After staying relatively stable over the past few years, townhome values are dropping quite quickly in 2011 -- per the median home value of Harrisonburg and Rockingham County townhomes....



Townhome Sales between January and March 2010:

• 42 sales
• Average Sales Price = $171,260
• Median Sales Price = $155,000

Townhome Sales between January and March 2011:

• 32 sales
• Average Sales Price = $144,608
• Median Sales Price = $126,000

I believe what we're seeing here is that the median (and average) sales prices are coming down because of the composition of which (townhome) properties have actually sold in the first quarter of 2011.  If my theory is correct. the median (and average) sales prices might increase quickly as the year continues.  Alternatively, they could stay quite low if the smaller, older, more remote townhomes continue to sell -- at lower prices than most.


Properties selling in 2011 (1Q) under the $126,000 median sales price included:

• $49K  -  1346 Hunters Road (Hunters Ridge, student condo)
  
• $74K  -  423 Wirt Avenue (Elkton)
  
• $90K  -  3602 Killy Court (Massanutten)
  
• $90K  -  1171 Rosedale Drive (Rosedale)
  
• $100K  -  116 Granny Smith Drive (Timberville)
  
• $100K  -  118 Granny Smith Drive (Timberville)
  
• $100K  -  120 Granny Smith Drive (Timberville)
  
• $107K  -  1642 Buttonwood Court (Harmony Heights)
  
• $113K  -  964 Rosedale Drive (Rosedale)
  
• $116K  -  1017 Misty Court (Misty Meadows)
  
• $120K  -  136 Olivia Dawn Lane (Broadway)
  
• $120K  -  1151 Commercial Court (Park Crest)
  
• $123K  -  206 A Fourteenth Street (Grottoes)
  
• $125K  -  3004 Kidd Court (Massanutten condo)
  
• $125K  -  206 D Fourteenth Street (Grottoes)
  
• $125K  -  1211 Mountain View Drive (University Court)
    
  

The bottom line (if you made it down here) is that the data thus far from 2011 does not necessarily mean your townhome's value has taken a nose dive.  It may just mean that small, less expensive townhomes are the ones that are actually selling these days.