The State Of The Massanutten Resort Real Estate Market


The State Of The Massanutten Resort Real Estate Market
By Scott Rogers • January 6, 2010
Yesterday's Daily News Record featured an article on the short term rental situation at Massanutten Resort. The latest update is that: "The Rockingham County Planning Commission is scheduled to continue a hearing it began in November about a zoning ordinance amendment, which, if approved by the Board of Supervisors, will allow the rentals and, in theory, end the debate." (full article as pdf) It has been an interesting four years (wow --- four years) that this debate has been going on, and it made me stop to think about the state of the Massanutten Resort housing market. Below is a brief summary of changes in that market over the past four years, within the context of the Harrisonburg and Rockingham County housing market as a whole. As can be seen above, Massanutten has seen a steady decline in the number of home sales taking place in each of the past four years. That said, the Harrisonburg and Rockingham County market have seen a very similar decline. The only deviation here is that the Massanutten market continued to decline rather significantly (35% drop) between 2008 and 2009 while the rate of decline slowed down somewhat in the Harrisonburg and Rockingham County market as a whole (13% drop). The graph above shows changes in the median sales price of homes in the Massanutten Resort market as compared to changes in median sales price for the market as a whole. The difference is staggering! Harrisonburg and Rockingham County have seen a median sales price decline of 3.4% over the past four years. During the same time period, Massanutten Resort has suffered a 16% decline in median sales price. It's impossible to know how much of a correlation exists between the soft Massanutten Resort market and the short term rental issue, but I believe this issue has certainly played some role in the changes depicted above. Also . . . enjoy the second edition of Harrisonburg Real Estate Radio: Assessments via Harrisonburg Real Estate Radio [11:55] Other recent podcasts: Home Inspections Receive Updates by Email Recent Articles: Improving Your Home Might Make More Sense Than Selling And Buying Buying A Home In Harrisonburg When You Do Not Yet Live Here Is Particularly Difficult Right Now An Absence Of Competing Listings In A Broad Price Range Does Not Mean You Can (Or Should) Round Your List Price Up To The Top Of That Range The First Buyer To Make An Offer Will Likely Not Include An Escalation Clause, At Least Not At First Home Buyers Seem To Be Drawing The Line In A More Rational Place Now When Making Offers Buy A House For Yourself, Not The Next Owner Home Sellers Will Not Voluntarily Sell Their Homes For Lower Prices Because Of Higher Interest Rates Unless Competition Forces Them To Do So Homes Are Still Selling Quickly, So You Should Know (Or Think About) Where You Are Going Next Before You List Your Home For Sale Are You Ready To Sell Your Rental Property? Should We Let Buyers View Your Home Before It Hits The Market?
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through May 31, 2023 (unless otherwise noted).
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