Harrisonburg-Rockingham County, Virginia Market Report May 2011

Real Estate Agent with Kline May Realty

Residential sales figures for the Harrisonburg-Rockingham Association of REALTORS Multiple Listing Service (HRAR MLS) in May declined slightly from April, but buyer activity (property showings and new contracts) remains steady. In May 97 residential units sold through the HRAR MLS, close to the 99 sales in April and better than March’s 88 sales. This consistency is encouraging, albeit at lower levels than we need to maintain a healthy market. Year to date, the HRAR MLS is 56 units behind last year’s sales pace, a bit disappointing but hard to measure due to last year’s Homebuyer Tax Credit mid-year deadline. The 12 month trend for average sales price actually rose very slightly to $194,184 but we do not feel this indicates a reversal of the downward trend in pricing. The one and three year changes in the average and median prices of sold homes as of May 31, 2011 are:
Three year change One year change
Average Price Median Price Average Price Median Price
-13.01% -12.42% -2.77% -4.29%
We are introducing a new infographic to our report this month, immediately following this commentary. This report will show the change in sales this year versus last year in certain sub-areas of Rockingham County. The areas will be the City of Harriosnburg, SE Rockingham County, NE Rockingham County and Massanutten. This will become a regular part of our report and will hopefully provide useful, local information. [gallery columns="2"]
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