Harrisonburg/Rockingham County Real Estate Issues
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September 2006
• Sep. 14, 2006 - Local Real Estate Market Conditions Update, 9-14-06
| Since my last entry about six weeks ago, we are seeing quite a build up in inventory of unsold homes. In the last nine days, we have had 143 new listings with only 45 being sold. This is well over a 3 to 1 ratio listings to sold. One day last week we had 34 new listings with only 2 sold! But not all is bad news. This build up in inventory has not had an appreciable effect on Sold Prices. Days on Market seem to be holding steady at around 122 days average, and Sold prices average about 97 percent of List Price at time of sale. Median Sold Price is about $230,300. By contrast, a year ago when the market was still hot here, Average Days on Market here was 99, and the median Selling Price was $173,733. Average Sold Price to Listing Price was about 99%. In summary, we still have a lively market here, but it is showing signs of slowing. However, a home priced close to comparable homes will find a buyer in a reasonable time.
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