ROCKINGHAM COUNTY MARKET REPORT SEPTEMBER 2016
Presented by:
K L I N E RMe aAl tYy
HARRISONBURG & ROCKINGHAM COUNTY
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway
15.97%
11.38%
1.78%
5.10 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
995
1,263
$212,593
-26.48%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 2016
Interstate
81
Grottoes
HARRISONBURG Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Overall Area Summary
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
21.28%
17.33%
3.66%
81
3.71 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
342
440
$186,355
-39.49%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 2016
Interstate
81
Grottoes
SOUTHEAST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
11.11%
1.97%
$268,332
81
6.12 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
210
259
-2.20%
-11.62%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 2016
Interstate
81
Grottoes
SOUTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
19.82%
11.49%
10.77%
81
3.93 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
133
165
$236,056
-31.22%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 2016
Interstate
81
Grottoes
NORTHWEST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
4.91%
12 Month Residential Sales
5.66%
12 Month Average Sales Price
$188,965
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
6.86 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
171
224
-2.40%
-11.75%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 2016
Interstate
81
Grottoes
NORTHEAST ROCKINGHAM
Overall Area Summary
Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
24.29%
25.56%
18.04%
5.31 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
87
113
$195,304
-47.69%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 2016
Interstate
81
Grottoes
Overall Area Summary
MASSANUTTEN Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
Months Supply of Inventory
NORTHWEST ROCKINGHAM
Timberville Broadway Interstate
81
20.93%
12.73%
$220,393
NORTHEAST ROCKINGHAM MASSANUTTEN
7.16 months
Elkton Route
33
HARRISONBURG JMU Route
52
62
-1.36%
-1.22%
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from September 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of September 30, 2016
Interstate
81
Grottoes
FINDING FOREVER HOMES
K
line May Realty is committed to helping the people in our community buy and sell homes. Once a month, we feature homeless animals from the RH-SPCA and Virignia Paws for Pits on our “Finding Forever Homes” segment. The “Finding Forever Homes” segment on the Kline May Realty Television Showcase is in its second year, and it has been a huge success. During the segment, we introduce our viewers to animals who are in need of a forever home, and every past animal we have featured from both organizations is no longer in a shelter environment. This month we featured best hound friends, Lucille and Evelyn, and Evelyn’s favorite toy...a stuffed armadillo!
SALES ACTIVITY THIS MONTH RESIDENTIAL SALES BY MONTH Harrisonburg & Rockingham County, Monthly Sales, 2012-2016
What This Chart Shows: Residential home sales by month, over the past 5 years. This chart helps show seasonal trends in home sales.
Bottom Line: Although sales fell to 120 residential units, September’s total is significantly higher than September sales during the past several years. The strong contract total’s this month and last are encouraging and should lead to continued strong sales in October. Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 9/30/16
SALES ACTIVITY THIS MONTH RESIDENTIAL PROPERTIES PLACED UNDER CONTRACT Harrisonburg and Rockingham County 2013-2016
What This Chart Shows: The number of residential properties on which Buyers and Sellers entered into contracts each month. This is an excellent indicator of future sales.
Bottom Line:
Continued strong buyer activity in the residential market led to 111 ratified contracts on properties for sale in September. This number is higher than prior September’s and will result in higher than average sales this fall. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 9/30/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County Sept. 30, 2016
What This Chart Shows: Total residential sales from January 1 until the date on this chart, for each of the past five years.
Bottom Line: Only 5 sales shy of 1,000 for the first three quarters of this year is a tremendous total when we look back over the prior several years. This total is nearly a 16% increase over last year and a 53% increase over 2013. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 9/30/16
SALES TRENDS RESIDENTIAL SALES, PAST 12 MONTHS Harrisonburg & Rockingham County, Past 12 Months Sales, 2013-2016
What This Chart Shows: The past twelve months sales, for this month and each month since 2012. This is one of the best ways to see the true long term trend in the market.
Bottom Line: The long term sales trend in Harrisonburg and Rockingham County is going up at an increasing rate as our market recovery continues and conditions remain fantastic for buyers. The very strong buyer activity is continued good news for sellers, as homes that are priced appropriately and in good showing condition are selling quickly. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 9/30/16
INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY City of Harrisonburg 2012-2016
What This Chart Shows: The long term inventory trend in the City of Harrisonburg, with Single Family homes separated from Townhomes.
Bottom Line: Inventory in Harrisonburg continues to decline despite our strengthening market. New construction is lagging behind prior years because of local lenders reluctance to take a chance on spec houses. Some of the decline may be due to an oversupply during the recession, but we are still waiting to see the trendline level out, so we can learn where the “new normal” is. Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 9/30/16
INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY Rockingham County 2012-2016
What This Chart Shows: The long term inventory trend in Rockingham County, with Single Family homes separated from Townhomes.
Bottom Line: After appearing to level out over the last four years, Rockingham County inventory has declined this year with overall levels slightly over 10% lower than this time last year. As with the city, new construction is still lacking, and we are hopeful that the spring of 2017 will finally see the return of the small local builder. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 9/30/16
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2012-2016
1-Year Change Average - up 1.377% Median - up 1.613%
3-Year Change Average - up 7.701% Median - up 8.00%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: The big mystery in this year’s market is “Why aren’t prices rising giving the low levels of inventory and strong buyer activity?” Digging into the numbers a bit, we see a few things. 50 more homes have sold below $200,000 this year than at this point last year, and perhaps more significantly, 10 fewer homes at $700,000+ have sold up to this point than in 2015. Looking at overall sales in a different way, we see that townhome and condominium sales have increased 19% over last year while sales of detached single-family housing have increased by less than 9%. So what we see is that the overall average price in the area has been significantly affected by the mix of homes selling rather than simply indicating that prices aren’t on the rise. Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 9/30/16
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