ROCKINGHAM COUNTY MARKET REPORT MARCH 2016
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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
15.34%
4.43%
1.88%
6.00 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
218
1,154
$208,997
-6.25%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 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 Interstate
28.33%
10.31%
0.15%
81
4.67 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
77
396
$184,205
-21.17%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 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
42
230
81
3.65%
21.45%
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
-4.55%
-9.80%
Route
$263,620
7.41 months
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 2016
Interstate
81
Grottoes
SOUTHWEST 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
32.14%
6.16%
1.63%
81
3.33 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
37
155
$223,552
-42.00%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 2016
Interstate
81
Grottoes
NORTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
33
211
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
5.85%
81
5.24%
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-8.33%
-0.47%
JMU
$188,033
8.37 months
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 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
80.00%
45.33%
15.52%
9.03 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
18
109
$200,228
-0.57%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 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
$210,845
NORTHEAST ROCKINGHAM MASSANUTTEN
78.86%
Elkton Route
33
HARRISONBURG
11
JMU Route
-8.62%
-6.12%
33
9.96 months
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from March 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of March 31, 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. Hey there! Don’t let my age fool you, I am one playful gal! I just adore squeakie toys, and I’m an expert at fetch. I also love long walks, and have been known to settle down for a nice ear or belly rub. I’m just an all-around great dog. I’ve been here at the shelter for a little while, though I only just now came up for adoption. You see, when I first came in I was very thin and needed some extra TLC. Thanks to my new friends here, I have come a long way and am feeling so much better. In fact, I’m doing so well that I am ready to find my forever home. Do keep in mind that I would do best in a home with older kids (8 and up). I’m very sweet, but can also be a little anxious and do not like to share my food. I also do need to be introduced properly to any future canine companions. So once your application is approved, talk to the staff about arranging a meet-and-greet with any resident dogs you might have. So, if you’re looking for a new companion with whom to enjoy these lovely spring days, I’m the girl for you!
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: As we projected last month, the market has started to accelerate with a monthly total of 83 sales, exceeding the March total for the past several years. We expect this trend to continue through the spring with sales increasing each month until early summer. Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 3/31/16
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: An increase in new contracts in March is typical, however, the total of 133 ratified contracts on homes for sale far exceededs the norm and indicates that the pent-up Buyer demand is finally being release.d. Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 3/31/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County March 31, 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 quarter sales of 218 exceeding last year’s total by over 15%. Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 3/31/16
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 past 12 months sales total of 1,154 represents a nearly 8% increase over the 12 month total at this point last year. We expect this sales trend to continue through the year and expect a 5-10% increase in total sales by year’s end. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 3/31/16
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: The inventory of homes for sales in the City of Harrisonburg continues to drop. It has now reached its lowest point in over 10 years. While the inventory of single family homes has increased, the inventory of townhomes has decreased at nearly an equal rate.
Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 3/31/16
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: In contrast to the city of Harrisonburg, the inventory of homes for sale in Rockingham County has been very consistent over the past four years and has climbed slightly in the last two years. We expect inventory to rise sharply in April and May. Source: Harrisonburg - Rockingham Association of REALTORS速 Multiple Listing Service, 3/31/16
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2012-2016 1-Year Change Average - up 1.057% Median - up 3.611 %
3-Year Change Average - up 7.642% Median - up 6.571%
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 the average price is up nearly 8% 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 this 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, 3/31/16
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