Harrisonburg High-End Real Estate Market
Scott P. Rogers
Each month I run the same series of calculations to determine how supply and demand relate in several price ranges --- less than $200k, $200k - $350k, and $350k and up. At the start of December, there were 20 months of supply of homes priced $350,000 and up.
One of my readers posed the question of whether there might be more of a story to tell in what could be a very large price range --- $350k and up encompasses many hundreds of thousands of dollars. So, let's take a look --- please note, I updated the "Available" numbers to reflect current availability.
So --- it is somewhat interesting --- there are only 17 months of homes priced between $350k and $600k --- and a whopping 61 months of homes available priced above $600k.
But to give the $600k+ homes a fair shake, let's make sure September, October and November weren't unusually low sales months. From January 2007 through November 2007 (inclusive), there were 16 sales of homes above $600k. This is 1.45 sales per month --- which would make the current inventory (43 homes) equivalent to 30 months of supply. Better than 61 months --- but this is still the most oversupplied price range by far!
One of my readers posed the question of whether there might be more of a story to tell in what could be a very large price range --- $350k and up encompasses many hundreds of thousands of dollars. So, let's take a look --- please note, I updated the "Available" numbers to reflect current availability.
| EVERYTHING Over $350,000 | $350,000 - $600,000 | Over $600,000 | |
| Sold in September: 4 | Sold in September: 4 | Sold in September: 0 | |
| Sold in October: 10 | Sold in October: 10 | Sold in October: 0 | |
| Sold in November: 13 | Sold in November: 11 | Sold in November: 2 | |
| Avg Sold / Month: 9 | Avg Sold / Month: 8 | Avg Sold / Month: 0.7 | |
| Available: 179 | Available: 136 | Available: 43 | |
| Months Supply: 20 | Months Supply: 17 | Months Supply: 61 |
So --- it is somewhat interesting --- there are only 17 months of homes priced between $350k and $600k --- and a whopping 61 months of homes available priced above $600k.
But to give the $600k+ homes a fair shake, let's make sure September, October and November weren't unusually low sales months. From January 2007 through November 2007 (inclusive), there were 16 sales of homes above $600k. This is 1.45 sales per month --- which would make the current inventory (43 homes) equivalent to 30 months of supply. Better than 61 months --- but this is still the most oversupplied price range by far!
