August 2017 Rockingham County Market Report

ROCKINGHAM COUNTY MARKET REPORT August 2017

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

851

4.05%

3.05%

3.80 months

Interstate

81

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG

-2.18%

1,285

$217,414

-29.77%

JMU Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from August 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2017

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

291

426

0.68%

2.39 months

Interstate

81

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG

-3.96%

-0.70%

$186,715

-38.86%

JMU Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from August 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2017

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

171

10.12%

3.36%

81

5.12 months

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG

-3.39%

JMU

272

$274,370

-20.20%

Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from August 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2017

Interstate

81

Grottoes

SOUTHWEST ROCKINGHAM

Overall Area Summary

Units Sold Year to Date

92

12 Month Residential Sales

136

12 Month Average Sales Price

$225,943

Months Supply of Inventory

NORTHWEST ROCKINGHAM

Timberville Broadway Interstate

81

26.57%

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG

-27.56%

-19.53%

-3.62%

JMU

4.85 months

Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from August 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2017

Interstate

81

Grottoes

NORTHWEST 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

16.78%

16.29%

7.63%

81

4.25 months

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG

167

257

$199,704

-42.88%

JMU Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from August 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2017

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

73

5.50%

7.59%

3.44 months

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG JMU

-2.67%

115

$214,650

-36.17%

Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from August 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2017

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

26.67%

31.67%

7.39%

4.10 months

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG JMU Route

57

79

$233,799

-54.43%

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from August 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of August 31, 2017

Interstate

81

Grottoes

SALES ACTIVITY THIS MONTH RESIDENTIAL SALES BY MONTH Harrisonburg & Rockingham County, Monthly Sales, 2012-2017

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: Monthly sales remained steady in August with 116 homes selling. While this is significantly lower than last August, it is typical for this time of year. The low inventory in some area’s continues to hold sales back, though we are continuing to see slight improvement.

Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 8/31/17

SALES ACTIVITY THIS MONTH RESIDENTIAL PROPERTIES PLACED UNDER CONTRACT Harrisonburg and Rockingham County 2013-2017

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:

Buyer activity was very strong in August with contracts ratified on 125 homes, about 20% than is typical for this time of year. All signs indicate buyer activity will remain strong through the fall.

Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 8/31/17

SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County August 31, 2017

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: Because sales in August 2016 were extraordinarily high and sales this year were more typical, our Year-to-Date total for 2017 has fallen behind 2016. We expect the market to remain strong through the fall, however.

Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 8/31/17

SALES TRENDS RESIDENTIAL SALES, PAST 12 MONTHS Harrisonburg & Rockingham County, Past 12 Months Sales, 2013-2017

What This Chart Shows: The past twelve months sales, for this month and each month since 2013. This is one of the best ways to see the true long term trend in the market.

Bottom Line:

The rolling 12 month sales totals have remained fairly steady around 1,300 for the past 9 months. This month’s August sales being dramatically lower than last year’s August sales caused this number to decline slightly.

Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 8/31/17

INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY City of Harrisonburg 2012-2017

What This Chart Shows: The long term inventory trend in the City of Harrisonburg, with Single Family homes separated from Townhomes.

Bottom Line:

For the second month in a row, the inventory of townhomes for sale in the city of Harrisonburg increased. This is a great sign for a segment of the market that was woefully lacking in properties for sale. The inventory of single-family homes for sale dropped slightly.

Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 8/31/17

INVENTORY SINGLE FAMILY AND TOWNHOME LISTING INVENTORY Rockingham County 2012-2017

What This Chart Shows: The long term inventory trend in Rockingham County, with Single Family homes separated from Townhomes.

Bottom Line: While fluctuating slightly, the inventory of homes for sale in Rockingham County has remained fairly steady for the past 5 months. The inventory levels this year did not come close to the past several years, and we expect upward pressure on prices in the Spring of 2018 if levels don’t increase significantly.

Source: Harrisonburg - Rockingham Association of REALTORS® Multiple Listing Service, 8/31/17

PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2013-2017

1-Year Change Average - up 3.047% Median - up 5.645%

3-Year Change Average - up 9.569% Median - up 11.174%

What This Chart Shows: The long term trend in average and median sales price for homes.

Bottom Line: Both the average and median prices increased in August, and the rate of increase is accelerating. This is an encouraging trend as we have been puzzled by the slow rate of increase over the past two years. The current median sales price of $196,500 is 5.6% higher than last year, which is a healthy, sustainable rate of increase.

Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 8/31/17

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