ROCKINGHAM COUNTY MARKET REPORT September 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
954
1,260
2.02%
3.71 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-4.12%
-0.24%
$216,894
-36.22%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 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
324
421
0.04%
2.37 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-5.26%
-4.32%
$186,425
-36.22%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 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
193
1.16%
2.61%
81
5.04 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-8.10%
JMU
262
$275,326
-17.62%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 2017
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
101
12 Month Residential Sales
135
12 Month Average Sales Price
$228,577
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
42.59%
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
-24.06%
-18.18%
-3.17%
JMU
5.60 months
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 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
12.87%
14.29%
5.19%
81
3.75 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
193
256
$198,768
-45.31%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 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
81
82
109
8.30%
3.85 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
5.75%
-3.54%
$211,506
-27.43%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 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
17.31%
24.19%
5.35%
4.68 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU Route
61
77
$232,177
-34.71%
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 2017
Interstate
81
Grottoes
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 6 years. This chart helps show seasonal trends in home sales.
Bottom Line: Residential sales dropped slightly in September with 102 closed transactions in Rockingham County. A decline is typical at this time of year, and we also believe the lack of inventory is slowing the pace of sales. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 9/30/17
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:
100 residential properties went under contract during September, a very typical number for this time of year. While there are still many qualified buyers on the market, the extraordinarily low inventory of homes for sale has limited sales activity. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 9/30/17
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County September 30, 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: For the second month in a row, 2017 Year-to-Date sales are lower than at the same point last year. All market conditions remain positive with the exception of the number of homes for sale. This is undoubtedly the reason for the decline. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 9/30/17
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 2013. This is one of the best ways to see the true long term trend in the market.
Bottom Line:
As with the Year-to-Date Sales totals, our running 12 Month Sales total has declined for the second straight month. Without a surge in inventory, we would expect this number to continue to decline slightly.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 9/30/17
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:
After a temporary uptick in the number of homes for sale in August, inventory has again declined during the month of September, with the number of homes for sale in Harrisonburg standing at just half of what it was two years ago.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 9/30/17
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: While fluctuating slightly, the inventory of homes for sale in Rockingham County has remained fairly steady for the past 5 months. The inventory levels this year did not come close to the past several years, and we expect upward pressure on prices in the Spring of 2018 if levels don’t increase significantly. Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 9/30/17
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2013-2017
1-Year Change Average - up 2.023% Median - up 3.280%
3-Year Change Average - up 9.292% Median - up 10.438%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: While fluctuating slightly, the overall trend of a slow and steady increase in pricing is encouraging. We continue to believe that the shortage of homes for sale will, at some point, put severe upward pressure on prices.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 9/30/17
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