Newer Posts | Older Posts |
The Citizen, A New Source for Local News |
|
Have you heard of The Citizen yet? This is a new online news source for Harrisonburg. Here's a bit more from their site... "The Citizen is an independent source of news for the people of Harrisonburg, Virginia. Our goal is to tell the important and interesting stories that are otherwise un- or under-covered in our community. We will report aggressively and fairly on behalf of everyone who lives here, and will not place any content behind a paywall. The Citizen is funded by local advertisers and readers who support its mission." Articles to date include:
Read it all over at The Citizen! | |
Are Local Home Sales Prices Actually 8 Percent Higher This Year Than Last? |
|
I'm going to say yes, but no, and mostly no. Keep reading -- this is important, as it can give us an indication of whether our local housing market is heating up too quickly. OK -- at first glance, it would seem that home prices have increased 8.42% over the past year... But let's look closer -- breaking home sales down into two categories...
Here's where things get confusing -- if the median sales prices of all properties has increased 8.42%, why are we only seeing a 3% (+/-) increase in each of the two categories? So, wait, what? Single family home sales prices are up 3.03% this year -- and duplex/townhouse/condo sales prices are up 3.77% this year -- but when you throw all of the data together it somehow appears as if prices have risen 8.42% over the past year??!!?? How can this be?? It turns out it's all about how many of each type of property are selling... As shown above -- last year only 70% of home sales were single family homes, with 30% being duplex/townhouse/condo sales. This year, that ratio has shifted, and 75% of home sales have been single family homes, with only 25% being duplex/townhouse/condo sales And therein lies the answer. When single family homes sell for around $230K and duplexes/townhouses/condos sell for around $165K -- if there is a shift in how many of each property type sells (relative to the other) then the median sales price for the combined ALL residential sales will adjust more than sales prices of each property type are actually adjusting. So -- Sellers: You are likely to be able to sell your home for 3% more than you would have last year -- NOT 8% more. Buyers: You are not being expected to pay 8% more for homes this year than last. Everybody: Let's not be disappointed that we're not seeing an 8% increase in home prices -- let's be happy with 3%. An annual increase of 3% is (historically) normal, and seems to be quite sustainable. An annual increase of 8% (especially if back to back with another similar year) would likely mean that home sales prices are adjusting upwards too quickly and they may have to come back down at some point. So -- good news, bad news, but in my book, mostly good news! Home prices have risen 3% over the past year -- not 8%. | |
Home Sales Slow Slightly in September But Prices Still On The Rise |
|
Before we dive into this month's market report, check out this featured home in Stone Spring Village by visiting 1520AppleRidgeCourt.com. Now, on to our local real estate market -- I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF or tune in to my monthly video overview of our local housing market... VIDEO OVERVIEW: Click here to watch (and listen) to my overview of the market. Now, let's take a look at some the trends we're currently seeing in our local housing market... As shown above...
Looking backwards a bit -- the crazy months of sales we saw in June and July of this year were a bit unusual -- way out of the norm. The slower months of sales seen in August and September were much more "normal" -- even if a bit slower than usual. Two years ago was a rock star of a year of real estate sales. After only 1,125 home sales in 2015 -- the local market saw a huge increase to 1,313 home sales in 2016. And then -- 2017 -- darn, we slipped a bit. It's hard to say at this point where 2018 will fit into the mix. I am guessing we'll beat last year's 1,261 home sales -- but probably won't make it all the way up to 2016 levels. So -- as shown above with a green line -- sales prices have sort of been escalating a bit lately. Less than a year ago we had just cleared a $200K median sales price -- and now we're way up to $212K. Hmmm -- doesn't seem sustainable. What gives? Read on. If we dial it back a bit and just look at single family homes (not duplexes, condos, townhouses -- all of which are prime real estate investor targets) we see a much (!!) more modest increase in the median sales price. An increase from $225K to $229K over a one year period seems to be a much more reasonable increase in the local median sales price -- and one that seems like it could be sustainable. This calms my nerves a bit after having seen that sharp rise in the overall median sales price. So -- how's the market, you might ask? Pretty balanced? Not at all! There are a steady flow of buyers in the local market -- and an ever smaller group of sellers. We desperately need some new sellers in the market -- preferably who aren't also buying -- which often will mean we need to see some new construction. Looking ahead, we might see a bit of a pop in October home sales after all! September contracts were strong -- and markedly higher than last September. In fact, contracts over the past year (1316) were a good bit higher than the previous 12 months (1256). October sales figures might look better than expected! And here is that inventory issue - visualized slightly differently. Today's buyers have 18% fewer choices as compared to a year ago -- and 39% fewer choices as compared to two years ago! What is a buyer to do these days? I'll pause there, for now. As usual, you can download the full report as a PDF, or tune in to my monthly video overview of our local housing market And a few tips for anyone thinking of buying or selling soon -- SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing. For further reading on buying or selling in this area, check out.... | |
Who Bought (Or Sold) What For What? |
|
Looking for information about recent property transfers in Harrisonburg and Rockingham County? Be sure to check out HarrisonburgPropertyTransfers.com. Of note...
You can also subscribe to receive these updates by email. Just complete the form at the top of HarrisonburgPropertyTransfers.com. | |
Local Home Sales and Prices Surge in July |
|
First, learn more about this fantastic home (my dad's house), via a 3D Walk Through and more by visiting 3120PrestonLakeBoulevard.com. Now, back to our local real estate market -- I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market... Now, let's take a look at some the trends we're currently seeing in our local housing market... As shown above, it has been an exciting month -- and year -- in our real estate market...
OK -- this one is a random snippet. Above you will find a STARTLING statistic about the housing market in the City of Harrisonburg -- not including Rockingham County. When we look at all homes that sold in the past 12 months, in the City, half of them were under contract within 14 days of being listed for sale! Wow! Back to the big picture -- June 2018 home sales (all 174 of them) was the third highest month of home sales we have ever seen in our local market -- topped only by two summer months back in 2005 and 2006. I thought we'd see home sales drop off in July, as a result, but we had the best month of July sales in recent years -- with 127 home sales! Next month I'm not expecting we'll pop back up to August 2016 levels -- we're more likely to be in the 120 - 130 range for sales in August. August, oh August, that magical month. Last year at this time (end of July) we had seem more home sales (in 2017) than during that same timeframe the prior year (2016). And then, August. After August passed, 2017 never caught back up -- and ended up being a slower year than 2016 when all sales were accounted for. So -- what will happen this August? Will we keep on pace with 2017? Or even with 2016? Will we fall behind again? Stay tuned. When I see the YTD market-wide median increasing by 10%, I get a bit worried -- wondering if these are sustainable increases. Then, however, when I look at single family home sales alone, I am (at least a bit) reassured. You'll note that thus far the median sales price has increased only 4.2% between 2017 and 2018. This is much more in line with (or close to) long-term historical averages, and makes me think that the strong seller's market might not be leading to unsustainable price increases. Why, might you ask, is the single family detached market a better indicator of changes in market value? Mainly because it is not as easily affected by the number of investors engaging in our market. When the market gets hot we often see lots of investors buying properties -- often townhouses or other attached dwellings -- which can affect price trends. Most single family home purchases are made by folks who actually intend to live in the properties. Which would you rather do, buy or sell in the current market? The answer should be "sell" -- given the strong seller's market we're currently experiencing. A few things to note above -- first, there are still plenty more buyers in the market than there are sellers. Second, the number of sellers in the market continues to decline (and decline, and decline). Third, after a brief slow down in buyer activity, the pace seems to be increasing again. What comes next for our local market? Looking at contract activity (above) we can see the pop in May 2018 that lead to a wild month of June sales. Looking, then, at July -- we actually see a sizable increase from last July -- so maybe we'll have a stronger than expected month of sales in August after all!? If you're buying soon, you might have already passed the time in our local market cycle when you would have the most options from which to choose. That's not to say that plenty of new listings won't be coming on the market in the next 30 / 60 / 90 days -- they will -- but inventory levels have likely peaked and will start to decline as we (eventually) head into Fall and Winter. Lastly, how about those interest rates? We were actually close to 4.5% about 20 months ago -- but then dropped below 4% again. Now, over the past year, we have seen steady increases to where we are currently hovering around 4.5%. I have not seen this playing a major role in whether buyers are willing and able to buy -- but I do wonder if buyer activity (or interest or capability) would start to be affected if the interest rates rose to 5% or 5.5%. OK -- I'll stop there for now. Again, you can download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market One last note for anyone thinking of buying or selling soon -- SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing. For further reading on buying or selling in this area, check out.... | |
Local Home Sales, and Prices, Soar in June 2018 |
|
Learn more about this fantastic home in Massanutten Resort: 127FortRoad.com. I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market... OK -- now, let's take a look at some of the overall market indicators this month... As shown above...
Wow! Just wow! The 165 sales seen in June 2018 is the highest seen any time in the past several years -- in fact -- it is the most sales in a single month any time in the past 10 years! I actually have data back to 2003, and the only times that we have seen more than 165 home sales in a single month have been: June 2004 (174), June 2005 (173), July 2005 (166), August 2005 (183) and June 2006 (192). Needless to say, this is the fastest start to the year we have seen anytime in recent history. As shown above, the 639 home sales in the first half of 2018 exceeds the number seen in the first half of the past three years. Looking back further, the only times we saw more home sales in the first half of the year were in 2004 (706), 2005 (764) and 2006 (759). As shown above, despite slowing sales over the past year-ish, median sales prices have been slowly rising -- and over the past three months have started escalating quickly -- from $200K to $210K between March 2018 and June 2018. So -- record numbers of sales, quickly rising prices -- hmmm -- something about this seems familiar. Should we be worried? Maybe, or maybe not... The figures shown in all prior charts and graphs has been for all residential sales -- including detached homes, duplexes, townhouses and condominiums. The graph immediately above focuses only on Single Family (detached) Homes and this can often give us the truest indicator of market trends. Perhaps it is (or could be) some comfort, then, that the median sales price of these detached homes has only risen 2.4% over the past year. This may mean that the rapid increases in prices we are seeing has more to do with what is selling (property type, price range) and/or is being skewed by non-owner occupied home sales/purchases. It is also important to note that while the number of home sales has been dropping slowly (3% decline comparing past 12 months to prior 12 months) part of that may be due to a change in market balance. It is a strong seller's market now, as there are a roughly equivalent number of buyers in the market as compared to a year ago -- with a drastically lower number of sellers in the market. And here, folks, is the reason why we saw so many home sales this month -- it was a result of the crazy number of contracts signed last month. Last month's 171 contracts was the highest number I have seen anytime since I have been tracking these figures. Thus, slightly slower contracts in June is to be expected -- and we are likely to still see a strong month of sales in July based on some May contracts rolling over into July closings. And here it is again -- declining inventory levels. While inventory levels have seen a seasonal increase over the past six months, there has been a net year-over-year decline of 12% in the number of homes on the market. Fewer homes for sale, with a roughly equivalent number of home buyers, has lead to a strong seller's market -- and a frustrating time for many buyers! Perhaps because there are so many buyers fighting over each listing, homes are selling more quickly. Half of the homes that have sold in the past year have been under contract within 30 days of having been listed for sale. Again, this is not half of all properties that are listed going under contract in 30 days -- just half of those that actually do sell. As shown above, mortgage interest rates have been increasing over the past year -- almost an entire percentage point. This has not seemed to have made a drastic difference in the pace of buyer activity (yet) and it has been nice to see these edge downward somewhat over the past few months. OK -- I'll stop there for now. Again, you can download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market One last note for anyone thinking of buying or selling soon -- SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing. For further reading on buying or selling in this area, check out.... | |
Land for New High School Was To Be Student Housing, then Convocation Center |
|
Have you heard Harrisonburg needs a second high school? The current (only) high school in the City is beyond capacity. As such, the City has been evaluated various pieces of land to find a suitable new site for the new high school -- and now they have made a decision. Background... Owners of median priced City homes might have to pay $26 more per month to fund new City high school So, back to the location... The parcel of land shown above is 60 acres located between South Main Street (Route 11) and Interstate 81. The City intends to purchase this land for five million dollars from JMU. But JMU has actually owned it for a few years. You see, this land was actually originally slated to be used for college student housing! More background... So... the land was originally going to house 466 apartments for college students... And then it was to be the site of JMU's new convocation center... And now, the site of Harrisonburg's second high school. Read today's Daily News Record article for further context... | |
More Buyers Signed Contracts in May 2018 Than In Any Other Month, Ever |
|
To say that May 2018 was a busy month for contract signing seems to be an understatement. I have data all the way back to April 2007 -- and the number of contracts signed last month (171) seems to be the highest month of contract activity we have ever seen in Harrisonburg and Rockingham County. It's hard to say how those contracts will show up as closings -- they will likely spread out between June and July -- so we might not have the highest month of home sales ever in June 2018. But, then again, we might. :-) Read more about our local housing market in the most recent edition of my monthly market report... | |
Home Sales Slow, Prices Pop, Contracts Climb |
|
Find out about this beautiful home at Preston Lake: 3168PrestonLakeBoulevard.com. I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market... OK -- now, let's take a look at some of the basic market indicators this month... Plenty of statistics of interest above, including...
So, as seen above, May sales were slower than (I) expected. After the best February, March and April in recent memory -- home sales in May 2018 fell below both May 2017 and May 2016. What gives? Well, perhaps, it is just some month-to-month variation between years. Keep reading to find out why all is not lost when it comes to late-Spring and early-Summer home sales. :-) Looking at a slightly longer timeframe, the pace of home sales in the first five months of this year is only lagging slightly behind where we were last year -- and thus putting us in second place for the pace of home sales in Harrisonburg and Rockingham County. Have you heard it's a seller's market? There are fewer and fewer sellers (keep reading for details) and this has buyers fighting over properties in some price ranges (and locations) -- which has resulted in sellers needing to negotiate a bit less on their price than in years past. The median ratio between the sales price and list price is now 99%, as compared to 97% - 98% over the past five years. Yep -- this is the crazy one! Last May we saw 133 homes go under contract -- this May there were 171!?! I'll have to check my historical archives to be sure, but I think this may be the MOST contracts we have EVER seen in a single month EVER. Wow. So -- even if we were despairing that home sales were slowing in May -- perhaps we can excitedly look forward to June (and July) when these May contracts start turning into closed sales. Again -- wow! And yes, as mentioned above, inventory levels are falling -- fewer and fewer homes are on the market available to a buyer on any given day. We have seen a 42% decline in inventory levels over the past two years -- and a 12% decline in the past 12 months. The decline is slowing -- which might mean this inventory level can only go so low -- but this is what is causing so much frustration for buyers -- and oftentimes, so much delight for sellers! :-) Faster and faster and faster, oh my! Indeed, homes are selling even more quickly now than they were a year ago. Half of the homes that sold in the past year were under contract within 30 days of hitting the market. If you are a buyer -- be ready to act FAST! And finally, interest rates are on the rise. :-/ It costs more to finance a home purchase now than it did a year ago. I commented to a client today that today's interest rates are still ridiculously low compared to any longer-term historical perspective, but he was quick (and wise) to point out that this fact doesn't necessarily matter much for today's buyers. Why are they going to appreciate that today's interest rates are lower than they have been for most of the past 20 years -- all they care about is that they are going to be paying more to finance their home purchase now than if they had bought six months of a year ago. OK -- I'll stop there for now. Again, you can download the full report as a PDF, read the entire report with commentary online, or keep reading my blog in the coming days for further commentary. One last note for anyone thinking of buying or selling soon -- SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing. For further reading on buying or selling in this area, check out.... | |
Home Prices Edge Upward As Demand Exceeds Supply |
|
Find out about this newly listed custom home: 2550RamblewoodRoad.com. I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market... Now, let's dive into some of the latest data from our local real estate market.... As shown above, it's been an interesting start to the year...
Shining a spotlight, briefly, on the City of Harrisonburg alone (not the County) we find...
January 2018 was a tad slow -- but then February, March and April easily outpaced the same months last year. Wow! So -- where will we go in May? Could we really see a 50% increase (from April to May) as we saw last April (100) to May (149) or will the increase be a bit more tame? Lest we get toooo overjoyed about the fantastical pace of home sales in the first four months of this year -- I will point out that the last four months of last year also looked QUITE promising, before sales slowed down during the rest of the year to actually show a net decline in the number of home sales in 2017 as compared to 2016. So -- get excited -- slowly? Cautiously? Sellers seem to be able to hold firm on their price a bit more this year than -- oh, I don't know -- any of the past 10 years!? Yes, that is true. Sellers negotiated anywhere between 2% and 4% off of their last list price over the past 10 years -- but so far in 2018, they have only negotiated 1% off of their last list price! What comes next, you might ask? Well -- we generally look at the pace of contracts to have an idea of what home sales might look like in the coming month or two. So -- what do we see now? Well, curiously, this January through April 431 properties went under contract -- and -- last January through April 431 properties went under contract. So -- yes -- it seems possible that the HOT months of home sales in May and June might be seen again this year. One of the reasons why there has been an overall decline in home sales (when looking at the past 12 moths compared to the previous 12 months) is because of declining inventory levels. There are currently 21% fewer homes on the market as compared to one year ago -- EVEN THOUGH we have seen a mini Spring surge in listings over the past few months. And finally -- those interest rates. They seem to be on the rise, woah, quite a bit! We have seen interest rates rise three quarters of one percent over the past nine-ish months. What's next? Will we push past 4.61% and start approaching 5%? Some say so. I don't think we will, but I have been wrong plenty of times over the past 5+ years about trends in mortgage interest rates. OK -- I'll stop there for now. Again, you can download the full report as a PDF, read the entire report with commentary online, or keep reading my blog in the coming days for further commentary. AND -- if you're thinking of buying or selling soon --- SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing. For further reading on buying or selling in this area, check out.... | |
Today is the Great Community Give! |
|
Today is the day! Join me in the first of its kind "day of charitable giving" for Harrisonburg and Rockingham County -- aptly named, the Great Community Give. Folks throughout our community will be coming together today to financially support 50+ nonprofit agencies participating in the Great Community Give. This is our opportunity to join together as Harrisonburg and Rockingham County residents to show our love for this community. Click the link below to explore the nonprofits in our community that YOU can support today to be a part of the Great Community Give! Donate Here View the Leaderboards | |
Local Real Estate Market Starts to Pop in February 2018 |
|
Find out about this newly listed (today!) City home at 1173PortlandDrive.com. I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market... OK -- now, let's dig into some of the main market metrics.... As shown above....
January 2018 wasn't the best January in the past few years, though it wasn't the worst either. It was in the middle of the pack, as shown above. February, however, was a strong month of sales -- jumping out ahead past the past three months of February. It seems likely we'll see between 90 and 100 home sales in March. The graph above is actually a bit of a warning against too much exuberance over the BEST January-February combo we've seen in any recent year. Because, look carefully at last year -- you'll note that 2017 home sales were ahead of 2016 all the way through the end of July. So, for the first seven months of the year, it looked like we were poised to break even more records for the number of home sales in this area. And then in August and September of last year, we fell behind, and never caught back up. So -- it is exciting to see record numbers of sales in the combined first two months of this year -- but it in no way means that we'll see an actual increase in annual sales by the time December 31 rolls around. Having now brought you down to earth, I'll pump you up again. :-) The 85 and then 90 contracts seen in January/February of 2018 is a nice increase from last January/February when we saw 67 and then 87 contracts. So -- the faster (closed) sales pace may at least continue into March, and maybe April given the contracts signed to date. Oh yes, and don't forget about those sinking inventory levels. The decline in home sales we saw in our local market in 2017 is considered by many to have been at least partially caused by consistent declines in the number of homes listed for sale. We have seen inventory levels drop for the past few years -- and the 27% decline from 402 homes to 295 homes over the past 12 months certainly does not help provide enough homes for an increasing pool of buyers to purchase. We should (??!??) see an increase in these inventory levels as we get into the Spring market -- but that theoretical increase never substantially materialized last year. All of these market trends are tied up together, intertwined and interdependent upon each other. Here is another. One out of every two homes that sold in the past year (ok -- I rounded -- 49% if you need to know) went under contract within 30 days of being listed for sale. This low inventory environment is causing buyers to be extremely fast to view and then consider homes as they are listed for sale. OK -- I'll stop there for now. Again, you can download the full report as a PDF, read the entire report with commentary online, or keep reading my blog in the coming days for further commentary. AND -- if you're thinking of buying or selling soon --- SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing. For further reading on buying or selling in this area, check out.... Happy March! | |
Do Not Miss Harrisonburg Restaurant Week! |
|
Straight from Harrisonburg Downtown Renaissance.... Downtown Restaurants are pulling out all of the stops this week! They're serving up fresh, innovative menus and one-of-a-kind restaurant collaborations. Take a look at the menu items, meet the amazing chefs, and circle back to book a future food tour with Rocktown Bites! Learn more about Harrisonburg Restaurant Week and get downtown to enjoy it yourself!. | |
Approaching March, A Different Look For Our Local Housing Market |
|
This is a bit of a different look for our local housing market. Ignoring last year, there have always been between 500 and 900 homes for sale in Harrisonburg and Rockingham County when entering into March -- the very early edge of the Spring real estate market. Last year -- that number felt low -- only 402 homes on the market in early March. This year -- low doesn't even describe it -- there are only 279 homes on the market right now. There is bound to be a surge of buyers hoping to contract on homes this March, April, May and June. What will they find as they enter into our local housing market? Very few houses for sale. And lots of competition from other buyers!!! | |
Local Home Sales Off To Slightly Slow Start In 2018 |
|
Find out more about this newly built home in Lakewood Estates at 1644CumberlandDrive.com. I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market... OK -- now, let's take a look a few of the main indicators for our local housing market.... As shown above....
As shown above, January 2018 home sales were right in the middle of the pack as contextualized by the previous three years. And in some ways, we should expect to see around 70 home sales next month -- however.... Contract activity in January 2018 was much stronger than could have been expected. Buyers (and sellers) signed 85 contracts in January -- as compared to only 67 last January. Thus, it is reasonable expect we'll probably see somewhat of a bump in home sales in February. And perhaps that is why so many homes are selling so quickly. Almost half of the homes that have sold in the past year have gone under contract within 30 days of coming on the market! OK -- I'll stop there for now. Again, you can download the full report as a PDF, read the entire report with commentary online, or keep reading my blog in the coming days for further commentary. If you're thinking of buying or selling soon --- SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing. For further reading on buying or selling in this area, check out.... | |
Sign Up For The Local Emergency Alert System |
|
Click here to sign up for the Emergency Alert System. Anyone who lives, works, or attends school in the City of Harrisonburg or Rockingham County are asked to sign up for the Harrisonburg-Rockingham Emergency Alert. The emergency alert will notify you in the event of an emergency or life-threatening weather event. This method of outreach is an additional resource for community members to be notified in the event of an emergency situation in this area. Registration is free and simple and when entering your information, be sure to list a city or county address to ensure you receive the local alerts. To receive these emergency-related messages the fastest, register your cell phone (not landline) and select to receive your alerts by text. This system was upgraded in October 2017, so everyone will need to sign up, regardless if you registered for the previous system. Click here to sign up for the Emergency Alert System. | |
Local Home Values Rise in 2017 |
|
Find out more about this stellar home just outside Bridgewater at 1215MtCrawfordAvenue.com. I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market... OK - now, let's dive into the market data behind this month's report.... As shown above....
Two observations here (above)....
Perhaps the truest analysis of the trends in housing values -- single family homes on their own. The waters can be muddied, a bit, on townhouses, duplexes and condos -- with investors buying the properties as rentals. Most single family homes are bought as residences, and thus there are fewer external factors that affect these home sales. As noted above, there were 10% fewer single family home sales in 2017 -- but the median price rose for the third year in a row, to $224,950. This is a good indicator that home values are rising in our area. And finally, the disturbing statistic I was hesitant to even go look for this month.... Indeed -- after free falling for most of 2017, the number of homes for sale in Harrisonburg and Rockingham County has now plunged below 300 -- to only 280 homes for sale as of this morning!?! Two crazy further notes -- there are only 46 townhouses/duplexes/condos listed for sale in the entire City/County -- and there are only 64 homes for sale in the City of Harrisonburg!?! OK -- I'll stop there for now. There is plenty more in my full market report, so feel free to download it as a PDF, read the entire report online, or watch/listen to a video overview of this month's report. And, my reminders for buyers and sellers last month still apply.... SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing. For further reading on buying or selling in this area, check out.... | |
Introducing HarrisonburgNeighborhoods.com |
|
Happy New Year! On this absurdly chilly morning, I'm excited to announce a brand new website that I hope you will find to be a helpful resource for you as you buy real estate, sell real estate, or study the real estate market.... HarrisonburgNeighborhoods.com On this new website, you can explore 34 neighborhoods in and surrounding Harrisonburg..... Here is an overview of the type of information you will find about each of these 34 neighborhoods.... First, an aerial view of each neighborhood.... Next, a statistical overview and analysis of the neighborhood.... Next, all active (and pending) listings in the neighborhood.... Next, all home sales from the past year, plus an option to look back even further.... And finally -- one of the most exciting features of this new website.... Indeed -- as shown above -- for any of the neighborhoods featured on this new website, you can sign up to receive email alerts of all new listings and home sales in the neighborhood. I recommend that you sign up to receive email alerts for the neighborhood in which you currently live -- as well as the neighborhood where you are considering a home purchase, if there is such a neighborhood. Oh, and yes, the new website is mobile friendly and will give you helpful info on the go as well.... So -- what are you waiting for -- go check it out at HarrisonburgNeighborhoods.com and let me know what questions you have or recommendations for further improvements. Here's to an exciting 2018! | |
High Level Overview of Albert Long Park |
|
click here for a larger version of this image While you might not know it from driving by on Route 33 East, construction is steadily moving along on Albert Long Park, located on the North side of Route 33 just before Indian Trail Road / Cross Keys Road when heading away from Harrisonburg. I don't have any specific updates on the park plans or timeline other than having noticed (from Indian Trail Road) that the site work and development of the park is progressing nicely. Below is the Master Plan for the park as approved in 2014. click here to download the Master Plan as a PDF | |
Local Home Prices Rise Despite Slightly Slower Sales Pace |
|
Find out more about this new listing in Lakewood Estates shown above by clicking here. I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF or read the entire report with commentary online. Taking a look, first, at a high level overview of the market thus far in 2017.... As shown above....
So -- while slightly fewer (-5%) homes are selling this year, they are selling at higher (+2%) prices, and are selling much (+37%) more quickly! As shown above, this year lost its momentum in August and September -- where monthly home sales (118, 105) were no match for last year (158, 129). Things leveled out, a bit, in October -- with just about the same number of home sales (96 vs. 97) this year as last year. Where things will go next month is anyone's guess -- looking at the past three years, November home sales have ranged from 68 all the way up to 113! Above, visualized slightly differently, you can see that 2017 home sales were on par with (actually exceeding) last year up and through July before we then fell behind in August, September and now October. It seems certain that we'll finish out the year with fewer home sales this year than last, but more than in 2015. All that said -- as one of my clients pointed out -- maybe we shouldn't care if home sales slow down? Indeed -- a slightly slower pace (-5%) of home sales might not be an negative indicator of market health -- that decline could be a result of declining inventory levels. Perhaps a better sign of a robust and improving local real estate market is the 7% increase in the median sales price of single family homes between 2015 and 2016, and the apparent 5% increase we seem likely to end up with in 2017. Speaking of slowing sales possibly being a result of lower inventory levels -- yes -- inventory levels are still way (-26%) below where they were last year at this time. And -- no good news here -- it would seem that we will likely see a further seasonal decline in the number of homes on the market as we continue through November, December and January!? Home buyers will likely have a tough time finding options over the next few months -- depending on their price range, where they want to (or are willing to) buy, etc. Let's pause there for now -- though I will continue to explore the latest trend in our local housing market in the coming days on my blog. Until then -- feel free to download and read my full market report as a PDF, or read the entire report online. And if you will be preparing to sell your home soon, you might find these websites helpful.... | |
Newer Posts | Older Posts |
Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
Home Search
Housing Market Report
Harrisonburg Townhouses
Walk Through This Home
Investment Properties
Harrisonburg Foreclosures
Property Transfers
New Listings