Newer Posts | Older Posts |
Astonishingly High Home Sales in September 2016 |
|
Learn more about this month's Featured Property: 953 Greenbriar Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, download the PDF, or read on for highlights.... First, let's take a look at the overall market performance in September.... A few highlights from the basic data breakdown outlined above....
Now, let's contextualize those strong September sales.... As stated above, there were a LOT of home sales in September 2016 -- a whopping 123 of them. When was the most recent time when we saw this many homes sales (or more) during the month of September? Waaaaaaay back in September 2005 when there were 136 home sales seems to be the only time we have ever seen more than 123 home sales. Wow! The median sales price of single family homes are often an excellent indicator of the price trends in a local real estate market, as they show a purer form of owner occupant supply and demand. When we examine townhouses as well, we are observing the buyer behavior of both owner occupants and investors -- and there can be much more short-term volatility in demand from investors. So, with the assumption that we'll get the clearest picture of price trends by looking at single family homes, it is striking to see a steady increase in median sales prices of these properties as shown in the graph above. This graph clearly illustrates what a busy buying season it has been over the past seven months. We have seen an average of 130 contracts per month over the past seven months -- as compared to an average of only 96 contracts per month during the same timeframe in 2015. These strong contract numbers, clearly, are leading to the busy season of closings -- and we are likely to see yet another strong month of sales in October based on these contracts. Finally -- buyers are finding fewer and fewer choices in the market -- as inventory levels (as shown above) have declined 16% over the past year. Looking back further (not shown above) there has been a 23% over the past two years! Well, there is much more to know, learn, read....but I'll pause here for now, and I'll let you explore that and read further on your own if you so choose. You can read my entire market report online....
| |
Campaign Launches to Build Park in Downtown Harrisonburg |
|
The fundraising campaign for building a park in Downtown Harrisonburg kicked off last evening with an event at Pale Fire Brewing Co. with the exciting announcement that $500,000 has already been raised for the project! The park is estimated to cost $5.5 million to be built, and will be built on 4.2 acres of city-owned land including the municipal parking lot on South Liberty Street, the Harrisonburg Farmer's Market Turner Pavilion and the grassy lawn area next to the parking lot. Construction on the park is expected to start in 2017. View the layout of the park and learn about opportunities to support this effort by visiting BuildOurPark.org. Read today's Daily News Record article here. | |
Wild month of home sales in August 2016, contextualized |
|
As reported yesterday, we had a RECORD NUMBER of home sales in August 2016. There were 154 home sales --and the most recent month when we saw more than 154 home sales was waaaaaay back in August 2006. With plenty of contracts in August 2016 as well, we are likely to see another strong month of sales in September --- though maybe not 154 of them. Read more about the local housing market here.... | |
Record Number of Home Sales in August 2016 |
|
Learn more about this month's Featured Property: 3465 Izaak Walton Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, download the PDF, or read on for highlights.... First, let's take a look at the overall market performance in August.... A few highlights from the basic data breakdown outlined above....
As promised, a bit more context. The 154 home sales in Harrisonburg and Rockingham County during August 2016 marked the HIGHEST number of home sales seen anytime in the previous 10 years. We'd have to stretch back 121 months to August 2006 to find the next highest month of home sales, when we saw 156 home sales. But wait, there's more. If you thought August home sales was the end of a series of strong months, you might be wrong. Take a look at the contract data (above) and you'll note that there were a whopping 130 contracts signed in August -- a 20% increase over last August. As such, we should expect to see strong September/October sales as well. Also of note, over the past six months we have seen an average of 135 contracts signed per months, as compared to only 116 per month a year prior. And the inventory levels keep on dropping. Buyers have fewer and fewer choices these days with current inventory levels hovering around 560 homes for sale in Harrisonburg and Rockingham County. This results in the best listings (price, condition, marketing) being sold quickly. There is much more to know, learn, read.... I'll pause here for now, but I'll let you explore that and read further on your own if you so choose. You can read my entire market report online....
| |
$60M MillerCoors Expansion in Elkton, VA |
|
In local economic development news, the MillerCoors brewery in Elkton, Virginia has announced a $60 million expansion! This investment by Miller Coors will allow for the installation of new infrastructure to brew more beer brands and will result in 27 new jobs. Some fast facts about the Shenandoah Valley MillerCoors brewery....
| |
More Homes are Selling, Faster, at Higher Prices in Harrisonburg, Rockingham County |
|
Learn more about this month's Featured Property: 580 Spring Oaks Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the video overview below, download the PDF, or read on for highlights.... First, a video overview.... Now, let's take a look at the overall market performance in July.... A few things jump out at me when looking at the chart above....
July could be seen as a disappointment in some ways. We didn't see sky high home sales, towering over all previous months of July. We only saw a tiny 1.85% increase in sales as compared to July 2015. But wait -- before we become too glum about the 110 home sales in July, let's not forget the record breaking months of sales that we saw in May and June! Just for fun, let's look at May through July home sales for the past few years....
So, yes, I think we can be satisfied with the 110 home sales we saw in July 2016 given the slightly larger context. The graph above is somewhat complicated, but very important as to an understanding of our local housing market. The green "SELLERS" trajectory is showing the number of homeowners trying to sell their homes. The blue "BUYERS" trajectory shows the number of buyers closing on the purchase of homes in a six month period. This graph, therefor, is a good indication of overall market balance in our local housing market, as many housing market analysts consider a six month supply of homes for sale to be a sign of a market that is balanced between buyers and sellers. As shown above, after many years, we finally saw these trajectories cross last month. That is to say that there are now more buyers buying in a six month period than there are sellers selling. As such, if we've been approaching a balanced market for the past year, it is now definitely "in balance" -- even if that varies some from price range to price range. Taking a look at buyer activity in the form of signed contracts, we see that July was another relatively strong month with 119 contracts signed -- as compared to 118 last July. Put in a slightly larger context, we have seen an average of 136 contracts per month over the past five months -- as compared to an average of only 117 contracts per month during the same timeframe in 2015. One of the ways that we have achieved the market balance illustrated above is by a reduction in the number of homes for sale. As the graph above indicates, we have seen a 15% decline in inventory levels over the past year. Thus, buyers a year ago had 644 homes to choose from -- and today can only choose from 549 properties. OK, let's cut off my ramblings about our local market there for now. There is a lot more more in my full real estate market report, but I'll let you explore that and read further on your own if you so choose. I'll continue to delve into the latest trends on HarrisonburgHousingToday.com over the next few days, but if you just can't wait, feel free to read the entire report online....
| |
Explore More Discovery Museum in downtown Harrisonburg expanding upwards! |
|
Explore More Discovery Museum, in downtown Harrisonburg, is expanding upwards, onto the 2nd and 3rd floors. The future 2nd floor Arts & Innovation area will offer eight new, interactive exhibit galleries! Explore in the tree house,build in the construction zone, fly the airplane, create movies, music and art! The 3rd Floor Community Education Center will provide greatly needed multi-purpose space for educational programs and special events. Two new classrooms and a kitchen facility will offer unique opportunities to expand enrichment offerings. Construction is in progress! Read more about the expansion here and consider making a donation to support this effort. | |
Current mortgage rates still WELL below 12 month average |
|
If I said, a year ago, that mortgage interest rates were going to rise soon --- I was WRONG!!! Current mortgage interest rates are just below 3.5%, and while I am still thinking that they could or will start to increase soon --- I would not be surprised if they are still below 4% a year from now. Buyer still have great buying power, and the opportunity to lock in super-low interest rates for the next 30 years. | |
Strong Home Sales in June 2016 Bring Further Balance to Local Market |
|
Learn more about this month's Featured Property: 4140 Brown Roan Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the video overview below, download the PDF, or read on for highlights.... First, a video overview.... Now, let's take a look at the overall market performance in June.... As shown above....
OK -- BIG NEWS HERE -- June 2016 home sales were "off the charts" as they say -- the highest month of monthly home sales we have seen in a LONG TIME! Actually, looking back further that this chart -- the last time we had more than 144 home sales was back in June 2007 -- at the peak of the market boom. AND -- MORE BIG NEWS -- It happened! It really happened! Most housing market analysts consider six months of inventory (active listings) to be an indicator of a balanced market (between buyers and sellers). The "BUYERS" trend line above is illustrating how many buyers are buying in a six month period. The "SELLERS" trend line above is illustrating how many sellers are in the market (active listings) at any given time. Over the past four years we have seen a steady increase in buyers and a declining number of sellers. And finally, in June, these two trajectories have crossed! There are more buyers buying in a six month period than there are homes for sale! Finally, what should we expect as far as sales for the next few months? Based on recent contract activity, I am thinking we'll see another strong month of sales during July. To put this year in perspective, we have seen an average of 140 contracts per month over the past four months -- as compared to an average of only 117 contracts per month during the same timeframe in 2015. There is more, oh so much more, in my full real estate market report. I have even made it very easily accessible for you to read online....
| |
Home Sales on the Rise in Local Market in May 2016 |
|
Learn more about this month's Featured Property: 1831 Manor Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the video overview below, or download the PDF, or read on for highlights.... First, a video overview.... Now, let's take a look at the overall market performance in May.... The local housing market is, again, showing signs of strength....
As shown above, there have been several months in particular -- January, March, May -- that have catapulted us to our current 15% improvement in home sales this year as compared to last year. We have seen buyers signing contracts in record numbers over the past three months -- which bodes well for strong sales in June as well as (likely) July. Buyers are buying faster than sellers are ready to sell. Inventory levels, as shown above, have declined 12% over the past year. Buyers are seeing fewer and fewer choices of homes to purchase. Finally, the market graph we've all been waiting for -- as shown above, we are finally (!) approaching a perfect balance between buyers and sellers in our local market -- with almost exactly six months of supply available. This is a result of a slowly increasing pace of buying activity over the past few years -- and a slowly declining inventory level during the same timeframe. BUT WAIT -- remember -- all real estate is local, and sometimes that means down to the city, town or even neighborhood. If you are getting ready to sell your home, we should start by looking at these overall trends -- but then we'll need to dive much deeper into the analysis of your price range, neighborhood. property type, etc. There is more, oh so much more, in my full real estate market report. I have even made it very easily accessible for you to read online....
| |
SHARP DECLINE.... in local area unemployment rate!?! |
|
The local unemployment rate dropped quickly, drastically, sharply in April 2016. Waaaaay down to 3.2% -- which is the lowest rate on record in the past six years -- by far. Read some commentary on this news via last week's Daily News Record article, excerpted below. Unemployment in the Harrisonburg metropolitan area hit an eight year low in April, according to data released Wednesday by the U.S. Bureau of Labor Statistics. | |
April 2016 was the BEST MONTH EVER for contracts |
|
Yep, you heard that correctly, April 2016 was the BEST MONTH EVER -- there has never been another month in Harrisonburg and Rockingham County when more buyers contracted to buy homes. Stay tuned for what might come in May and June. Could we see even higher levels of contract activity? Read more about the local housing market..... | |
Local Housing Market Shows Strength, Growth in April 2016 |
|
Learn more about this month's Featured Property: 4290 Brown Roan Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the video overview video, or download the PDF, or read on for highlights.... First, a video overview.... Next, let's take a look at the overall market performance in April.... We are, again, looking at signs of strength and growth for our local market....
Let's dig into a few details.... Wow! This graph shows very clearly (look at the last two bars on the right) how HOT of a Spring real estate market we are experiencing this year. The pace of contracts in March was a new record for March -- and in April, buyers have done it again. As far back as I have on record (2007) there has never been a month of April when this many (158) contracts have been signed in Harrisonburg and Rockingham County. Single family homes are often the best indicator of overall trends in a local housing market. As shown above, sales of single family homes are quite stable -- and the median price has been on the rise for several years now. It seems likely that we will see another increase in the median sales price of single family homes in 2016. Most housing market analysts consider six months of inventory (active listings) to be an indicator of a balanced market (between buyers and sellers). The "BUYERS" trend line above is illustrating how many buyers are buying in a six month period. The "SELLERS" trend line above is illustrating how many sellers are in the market (active listings) at any given time. Over the past four years we have been seeing a steady increase in buyers in the market and a decline in sellers in the market. In Summary.... | |
Most March Contracts Ever? |
|
Home Sales, Median Prices on the Rise in 2016 Q1 |
|
Learn more about this month's Featured Property: 3095 Baybrook Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the overview video below, or download the PDF, or read on for highlights.... First, a video overview.... Next, let's take a look at the overall market performance in March.... Some rather good news, in all areas, as far as improvements in our local market....
OK -- now with that formality aside, let's talk about the crazy, wild, unbelievable stat of the month.... Yes, you are reading that correctly....
So, buyers were actively signing contracts in March 2016, it seems. :) As shown above, the 83 home sales in March 2016 were the highest of any recent March. The question now remains -- how many home sales will we see in April? Could the 133 contracts from March help boost the market up to more than 104 sales in April? One last trend that I am watching closely -- the single family home market. As shown above, we have seen a relatively steady number of single family home sales over the past few years -- which is neither thrilling nor depressing. The median sales price, on the other hand, has been steadily climbing -- great news for anyone who owns a home, or likes to see an improving housing market. In Summary.... | |
Merck announces major improvements of Elkton facility |
|
Per today's Daily News Record, Merck has announced a $168 million investment in its Elkton facility for upgrades that will take place over the next few years.... "The Kenilworth, N.J.-based pharmaceutical business has been operating in the Valley since 1941, according to the release, and the Elkton plant works to produce a variety of vaccines in bulk. The improvements will upgrade that system.Read the entire article here: Merck Plans $168M Upgrade Looking back through the Daily News Record archives, the most recent major improvement I can find record of is a $57M announcement in 2006, followed by a $193M announcement in 2007. Read the 2007 article here: Merck Adding 70 New Jobs Merck is one of the largest employers in Rockingham County, so this is a welcome news announcement! | |
Massanutten Resort announces Bike Park to open in 2016 |
|
Big news for off road biking enthusiasts! Development and construction of a new bike park are underway, with a mid-summer opening date. And....wait for it....it will be served by a bike lift. Ride the lift to the top, with your bike, and race on back down! Read more.... BREAKING: Massanutten Announces Virginia Bike Park (North America's Mountain Bike Resort Website) Massanutten Bike Park (Massanutten Resort) | |
Local Housing Market Shows Continued Strength in February 2016 |
|
Learn more about this month's Featured Property: 120 Cantermill Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the overview video below, or download the PDF, or read on for highlights.... First, a video overview.... Next, let's take a look at the overall market performance in February.... As outlined above, there are several indicators of a strong local housing market....
The pace (and price) of single family homes are often a good way to understand the overall trajectory of a local housing market -- because it takes rental properties (and the impact of investors) out of the mix. As such, it is good to see the price of these home sales increasing (quite a bit) even if the pace of sales has not significantly increased over the past few years. Inventory levels are still hovering around 530/540 -- but are on the brink of increasing significantly, which will likely happen over the next 30 to 60 days. Hang on tight! In Summary.... BUYERS -- You should have plenty of additional options to consider in the coming months, but houses that are priced well will likely sell quickly. Strike while the iron is hot -- and relish the opportunity to still have super low (sub 4%) fixed mortgage interest rates. SELLERS -- Price, Condition, Marketing. If you are getting ready to put your house on the market, let's make sure we have your house priced well compared to what has recently sold, that your house is in a condition to have a broad appeal to buyers, and of course, let's market it thoroughly and professionally. More and Much, Much More.... There is more, oh so much more, in my full real estate market report. I have even made it very easily accessible for you to read online.... And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. Finally, here are two handy references to prepare yourself to buy or sell.... And if you are ready to get the process started, simply contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com. | |
Local Housing Market Sees Strong Start in January 2016 |
|
Learn more about this month's Featured Property: 3853 Traveler Road I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the overview video below, or download the PDF, or read on for highlights.... A Video Overview.... Let's start by taking a look at the overall market performance in January and over the past twelve months.... Strong Sales Pace.... As shown above, we saw a strong month of sales in January -- with 67 home sales, as compared to only 49 last January. This 37% year-over-year improvement in January 2016 contributed to a 6.42% year-over-year increase in the annualized pace of home sales in Harrisonburg and Rockingham County. Increasing Prices.... While the median price ticked down 0.51% when only looking at January 2016 figures, the median sales price over the past 12 months increased by 2.83% to $185,000 compared to the previous 12 months. Faster Sales... Homes are also selling faster -- at a median pace of 55 days on the market based on sales in the past 12 months. When looking at a rolling 12-month time frame in the graph above, we note that:
Buyers and sellers signed 74 contracts in January 2016 -- as compared to 76 last January. This is despite a large snowstorm that slowed down the market for at least a week during January. This is an indicator that we are likely to see a similar number of February home sales this year as we did last year. Inventory levels (the number of homes for sale) are at their lowest levels seen anytime in the past eight months. This is not surprising given the time of year we are in -- though year-over-year inventory levels have also declined by 2%. More and Much, Much More.... | |
Harrisonburg Commercial Real Estate Market in 2015 |
|
Walmart, Gabe's and Hobby Lobby were some of the major participants in the commercial real estate market in 2015, but as noted in today's DNR article.... [...] it's a nonbuilding project, the completion of the half-loop connecting U.S. 33 east and west of Harrisonburg known as the Southeast Connector, that's predicted to have the greatest effect on commercial real estate.Read the fully Daily News Record article for an overview of some of the changes and new developments seen in the Harrisonburg commercial real estate market in 2015. | |
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