Harrisonburg Real Estate Market Report - June, 2014

Real Estate Broker/Owner with Kline May Realty

Click here to download Market Update charts for June 2014.

I think it would be fair to say the Harrisonburg and Rockingham County real estate market has really hit its stride for 2014, with great activity from prospective homebuyers in June. Those buyers found sufficient inventory to place contracts on 145 homes, the highest monthly total in several years! In addition to the new contracts, residential sales in June totaled 108, the highest monthly total so far this year.

Despite the very strong month, however, sales in our local market for the year (443) are 6.9% fewer than sales through the first six months of 2013 as we continue to catch up from the unusually slow start to the year. The sales deficiency when compared to last year has shrunk in each of the last three months, and we expect that trend will continue based upon the very high contract activity in June.

Prices appear to be continuing their slow recovery as well, with the 12–month average price of $198,717 slightly more (1.3%) than the average at this time last year. As of June 30, the one and three year pricing trends are:

Three year change:    Average Price down -0.92%, Median Price up +1.00%
One year change:       Average Price up +1.35%, Median Price up +0.36%

One area in which we observed a change in June was new inventory (listings) entering the market. If you will remember, there was a dearth of saleable inventory early in the year, resulting in low sales as buyers were not happy with the choices available to them. Inventory in both the City and County increased significantly in April and May and buyers snapped up the good new listings. Active inventory remained steady in June, rather than continuing to increase. This is not necessarily a bad thing, as we have a balanced supply of homes in most price ranges, but the inventory situation bears watching.

Click here to view or download our Market Activity Charts for June 2014.

This original blog post can be found by clicking here.


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