1. Market Report
January, 2013
Presented By:
February 12, 2012
2. Market Update – January, 2013
The positive trends in the Harrisonburg and Rockingham County real estate market continued in January with strong sales, new
contracts and buyer activity. The Harrisonburg-Rockingham Association of REALTORS reported 47 residential sales in
Harrisonburg and Rockingham County in January, the highest January total since January, 2008. In addition, buyers placed
contracts on 76 residential properties – the highest January total since January, 2007.
This strong buyer activity in our market is a clear indicator of returning consumer confidence in real estate and the unleashing of
the demand for homes which has been pent up for the past several years due to economic conditions. Leading indicators tell us
there is a wave of buyers becoming very active in their search for homes. Our company website, www.KlineMay.com , has tallied
more pageviews over the past four weeks than during any four weeks in our history, averaging over 50,000 per week. This kind
of activity bodes very well for the 2013 market!
It is our belief the increased demand from buyers, combined with the low inventory of homes for sale will begin to cause home
prices to rise in 2013, although they have not turned upwards yet. The three and one year trends in sold prices as of the end of
January are:
Three year change One year change
Average Price Median Price Average Price Median
Price
-10.10% -6.99% -1.31% -1.09%
Local market conditions look better now than they have in the past several years, and low interest rates are keeping homes very
affordable. Will 2013 be the year normalcy returns to our market? We think the answer will be a resounding “yes’!
Karl Waizecker
Broker, Kline May Realty
3. Residential Units Sold by Area, Year to Date
Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013
4. Average Sales Price by Area, Year to Date
Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013
5. Months Supply of Inventory by Area
Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013
8. Harrisonburg & Rockingham County Residential Sales
Past 12 Months Sales, by Month
2010 – 2013
950
900
850
800
750
700
650
600
Jan.…
Jan.…
Jan.…
June
June
June
Sept.
Sept.
Sept.
Nov.
Nov.
Nov.
April
April
April
Feb.
Feb.
Feb.
July
July
July
May
Aug.
Dec.
May
Aug.
Dec.
May
Aug.
Dec.
March
March
Oct.
Oct.
March
Oct.
Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013
9. Change in Residential Units Sold Compared to the Prior Year
Harrisonburg & Rockingham County as of January 31
2008 - 2013
10
8
5
7
-1
0
-5
-5
-10
-14
-15
-20
-24
-25
2007 2008 2009 2010 2011 2012
Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013
10. Harrisonburg & Rockingham County Monthly Average & Median Sold Price
2010 – 2013
$250,000
Average
$240,000 Sold Price
Median
$230,000 Sold Price
$220,000
$210,000
$200,000
Jan. Average
$190,000
$171,597
$180,000
$170,000
$160,000 Jan. Median
$159,500
$150,000
Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013
11. Harrisonburg & Rockingham County Average & Median Sold Price
Rolling 12 Month Average
2010 – 2013
$220,000
Average
Sold Price
$210,000 Average Price Median
-10.10% over 3 yrs Sold Price
-1.31% over 1 yr
$200,000
12 Month
Average
$190,000 $192,383
$180,000
12 Month
Median
$170,000 $173,000
Median Price
-6.99% over 3 yrs
$160,000 1.09% over 1 yr
$150,000
Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013
12. Harrisonburg Single Family & Townhome Listing Inventory
2010 – 2013
400
Residential
350 Townhomes
Combined
300
250
200 Combined
190
150
Single Family
100 95
Townhomes
95
50
-
Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013
13. Rockingham County Single Family & Townhome Listing Inventory
2010 – 2013
700
Residential
Townhomes
600
Combined
500
400
Combined
365
300 Single Family
313
200
100
Townhomes
52
-
Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013
14. Harrisonburg & Rockingham County Average Days on Market
Rolling 12 Month Average
2010 – 2013
220
215
210 DOM
12 Month Average
205 216 Days
200
195
190 Days on Market
+15.51% over 3 yrs
185 +2.37% over 1 yr
180
175
170
165
Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013
15. Check our blog to see monthly Market Reports at:
Blog.KlineMay.com
