Welcome! This blog tracks the real estate market in the Central Shenandoah Valley, featuring market data and analysis, an exploration of common buying and selling questions, and candid commentary on all things real estate.
If you are interested in discussing any of the topics on this blog, or the details of your specific real estate situation, call or e-mail me!
NPR's All Things Considered ran an interesting story today about immigrant buyers.
Per the story (listen here) . . .
Today, monthly home sales statistics were released by the Virginia Association of Realtors. As reported by WSVA today.... "sales of single family homes slumped in Harrisonburg and Rockingham County by a modest two-percent compared to the same month last year."
And yet, you might remember that I reported on those same statistics (Oct '06 versus Oct '07) and indicated that sales were up 23%.
It's actually quite simple --- the Virginia Association of Realtors only tabulates single-family homes (not townhomes) --- my numbers always include both single family homes and townhomes.
So...yes...the number of single family homes sales (Oct '06 versus Oct '07) decreased by 2%. But, a more meaningful analysis points out that:
Oct '06 versus Oct '07 shows a 23% increase in sales of single-family homes and townhomes. (click here)
Nov '06 versus Nov '07 shows a 28% increase in sales of single-family homes and townhomes. (click here)
Always check the facts . . .
Preliminary assessment -- no, not at all!
A caller to the radio show yesterday mentioned that it seems to him that homes that aren't in subdivisions seem to be selling more quickly than those that are in subdivisions. As I mentioned on the air, definitely a very interesting theory --- however, the data doesn't seem to support it . . .
If we saw that there was only a 3 month (or even 6 month) supply of properties not in subdivisions (or in subdivisions), that would certainly indicate that it is currently easier and quicker to sell such a property. However, this data shows that there is very little difference in the supply/demand ratio at this time.
This analysis is based on Rockingham County properties --- excluding the City of Harrisonburg, and excluding Massanutten Resort.
On the air yesterday, we had some questions about garages --- are most houses being built with them these days, are most buyers looking for them, etc. Here are some numbers to answer those questions . . .
Garages have become a more frequent occurrence over time.
Looking at sales during the past 12 months in Harrisonburg and Rockingham County, here's what we get:
Of late, the larger the home being built, the more likely it will have a garage.
Looking at sales during the past 36 months, of homes built since 2000, in all of Harrisonburg and Rockingham County, here's what we get:
I'll be on the radio this Wednesday (Nov 28) from 11AM - Noon. Tune in, if you have the chance, on 550AM in Harrisonburg. To provide a bit more context, here are the more formal details . . .
The WSVA Home Show with Ken Patterson is brought to you by Weavers Flooring America, Planters Bank, Shenandoah Paint and Coldwell Banker Funkhouser Realtors. This is the show that gives you a chance to ask the experts anything you like about home repair and remodeling, buying and selling. The show will air from 10AM to Noon. During the first hour, Ken Patterson will be joined by Rick Peters of Shenandoah Paint. During the second hour, Kemper Funkhouser and I will be on the air with Ken answering your questions.
Again, don't miss The Home Show, this Wednesday, during mid-days on WSVA, 550 AM in Harrisonburg, Virginia.
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