ROCKINGHAM COUNTY MARKET REPORT DECEMBER 2015
Presented by:
K L I N E RMe aAl tYy
HARRISONBURG & ROCKINGHAM COUNTY 12 Month Average Sales Price
Units Sold Year to Date
Overall Area Summary
Months Supply of Inventory NORTHWEST ROCKINGHAM
3.11%
4.08%
Timberville Broadway
6.03 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
$208,350
1,122
-3.33%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from December 2014 Harrisonburg-Rockingham Association of REALTORS® statistics, as of December 31, 2015
Interstate
81
Grottoes
HARRISONBURG 12 Month Average Sales Price
Units Sold Year to Date
Overall Area Summary
Months Supply of Inventory NORTHWEST ROCKINGHAM
$183,764
Timberville Broadway
5.29%
4.76 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-0.32%
JMU
378
-7.36%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from December 2014 Harrisonburg-Rockingham Association of REALTORS® statistics, as of December 31, 2015
Interstate
81
Grottoes
SOUTHEAST ROCKINGHAM
Overall Area Summary
12 Month Average Sales Price
Units Sold Year to Date
Months Supply of Inventory NORTHWEST ROCKINGHAM
25.16%
234
25.16%
Timberville Broadway Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
$261,792
-7.14%
7.38 months
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from December 2014 Harrisonburg-Rockingham Association of REALTORS® statistics, as of December 31, 2015
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
12 Month Average Sales Price
Units Sold Year to Date
Months Supply of Inventory NORTHWEST ROCKINGHAM
0.87%
11.36%
4.24 months
Timberville Broadway Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
$218,133
147
-22.54%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from December 2014 Harrisonburg-Rockingham Association of REALTORS® statistics, as of December 31, 2015
Interstate
81
Grottoes
NORTHWEST ROCKINGHAM
Overall Area Summary
12 Month Average Sales Price
Units Sold Year to Date
Months Supply of Inventory NORTHWEST ROCKINGHAM
7.29%
3.92%
Timberville Broadway
6.00 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
$189,615
212
-20.95%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from December 2014 Harrisonburg-Rockingham Association of REALTORS® statistics, as of December 31, 2015
Interstate
81
Grottoes
NORTHEAST ROCKINGHAM
Overall Area Summary
12 Month Average Sales Price
Units Sold Year to Date
Months Supply of Inventory NORTHWEST ROCKINGHAM
15.33%
32.89%
2.42%
Timberville Broadway Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
$190,171
101
9.50 months
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from December 2014 Harrisonburg-Rockingham Association of REALTORS® statistics, as of December 31, 2015
Interstate
81
Grottoes
MASSANUTTEN 12 Month Average Sales Price
Units Sold Year to Date
Overall Area Summary Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway
12.27%
50
1.59%
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU Route
33
$230,059
-9.09%
7.68 months
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from December 2014 Harrisonburg-Rockingham Association of REALTORS® statistics, as of December 31, 2015
Interstate
81
Grottoes
FINDING FOREVER HOMES: LUKE SKYHOPPER
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 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. Meet Luke Skyhopper, the Finding Forever Homes dog for the month of January! If you’re looking for a goofy guy with a great sense of humor as well as a sweet side, then Luke Skyhopper is “the bun” for you! He’s sure to keep you laughing, but he knows when to be serious, too. He will crawl into your lap when you’re feeling sad, give you “bunny kisses,” and flatten out into a pancake with his eyes closed because he just loves to be petted. Some of his favorite foods are broccoli, carrots, and celery. Did you know that buns can also be litter box trained and walk on a leash?! Stop by the SPCA and share a salad with this handsome guy!
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, 2011-2015
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: As has happened in prior several years, we saw an uptick in sales during the month of December. December’s residential sales of 82 units is very much in line with prior years and indicates that buyer activity is still strong. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 12/31/15
SALES ACTIVITY THIS MONTH RESIDENTIAL PROPERTIES PLACED UNDER CONTRACT Harrisonburg and Rockingham County 2012-2015
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: Buyers ratified contracts on 75 residential properties during the month of December, a higher number than the previous several Decembers. Buyer activity remains unusually strong possibly due to the mild start to our winter. This is good news for Sellers and may give us a very rare busy January and February. Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 12/31/15
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County December 31, 2015
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: In comparison to the last several years, the residential units sold year to date in 2015 continues to trend upward. This is a sustainable pace that we expect to continue into next year. Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 12/31/15
SALES TRENDS RESIDENTIAL SALES, PAST 12 MONTHS Harrisonburg & Rockingham County, Past 12 Months Sales, 2012-2015
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 annual total of 1,122 residential sales this year represents a 3% increase over last year, indicating controlled steady growth, which is a good thing for both Buyer and Sellers. We expect this pace to continue into 2016 as our market continues to gain momentum. Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 12/31/15
INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY City of Harrisonburg 2011-2015
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 sales in the City of Harrisonburg continues to recover. The most encouraging part of the recovery is the increase in single family homes for sale, versus townhomes. The townhome inventory had been bolstering the numbers earlier in the year, but the single family inventory has steadily increased despite strong sales. This is very good news for Buyers and hopefully indicates a trend that will continue through next year. Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 12/31/15
INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY Rockingham County 2011-2015
What This Chart Shows: The long term inventory trend in Rockingham County, with Single Family homes separated from Townhomes.
Bottom Line: Despite the decline in the number of homes for sale during the month of December, total inventory for the county is still strong and equals numbers we saw 3-4 years ago. This is in stark contrast to the city, where the inventory continues to decline. We expect to see the inventory climb in the spring, bringing the total number of homes for sale to levels we haven’t seen since 2010. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 12/31/15
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2011-2015 1-Year Change Average - up 3.114% Median - up 3.352%
3-Year Change Average - up 8.619% Median - up 7.324%
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 a bit over 3% this year and nearly 7% over the past 3 years. We expect prices to increase between 3 – 5% in 2016. This increase, combined with likely increases in mortgage interest rates (not directly tied to the Federal Reserve’s projected interest rate increases) will affect housing affordability next year. Potential Buyers should consider buying sooner rather than later in the year to avoid the combined effects of these two factors. Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 12/31/15
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K L I N E RMe aAl tYy