ROCKINGHAM COUNTY MARKET REPORT February 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
0.75%
14.89%
2.20%
3.59 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
135
1,312
$213,911
-37.11%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from February 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of February 28, 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
0.00%
12.85%
1.03%
81
2.46 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
50
HARRISONBURG
439
$185,188
-41.79 %
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from February 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of February 28, 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
25
18.64%
$264,440
81
4.37 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
-13.79%
280
-0.51%
-40.71%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from February 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of February 28, 2017
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
16
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
5.26%
7.11%
81
3.08 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-33.33%
160
$235,395
-18.85%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from February 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of February 28, 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
5.26%
14.88%
5.54%
4.86 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
20
247
$198,707
-15.49%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from February 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of February 28, 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
250.0%
6.67%
$194,501
81
3.43 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
14
112
-2.44%
-62.03%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from February 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of February 28, 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
25.0%
64.44%
$226,800
NORTHEAST ROCKINGHAM MASSANUTTEN
4.38 months
Elkton Route
33
HARRISONBURG JMU Route
10
74
-0.20%
-47.04%
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from February 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of February 28, 2017
Interstate
81
Grottoes
FINDING FOREVER HOMES
K
line May Realty is committed to helping the people in our community buy and sell homes. We want to help animals find their forever homes too. Once a month, we feature homeless animals from the RH-SPCA and Augusta Dog Adoptions on our “Finding Forever Homes” segment. The “Finding Forever Homes” segment on the Kline May Realty Television Showcase is in its second year and has been a huge success. During the segment, we introduce our viewers to animals who are in need of a forever home. Most of the animals we have featured with the exception of just a few have already found their new forever family. A few others, including Roe, pictured above, are still searching. If you want to open your heart and your home to a new animal, please consider rescuing a shelter pet.
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: The residential market continues to behave similarly to last year with 67 homes sales in February. Buyers are eagerly looking for homes, but the low inventory is continuing to hold back sales. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 2/28/17
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:
Despite the low inventory, buyers ratified contracts on 98 residential properties in February, consistent with or above the last several years. We continue to believe that if there was more inventory available, sales would be much stronger. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 2/28/17
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County February 28, 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: As with contracts, sales seem to be very consistent with last year. If we see enough new inventory on the market this spring, we believe sales will exceed last year. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 2/28/17
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 2012. This is one of the best ways to see the true long term trend in the market.
Bottom Line:
The rolling 12-month sales total continues its upward trend, staying at 1,300. We expect this number to climb steadily towards 1,400 through out the year.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 2/28/17
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 inventory of homes for sale in the City of Harrisonburg continues to decline. Hopefully starting in March, we will see this trend reverse as home sellers enter the market to take advantage of the strong buyer activity.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 2/28/17
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: Inventory of homes for sale in Rockingham County has declined steadily since late summer and is now lower than at any point in the last 10 years. As with the city, we hope this trend reverses in the month of March as sellers enter the market.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 2/28/17
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2013-2017
1-Year Change Average - up 2.201% Median - up 3.226%
3-Year Change Average - up 8.047% Median - up 9.714%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: Although the median sales price has climbed over 3% in the last year, the prices are still flatter than what we would expect considering our current combination of low inventory and many Buyers in the market. Buyers should beware that this trend will not last, and prices will begin to rise sharply this year. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 2/28/17
READ MORE KlineMay.com
Thanks for reading,
K L I N E RMe aAl tYy