ROCKINGHAM COUNTY MARKET REPORT OCTOBER 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
14.02%
11.89%
1.78%
4.71 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
1,098
1,261
$213,321
-31.93%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from October 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of October 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
17.98%
17.79%
1.38%
81
3.27 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
374
437
$184,099
-39.15’s
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from October 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of October 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
10.48%
1.97%
$267,309
81
5.61 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
232
259
-0.82%
-24.95%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from October 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of October 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
13.49%
11.11%
9.38%
81
3.38 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
143
160
$236,641
-42.50%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from October 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of October 31, 2016
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
4.92%
5.63%
0.02%
6.40 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
192
225
$193,820
-15.79%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from October 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of October 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
25.32%
30.00%
21.08%
5.33 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
99
117
$201,621
-54.57%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from October 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of October 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
20.83%
14.55%
3.00%
NORTHEAST ROCKINGHAM MASSANUTTEN
5.05%
Elkton Route
33
HARRISONBURG JMU Route
33
58
63
$226,211
7.24 months
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from October 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of October 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. We want to help animals find their forever homes too. Once a month, we feature homeless animals from the RH-SPCA and Virginia Paws for Pits on our “Finding Forever Homes” segment. The “Finding Forever Homes” segment on the Kline May Realty Television Showcase is in its second year, and it has been a huge success. During the segment, we introduce our viewers to animals who are in need of a forever home, and almost every past animal we have featured from both organizations is no longer in a shelter environment. Hound friends Lucille and Evelyn are still looking for their forever home, and this month, we introduced viewers to Winifred and Helen Purrin, who are currently taking up residence at the RH-SPCA but not for much longer...hopefully! Let’s get all these awesome animals a home for the holidays!
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: Residential real estate sales continued their seasonal decline from the tremendous peaks of this summer, but buyer activity and the number of homes going under contract in October was very strong. We expect to see sales rebound slightly before winter. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 10/31/16
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:
Buyers ratified contracts on 113 homes for sale during October, a very strong number for this time of year. Conditions for buyers, including prices and interest rates remain outstanding, and the mild weather we have had this fall has kept buyers outside and looking. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 10/31/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County Sept. 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: Nearly 1,100 homes sold during the first 10 months of this year, representing a 14% increase over last year and a full 50% increase over 4 years ago. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 10/31/16
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 rolling average of 12 months sales figures continues to grow and is currently at 1,261. At this pace, it is possible that 2016 can see over 1,300 home sales, a very healthy number for our market. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 10/31/16
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: Inventory in Harrisonburg continues to decline, with only a 3 months supply of homes at the current pace of sales. The number of homes for sale in Harrisonburg is 27% lower than it was one year ago and 48% lower than it was 4 years ago. If inventory doesn’t increase, there will be significant upwards pressure on prices next year. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 10/31/16
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: While fairly consistent over the past 4 years, the inventory of homes for sale in Rockingham County has dropped a bit this year and is currently 16% lower than at this point last year. The supply of homes for sale varies greatly within the county. For example, the Bridgewater/Dayton area has down to a 3 month supply, whereas just to their north, the supply is 6 months. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 10/31/16
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2012-2016
1-Year Change Average - up 2.161% Median - up 2.703%
3-Year Change Average - up 7.417% Median - up 8.571%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: We’ve talked previously in this report about the very slow rice in prices despite strong buyer activity and declining inventory. It appears the market is responding to those conditions as the average in median prices continue to rise. We can only assume if inventory remains tight, pricing increases will accelerate. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 10/31/16
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