ROCKINGHAM COUNTY MARKET REPORT November 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
18.46%
16.11%
1.70%
4.17 months
Interstate
81
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
1,213
1,297
$213,159
-38.00%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from November 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of November 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
22.39%
22.87%
$181,856
Interstate
81
2.88 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
410
446
-3.33%
-47.94 %
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from November 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of November 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
23.94%
20.51%
$264,353
81
4.38 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
264
282
-0.11%
-45.08%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from November 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of November 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
19.55%
15.17%
6.49%
81
2.59 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
159
167
$233,068
-47.21%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from November 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of November 30, 2016
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
3.41%
222
81
5.23%
6.16 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG
212
-0.89%
$200,783
-8.84%
JMU Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from November 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of November 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
20.69%
22.34%
11.94%
5.43 months
NORTHEAST ROCKINGHAM MASSANUTTEN
Elkton Route
33
HARRISONBURG JMU
105
115
$197,225
-51.73%
Route
33
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from November 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of November 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
23.53%
14.04%
3.11%
NORTHEAST ROCKINGHAM MASSANUTTEN
11.80%
Elkton Route
33
HARRISONBURG JMU Route
33
63
65
$227,004
7.20 months
SOUTHEAST ROCKINGHAM
SOUTHWEST ROCKINGHAM Bridgewater © 2014, Kline May Realty
*Differences indicated from November 2015 Harrisonburg-Rockingham Association of REALTORS® statistics, as of November 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. We want to help animals find their forever homes too. Once a month, we feature homeless animals from the RH-SPCA and Virginia 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. All of the animals we have featured with the exception of Helen Purrin the cat, have found their new family. If you want to open your heart and your home to a new animal this holiday season, please consider rescuing a shelter pet.
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: Counter to seasonal trends, residential sales increased in November to 111 units. Coincidentally, this is the same number of sales that occurred in July, giving an indication of how strong the month of November was for residential real estate. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 11/30/16
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:
In addition to being an unusually strong month for sales, November was also atypically strong for buyers ratifying contracts. Contracts were placed on 102 homes in November ensuring stronger-than-normal sales figures in December and possibly into January. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 11/30/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Harrisonburg and Rockingham County November 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: The trend of year-over-year increases in sales accelerated in November with the calendar year in 2016 standing at 18.4% higher than 2015 in sales units. With the strong contract activity in November, it is possible we will reach 1,300 sales this year, a number we have not seen since the sales boom of the mid-2000s. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 11/30/16
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 rolling average of 12-months sales figures continues to grow and is currently at 1,298. This number was boosted by the unusually strong sales in November, and we expect next month’s figure to top 1,300.
Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 11/30/16
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 conditions in the city of Harrisonburg are becoming dire. Strong sales in November gobbled up more inventory, and there is currently only a 2.88 months supply of homes for sale at the current pace of sales. If we do not see significant increases in inventory in the spring, there will be strong upward pressure on prices as buyers compete for so few listings. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 11/30/16
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: While fairly consistent over the past 4 years, the inventory of homes for sale in Rockingham County has dropped a bit this year. The supply of homes for sale varies greatly within the county. For example, the Bridgewater/Dayton area is down to a 2.59 months supply of homes, whereas just to their north in the Broadway/Timberville area, the supply is 6 months. As with the city, we feel there will be upward pressure on prices in 2017 unless inventory improves somewhat. Source: Harrisonburg - Rockingham Association of REALTORSÂŽ Multiple Listing Service, 11/30/16
PRICING AVERAGE AND MEDIAN SOLD PRICE Harrisonburg and Rockingham County Rolling 12 Month Average, 2012-2016
1-Year Change Average - up 1.701% Median - up 2.151%
3-Year Change Average - up 6.609% Median - up 6.724%
What This Chart Shows: The long term trend in average and median sales price for homes.
Bottom Line: We’ve talked previously in this report about the very slow rise in prices despite strong buyer activity and declining inventory. It appears the market is responding to those conditions as the average in median prices continues to rise. We can only assume if inventory remains tight, pricing increases will accelerate. Source: Harrisonburg - Rockingham Association of REALTORSŽ Multiple Listing Service, 11/30/16
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