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ROCKINGHAM COUNTY MARKET REPORT January 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

65

14.72%

2.57%

3.50 months

Interstate

81

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG

-2.99%

1,309

$213,516

-38.79%

JMU Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from January 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of January 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 Interstate

3.70%

13.66%

1.00%

81

2.37 months

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG

28

441

$182,542

-43.72 %

JMU Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from January 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of January 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

10

19.66%

$261,669

81

4.11 months

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG JMU

-23.08%

280

-0.03%

-45.79%

Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

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

Interstate

81

Grottoes


SOUTHWEST ROCKINGHAM

Overall Area Summary

Units Sold Year to Date

11

12 Month Residential Sales

12 Month Average Sales Price

Months Supply of Inventory

NORTHWEST ROCKINGHAM

Timberville Broadway Interstate

7.79%

6.34%

81

2.89 months

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG

-21.43%

166

$234,298

-27.24%

JMU Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from January 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of January 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

81

42.86%

15.35%

5.70%

4.89 months

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG

10

248

$199,890

-14.99%

JMU Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from January 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of January 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

4

81

0.00%

1.31%

3.43 months

NORTHEAST ROCKINGHAM MASSANUTTEN

Elkton Route

33

HARRISONBURG

105

JMU

-20.00%

$197,412

-61.04%

Route

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

*Differences indicated from January 2016 Harrisonburg-Rockingham Association of REALTORS® statistics, as of January 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

100.0%

53.33%

$227,866

NORTHEAST ROCKINGHAM MASSANUTTEN

4.87 months

Elkton Route

33

HARRISONBURG JMU Route

2

69

-1.01%

-37.03%

33

SOUTHEAST ROCKINGHAM

SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty

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

Interstate

81

Grottoes


FINDING FOREVER HOMES

K

line May Realty is committed to helping the people in our community buy and sell homes. We want to help animals find their forever homes too. Once a month, we feature homeless animals from the RH-SPCA and Augusta Dog Adoptions on our “Finding Forever Homes” segment. The “Finding Forever Homes” segment on the Kline May Realty Television Showcase is in its second year and has been a huge success. During the segment, we introduce our viewers to animals who are in need of a forever home. Most of the animals we have featured with the exception of just a few have already found their new forever family. A few others, including Roe, pictured above, are still searching. If you want to open your heart and your home to a new animal, please consider rescuing a shelter pet.


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: The residential market started at 2017 in much the same way as 2016 started with 65 sales in the month of January. Buyers are eagerly looking for homes, but the low inventory is holding back sales. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 1/31/17


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:

Buyers ratified contracts on 70 residential properties in January. This number is being held down by the severe shortage of inventory of homes for sale. If there was more inventory available, sales would be much stronger. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 1/31/17


SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County January 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: While 65 homes sales in January is significantly above the January average of 55 homes for sale, we believe this number would be 75-80 homes if there were more homes for sale. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 1/31/17


SALES TRENDS x

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 2012. This is one of the best ways to see the true long term trend in the market.

Bottom Line:

The rolling 12-month sales total continues it’s upward trend, staying about 1,300. We expect this number to climb steadily towards 1,400 through out the year.

Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 1/31/17


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:

The inventory of homes for sale in the City of Harrisonburg continues to plummet with only 48 single family homes for sale in the entire city. If the dramatically low inventory persists, Buyers will begin bidding up prices for the few remaining homes for sale.

Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 1/31/17


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 not as critical as the City of Harrisonburg, inventory in 2016 in Rockingham County was lower than the prior two years, and in 2017 has dropped steadily through the winter. The current total of 311 homes for sale is lower than any other single month in the past 10 years.

Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 1/31/17


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

1-Year Change Average - up 2.572% Median - up 3.784%

3-Year Change Average - up 7.519% Median - up 8.782%

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

Bottom Line: The average and median prices continued to rise in January as the market reacts to the continued demand from Buyers for a decreasing number of homes. The median price increased nearly 4% in past 12 months, and we expect that figure to rise significantly in 2017 as we experience a strong Seller’s market. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 1/31/17


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Thanks for reading,

K L I N E RMe aAl tYy


January 2017 Rockingham Market Report