Developments in the Real Estate Market in Harrisonburg-Rockingham County

 
Charting and graphing various statistics about our market recently has revealed significant changes in our market.  For instance, check out this graph:

As you can see, the number of sold residential properties has plummeted to a level not seen since the same period in ’03 to ’04 and prior to that all the way back to ’00 to ’01. 

 
Now, consider this graph:

As you can see, average and median Days on Market have zoomed to levels not seen since the MLS started keeping such statistics.

 Now consider this graph:

Obviously, listing and selling prices haven’t reacted yet to the realities of classical economics that we learned in ECON 101, i.e. that in an elastic market, an excess of supply, which we are experiencing right now coupled with a shortage of demand, (See the first chart above) will result in lower prices.   Notice, however, the Polynomial Trend Line MS Excel has plotted on the chart above.  It’s hard to see in this graph, but a four month projection of the Polynomial Trend Line shows a small projected downturn in prices based on past performance.