Big Homes Are Selling Fast
Scott P. Rogers
Despite high inventory levels in the upper end price ranges in Harrisonburg and Rockngham County, large homes (3,000+ square feet) are currently selling faster than they have since at least 2006.
The graph above examines first quarter sales (Jan 1 - Mar 31) of homes larger than 3,000 square feet in Harrisonburg and Rockingham County per the HRAR MLS. As you can see, the seventeen sales in first quarter 2010 has surpassed the number of homes sold in any other year back to 2006.
During this time, median prices have shifted up quite a bit ($78k between 2006 and 2008) and then back down quite a bit ($93k between 2008 and 2010).
Yet, all you sellers of large homes out there, please bear in mind that although sales in first quarter 2010 are brisk (compared to the recent past), that does not change the fact that there are 102 such homes currently for sale. At the current pace of sales (17 in 2010-Q1), it would take 6 quarters (18 months) to sell through all existing inventory.
The graph above examines first quarter sales (Jan 1 - Mar 31) of homes larger than 3,000 square feet in Harrisonburg and Rockingham County per the HRAR MLS. As you can see, the seventeen sales in first quarter 2010 has surpassed the number of homes sold in any other year back to 2006.
During this time, median prices have shifted up quite a bit ($78k between 2006 and 2008) and then back down quite a bit ($93k between 2008 and 2010).
Yet, all you sellers of large homes out there, please bear in mind that although sales in first quarter 2010 are brisk (compared to the recent past), that does not change the fact that there are 102 such homes currently for sale. At the current pace of sales (17 in 2010-Q1), it would take 6 quarters (18 months) to sell through all existing inventory.
