Will Single Family Home Sales Ever Return to 2016 Peak?

Apparently, 2016 was a special year for single family home sales in Harrisonburg and Rockingham County.

After three years straight (2013, 2014, 2015) of seeing a very consistent number of single family homes in the City and County (813-819) there was a 20% increase in 2016 to 978 home sales!

Then, in 2017 -- sales of single family homes fell 10% to 884 sales.

Hmmm.....

This was likely at least partially an inventory issue....

• At the start of 2016 there were 408 single family homes on the market.
   
• At the start of 2017 there were 318 single family homes on the market.

And inventory levels got even worse during 2017....

• At the start of 2018 there were 234 single family homes on the market.

All that is to say that I would be shocked if we saw more than 978 home sales in 2018.  I think we may have peaked in 2016 -- and we might not return to that peak for some time. 

Perhaps some home builders need to start creating new single family home supply in this area??