Harrisonburg, VA Real Estate News

By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for 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 b...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for December 2012.. While closed residential sales slipped to 56 in the month of December, 2012 finished with 864 sales representing an 8.8% increase over 2011’s total of 794 sales and a higher total than 2010 (758 units) and 2009 (818 units) as well.  In addition to an increasing pace of sales, it appears the long, slow decline in home prices is over.  The average and median sales prices remained essentially flat in 2012.  The average sales price was $193,484, a 0.81% decline from the 2011 average of $195,068. The median sales price, however, rose slightly to $175,000, a 0.58% increase over the 2011 median price of $174,000. However, it is important to note there was a transaction involving 22 condominiums which sold for a very low price to a...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for Octobe 2012. Another good month for the local real estate market in October, with positive indicators in several areas, confirms our belief the market recovery has been underway for several months and all signs bode well for an even stronger market in 2013. The Harrisonburg-Rockingham Association of Realtors Multiple Listing Service (HRAR MLS) recorded 74 residential sales in Harrisonburg and Rockingham County in October. This represents a 10.4 percent rebound from September’s total of 67 sales (the lowest monthly total this year since March) and totals the most October sales in several years. Further good news is 90 properties in the HRAR MLS went “under contract” in October, indicating continued strong buyer activity at a time of year wh...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for September 2012. The Harrisonburg and Rockingham County housing market continues to make 2012 appear to be the “year of the turnaround”, with sales through September 30 running 6.2% ahead of 2011. Further, it looks like a local housing recovery has been occurring in most areas of the County. Only the Northeast quadrant of Rockingham County is running behind 2011 sales figure. The other three quadrants, Harrisonburg City and Massanutten have experienced increases ranging from 7.3% - 56.5% over last year. Although the market is still significantly slower than several years ago, we are confident a recovery is taking place and expect 2013 to continue the trend in terms of overall sales. Home prices, however, have yet to rebound. The good news i...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for August 2012. August’s slightly surprising 92 residential sales in Harrisonburg and Rockingham County, as reported by the Harrisonburg-Rockingham Association of Realtors Multiple Listing Service (HRAR MLS), continued this year’s strong sales trend with only two fewer sales than the strongest month of the year (July) and Year-To-Date, sales are up 9.39% over 2011. Further good news is the continued strong buyer activity and contracts in process indicate strong sales for at least the next couple of months, surpassing typical Fall sales figures. Finally, the 12-month sales trend continues to climb at an increasing rate. Home prices remain stable, but have not begun to increase. We are hopeful the combination of strong buyer activity and lower ...
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By Patricia Kennedy, Home in the Capital
(RLAH Real Estate)
On the way home from Harrisonbaurg, I was sort of hanging out the car window looking for cows to photograph.  Well, by the time I spotted the bovines, it was impossible to stop the car without creating a 12-vehicle pile-up.  But just ourside of town on the road to Skyline Drive, I did manage to get this shot of a wonderful barn.  I guess great barns are the next best things to cows. If you are planning a move to or from the Washington, DC area, I can help!  I am licensed in the District of Columbia, Maryland and Virginia.  You may call, email or text me at:  Housepat@mac.com, 202-549-5167 SEARCH ALL LISTINGS IN THE DC METRO AREA CHECK OUT MY LATEST BLOG IN THE WASHINGTON POST!  
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By Patricia Kennedy, Home in the Capital
(RLAH Real Estate)
The Joshua Wilson House in Harrisonburg, Virginia   Today was short road trip day to Harrisonburg, Virginai.  I spotted this beautiful old Victorian home that looked like it must have a history of some sort - and it does.  Rather than go into it here, just clidk the link.  Their web site gives a wonderful history of the journey from wealthy guy's home to boarding house to Toga Toga frat house to beautiful B&B with a fabulous restaurant - owned and run by former James Madison University students who just couldn't leave Harrisonburg. And meet the chef! What a great weekend getaway - it's less than 3 hours from DC.   If you are planning a move to or from the Washington, DC area, I can help!  I am licensed in the District of Columbia, Maryland and Virginia.  You may call, email or text me a...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for July 2012. With 94 residential sales in Harrisonburg and Rockingham County, as reported by the Harrisonburg-Rockingham Association of Realtors Multiple Listing Service (HRAR MLS), July, 2012 became the most productive month for local real estate since the tax-credit-deadline-fueled month of June, 2010. July also continued this year’s trend of steadily increasing monthly sales, marking 6 consecutive months. While this trend will likely end in August, our market is more active than it has been in several years and sales are up 8.13% over 2011. Home prices, while appearing to have stabilized this year, have not yet begun to increase. Much higher levels of activity in the lower price ranges as compared to homes over $300,000 will likely contin...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for June 2012. Our commentary this month will simply direct you to the chart above (click on the graphic for a larger view), where we can clearly see a steady recovery taking place. The timeline can be divided into four distinct trends:      1/2009 - 9/2009        Declining sales due to the collapsing financial and real estate markets      10/2009 - 6/2010      Increasing sales due to the Homebuyer Tax Credit incentive      7/2010 - 7/2011        Declining sales as the stimulus of the Tax Credit is removed from the market      8/2011 - Present       Actual, unaided recovery! Buyer and contract activity is still strong, and inventory remains lower than in the past few years. We believe the market is clearly showing signs of returning to a more ...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for May 2012. Our market report has undergone a significant change this month – we are now reporting only on residential real estate activity in Harrisonburg and Rockingham County as opposed to the entire Harrisonburg-Rockingham Association of REALTORS Multiple Listing Service (HRAR MLS). The reason for this change is protecting the integrity of the data within our report and the conclusions one may reasonable draw from them. Here’s what has been happening…over the past couple of years we have noticed an increasing number of listings from areas outside Rockingham County in the HRAR MLS as agents from other areas try to get greater exposure for their Seller clients in the slower market we have been experiencing. We feel the increase in “outside...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for April 2012. The apparent real estate market recovery continued in the Harrisonburg area in April. Year to date in the Harrisonburg-Rockingham Association of REALTORS Multiple Listing Service (HRAR MLS), the sales are slightly ahead of last year, and contracts are up by better than 1/3 over last year indicating sales in May and June will exceed last year’s sales. Buyer activity continues to be strong, with leading indicators such as showings and website traffic continuing to increase as the year progresses. Prices remained relatively stable, with slightly encouraging signs emerging. Although average sales price has fallen in the past 12 months, the decline was less than the 12 months of calendar year 2011, so it seems the rate of decline is...
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By Tim Reamer
(Cottonwood | Commercial)
A recent blog post by Felix Salmon (Reuters) attempts to answer two questions regarding the omnipresent taco truck in American cities— 1. where did they come from?2. why is the food at food trucks better than the food in restaurants, at least when it comes to tacos?” Tyler Cowan, an economist and author, presented the best theory explaining the origin and need for a taco truck I have seen to date, suggesting: “Taco trucks are mobile, and they often serve construction workers, who are themselves mobile in terms of choosing various workplaces over the course of a year, and thus they require mobile sources of food.  This encourages the taco truck, but not the stationary restaurant, to invest in better and more authentic food.” Using his theory, we can see Harrisonburg, Virginia was at its ...
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By Tim Reamer
(Cottonwood | Commercial)
An intriguing opportunity exists for businesses that own the real estate they occupy. The weakened economy of the last several years has left many businesses seeking additional sources of financing for a myriad of uses ranging from acquisitions to operating capital. As of July, applications for commercial financing had reached the highest levels in three years. Although standards have been easing, this demand has largely been met by stricter requirements that have eliminated many prospective borrowers. Yet, businesses seeking capital may not have needed to look any further than their own building by using a strategy called a sale-leaseback. In its most basic form, a sale-leaseback occurs when a company sells its real estate to an investor, who rents it back to the seller in return for m...
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By Tim Reamer
(Cottonwood | Commercial)
In 2005, the traffic count on E. Market Street was fairly uniform. Approximately 25,000 vehicles travelled down the commercial corridor on a daily basis. However, over the past five years, that has changed with traffic on the east side of I-81 increasing 59% while the west side has shed about 33%. The root cause of this is undoubtedly connected to the increased residential development on the east side of Harrisonburg and JMU’s growth, but it can be safely assumed that there is a little more to the story. Over this same period of time, a number of national retailers have located (or relocated) to the stretch of E. Market street between I-81 and University Boulevard. In my conversations with national and regional chains, it still remains the most desirable section of Harrisonburg. Convers...
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By Tim Reamer
(Cottonwood | Commercial)
Once upon a time, the most important influence in selecting a site for businesses, retail centers and new developments was described in one simple phrase: location, location, location. While location is still an essential consideration, increasing competition and a disjointed consumer marketplace have necessitated a change in site selection techniques. In a competitive environment, a simplistic adage is no longer sufficient. Every site selection decision should be made based on a unique set of criteria related to the users’ needs including proximity to clients, building or lot size, population density, spending levels and a host of other factors while also attempting to minimize acquisition costs. Even when tools slightly more advanced than an old motto are utilized in the process, they...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for March 2012. he first quarter of 2012 finished well for the Harrisonburg/Rockingham County real estate market. For the first time since 2007, residential sales in the first quarter of the year exceeded sales in the first quarter of the prior year - a great start for 2012! Residential sales showed a typical seasonal increase in March, with 85 sales recorded by the Harrisonburg-Rockingham Association of REALTORS® Multiple Listing Service (HRAR MLS) compared to 69 residential sales each in January and February. Buyer activity remains strong, with the number of properties “Under Contract” in the HRAR MLS (233) and the number that went Under Contract in March (126!) indicating April and May will be strong months as well. Additional good news for...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for February 2012. We are making some important changes to our market report this month. First, we are adding a new infographic entitled “Months Supply of Inventory”. This graphic will show, by area of the County, how many months supply of homes for sale exist at the current pace of sales. Sales over the past 12 months will be used to calculate the current pace of sales. This graphic will give an easy to read snapshot of the supply vs. demand balance throughout our area. As a rule of thumb, a 4 – 6 month supply is considered a healthy, balanced market. You will see on the graphic that all parts of the County are above that figure, but are also all below 12 months (many areas were above 12 months supply last year), which is a good trend and ind...
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For the nation as a whole, the supply of homes on the market in January was at the lowest point in nearly seven years. Total existing home sales increased 4.3% in January to a seasonally adjusted annual rate of 4.57 million. Just as we are experiencing more activity locally, nationally there seems to be "strong gains in contract activity in recent months" which shows "buyers are responding to very favorable market conditions" said Lawrence Yun, NAR Chief Economist. "The national average commitment rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January, down from 3.96 percent in December; the rate was 4.76 percent in January 2011; recordkeeping began in 1971." This information was provided by the National Association of Realtors. To read more, clic...
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By Kline May Realty
(Kline May Realty)
Click here to download Market Update charts for January 2012. Although January’s sales were not stellar, they were very comparable to Januaries past, as can be seen on the Closed Volume and Closed Transactions charts. January is typically one of the slowest months of the year due to the decreased buyer activity during the holiday season. The real news in real estate locally is the activity level seems to have gone through the roof! We will begin to see the results of this activity with late February settlements, but probably won’t really feel it until March and April. When we take a look at some of the leading indicators in our business like phone calls to our office, showings set up for our listings and visits to our website, we are seeing activity levels higher than our typical summer...
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By Kline May Realty
(Kline May Realty)
The Washington Post reported on Friday that 243,000 jobs were added in January, a stark contrast to the 155,000 jobs that economists predicted. On top of that good news, the unemployment rate dropped to 8.3%, which is the lowest unemployment rate in three years. While politicians continue to argue over what caused the dramatic shift in hiring, we at Kline May Realty prefer to look at this from a consumer and housing aspect. This positive news will drive consumer confidence up and help in the effort to keep our local housing market on the rise (home sales were up 3.3% in Harrisonburg and Rockingham County in 2011). As consumer confidence increases, we anticipate home sales will also increase. As home sales increase, mortgage rates will come off of their all-time lows. Because of this, we...
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