Home Sales Peak
But Two Deals Skew Real Estate Data
Posted: December 12, 2012
HARRISONBURG — Harrisonburg and Rockingham County home sales surged in November, but a couple of unusual transactions clouded the figures for the month.
Data from the Harrisonburg-Rockingham Association of Realtors shows 95 residential sales closed last month, making November the best month in terms of the number of properties sold all year.
Two deals, though, closed on 27 condominiums and were recorded as individual sales, inflating the total figure and dragging down median and average sales figures, according to Kline May Realty’s analysis of the data.
The abnormalities demonstrate why month-to-month sales figures aren’t reliable for small markets, Kline May said in its report.
Those 27 condos, including 22 properties in one transaction, sold for an average price of about $35,000, resulting in a monthly average sale price of $153,000 and median of $152,000, Kline May’s report says.
The median sale price through October of this year was $175,000, up about $1,000 from the same period in 2011.
Overall, Scott Rogers, an associate broker with Funkhouser Real Estate Group, sees 2012 as a positive year for the local real market.
In his November analysis of data, Rogers excluded the 22 condos sold in one transaction at University Place to get a clearer picture of where the market stands.
Through Nov. 30, sales in Harrisonburg and Rockingham County are up 10 percent for the year compared to 2011, according to Rogers, with 786 homes sold so far this year compared to 715 the previous year.
Prices, he said, are remaining stable at around $175,000.
Residential activity did slow in November, however, as is typical this time of year, but the slide was more than November 2011. Last month, 58 buyers signed contracts, a 24 percent decline from November 2011.
Contracts signal a buyer’s intent to purchase, with deals typically closing in a month or two.
Number of days on the market continues to be a glum point, with homes sold in November averaging 257 on the market, a 21 percent increase from the same month last year.
Contact Jeremy Hunt at 574-6273 or firstname.lastname@example.org