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We saw an amazing 29 home sales over $500K last year -- which was the highest seen anytime since 2008. This year we are on track to likely match that pace of high end sales, with 21 home sales over $500K in the first 9.5 months of the year.
Again, last year showed an amazing number (19) of home sales over $600K - the highest since all the way back in 2007 -- but it does not seem that we will see that many home sales in 2016. With 10 home sales on the books thus far, we have exceed 2011-2014 levels, but it seems unlikely we'll get all the way up to 19 home sales this year.
Finally, looking at the super-high-end home sales (over $700K) we are seeing a significant drop off from last year. Last year we saw a remarkable 11 home sales over $700K, which seems to be the highest number on record, ever. This year, however, we have only seen 3 home sales over $700K thus far.
After quite a few years of somewhat slower home sales over $500K, the pace of these higher end home sales jumped up in 2015 to 29 home sales -- the highest pace seen since 2008.
If we raise the bar a bit, and look at home sales over $600K, we see that this slightly narrower market is looking quite strong -- a jump up to 19 home sales over $600K in 2015. This is the highest level seen since 2006.
And finally, wow, the most dramatic change is in the $700K+ price range. There were 11 homes sales over $700K in 2015 -- which is more than were seen in the sum of the four years -- and is the highest number of $700K+ home sales ever seen in Harrisonburg and Rockingham County.
Stay tuned to see how these market segments perform in 2016.
Explore homes for sale over $500K by visiting HarrisonburgLuxuryHomes.com.
Only 75% of the way through the year, we have already seen more (23) home sales over $500K during 2015 than we saw in the entirety of any of the past six years. This is a promising sign for owners of homes valued over a half million dollars.
Looking a bit deeper we see that a tremendous number of those home sales were over $600K. We have seen 15 home sales over $600K in the first nine months of this year -- well more than any seen in the past seven years.
And finally, we see that quite a few of these home sales were actually over $700K! There have been more $700K+ home sales in the first nine months of 2015 than we have seen in the past four years COMBINED!
Exploring home sales over $500K, we see that home sales levels in 2014 stayed relatively on track with where they were in 2013....
Despite the drop from 20 to 18 sales over $500K, the $600K+ market stayed completely stable....
And the sale of $700K+ homes actually increased....
As a side note, you may recall that 2014 marked the first $1M+ home sale (in the MLS) since 2010.
Looking for a full listing of all the $500K homes currently for sale? Check out HarrisonburgLuxuryHomes.com.
Last month (November 2014) there a home sold in Lake Pointe for $1,025,000. This marked the first time since 2010 that a home has sold (per the HRAR MLS) for over $1,000,000 anywhere in Harrisonburg and Rockingham County.
Not quite ready to spend $1,000,000 on your next home? Check out some excellent $500K+ homes at HarrisonburgLuxuryHomes.com.
Technically, it could take quite a while -- as there is a 25 month supply of these homes currently on the market.
What does this mean? Let's examine it....
As you can see from the chart above, this 25-month supply is roughly equivalent to where we were a year ago (24-month supply) and a much better place than where we were two years ago (45-month supply).
This final tidbit might be the most interesting, however....
Homes sold in the past 12 months for more than $400K sold with a median of 117 days on the market.
How could this be, you might ask? Where is the disconnect?
Many of the 95 homes actively listed for sale over $400K will not necessarily sell in the next 12 months. As such, we have a high supply of these homes (25 months worth) but the homes that actually sell do so relatively quickly (median of 4 months).
As shown above, after some slow years in 2011 and 2012, the over $500K housing market bounced back in 2013.
The over $600K market had an even more dramatic recovery in 2013.
Search for $500K+ homes at HarrisonburgLuxuryHomes.com.
Admittedly, there are still quite a few (38) homes for sale in this price range compared to the number that are selling (perhaps 9 or 10 per year) but it is encouraging to see buyer activity bouncing back in this price range.
Not so often, it would seem, as shown above. There have only been six such sales in the past 12.5 years. View details of the six $1M+ sales.
But even though it's been a few years since a buyer has paid more than $1M for a house in Harrisonburg or Rockingham County doesn't mean sellers aren't hopeful. View currently listed $1M+ homes for sale.
Trying to keep your budget under $1M? Here are a few great options....
Last year was the worst year in the last 10 years to try to sell a home for more than $600K in Harrisonburg and Rockingham County. This year is shaping up quite nicely. It may not be a blockbuster (10+ or 12+) year, but it won't be nearly as bad as last year.
Looking for that perfect $600K+ home? Don't miss this one: photos | web site
The bottom dropped out of the high end housing market ($600K+) last year in Harrisonburg and Rockingham County. After 7+ sales every year between 2004 and 2011 (and as high as 22 in 2006) there were only 2 sales over $600K last year!
This year, however, the high end housing market seems to be bouncing back. There have already been three sales over $600K, and there are two more properties under contract.
That said, there are currently 21 homes for sale over $600K, so there are quite a few sellers in this market, despite the increasing number of buyers.
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