Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 4/30/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County April 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: This chart clearly shows our market has gotten off to a quick start in 2016 with this year’s first four sales of 320 exceeding last year’s total by nearly 15%. Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 4/30/16
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 long-term sales trend continues to increase with a current 12 months sales total 7.5% above last year’s total. We expect this sales trend to continue. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 4/30/16
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: Big news with the Harrisonburg inventory! Finally, we have seen an up-tick in the inventory of homes for sale within the city of Harrisonburg. Despite strong sales taking homes off the market, overall inventory increased for both single-family and townhomes. This is great news for Buyers, who have been frustrated with the lack of choices so far this year in the city. Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 4/30/16
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: Despite strong sales in Rockingham County, which remove houses from inventory, Rockingham County Sellers have jumped into the busy real estate market with both feet, which has resulted in an increase in inventory. This is great news for Buyers, who have struggled with a limited amount of choices due to low inventory. Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 4/30/16
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2012-2016 1-Year Change Average - up 1.174% Median - up 3.076 %
3-Year Change Average - up 8.284% Median - up 6.286%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: The average and median sale prices show a varied, but increasing trend at a sustainable rate. The median price is up slightly over 3% this year, and up nearly 6.2% over the past 3 years. We expect prices to increase between 3 – 5% in 2016. The fluctuation in average price is more likely due to the mix of homes being sold than the overall market trend. Although we are in a fairly balanced market, the dramatic increase we are seeing in Buyer activity leaves us to believe that prices will be driven up continually during the summer and fall. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 4/30/16
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K L I N E RMe aAl tYy