Despite Slow Sales, Home Values Remain Relatively Stable in Harrisonburg and Rockingham County
Scott P. Rogers
Read on for several highlights of the November 2010 Harrisonburg and Rockingham County Real Estate Market Report. Or click here to view the PDF.
Despite early gains in 2010 (particularly in April and June) home sales have stagnated over the past several months. July, August, September and October of 2010 have been the slowest such months during the past five years. Despite these low sales figures, however, year-to-date sales are only 4% below last year's sales.
Late 2009 through mid 2010 showed some promise. After several years of declining home sales (pace, not values) it seemed that our local market had finally turned around. Now looking back, that increase in sales pace may have been largely related to the home buyer tax credit, as the pace of sales is now on the decline yet again. What surprises lie in store for us in 2011?
As demand falls, prices should fall --- isn't that what I learned back in my economics class at JMU? Not so in the Harrisonburg and Rockingham housing market!?! Fewer and fewer buyers have been present in the market over the past six years (demand fell) but prices have not fallen in the way that that shift in demand would suggest. Calling all economists....how can we explain this?
Click the image above (or here) to review the entire November 2010 Harrisonburg and Rockingham County Real Estate Market Report, complete with an all new Executive Summary this month.
If you have questions about this report, or if I can be of assistance with real estate that you own, or that you'd like to own, please be in touch. You can reach me most easily at 540-578-0102 or scott@HarrisonburgHousingToday.com.
Despite early gains in 2010 (particularly in April and June) home sales have stagnated over the past several months. July, August, September and October of 2010 have been the slowest such months during the past five years. Despite these low sales figures, however, year-to-date sales are only 4% below last year's sales.
Late 2009 through mid 2010 showed some promise. After several years of declining home sales (pace, not values) it seemed that our local market had finally turned around. Now looking back, that increase in sales pace may have been largely related to the home buyer tax credit, as the pace of sales is now on the decline yet again. What surprises lie in store for us in 2011?
As demand falls, prices should fall --- isn't that what I learned back in my economics class at JMU? Not so in the Harrisonburg and Rockingham housing market!?! Fewer and fewer buyers have been present in the market over the past six years (demand fell) but prices have not fallen in the way that that shift in demand would suggest. Calling all economists....how can we explain this?
Click the image above (or here) to review the entire November 2010 Harrisonburg and Rockingham County Real Estate Market Report, complete with an all new Executive Summary this month.
If you have questions about this report, or if I can be of assistance with real estate that you own, or that you'd like to own, please be in touch. You can reach me most easily at 540-578-0102 or scott@HarrisonburgHousingToday.com.
