Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Wednesday, May 4, 2011
I often hear that there are too many homes for sale (sellers tell me this) and that there aren't nearly enough homes on the market (buyers tell me this). Let's examine how inventory levels have changed over the past several years.....
It may be a result of an overall decline in median sales prices (home values), but whatever the reason, the number of options under $200K keeps increasing. Three years ago, you would only have had 263 homes to choose from in Harrisonburg and Rockingham County -- but that has now ballooned to 447 listings.
Listing inventory between $200K and $300K has gradually declined over the past several years, though it did surge upwards in the spring and summer of 2010. We may again see a surge as homeowners prepare to list their homes for the summer 2011 buying season.
The decline in $300K to $400K listings has been a bit faster than in the $200K to $300K range (32% versus 27%).
Housing options over $400K have drastically declined over the past several years, with an overall 37% decline. This is likely an appropriate decline relative to the overall decline in the number of buyers in the market.
Whatever the price range, we will likely start to see a surge in homes listed for sale as we continue through spring and summer of 2011. Hopefully we will not reach past seasonal peaks of 1,000+ homes as we did in mid-2010.
It may be a result of an overall decline in median sales prices (home values), but whatever the reason, the number of options under $200K keeps increasing. Three years ago, you would only have had 263 homes to choose from in Harrisonburg and Rockingham County -- but that has now ballooned to 447 listings.
Listing inventory between $200K and $300K has gradually declined over the past several years, though it did surge upwards in the spring and summer of 2010. We may again see a surge as homeowners prepare to list their homes for the summer 2011 buying season.
The decline in $300K to $400K listings has been a bit faster than in the $200K to $300K range (32% versus 27%).
Housing options over $400K have drastically declined over the past several years, with an overall 37% decline. This is likely an appropriate decline relative to the overall decline in the number of buyers in the market.
Whatever the price range, we will likely start to see a surge in homes listed for sale as we continue through spring and summer of 2011. Hopefully we will not reach past seasonal peaks of 1,000+ homes as we did in mid-2010.
