• City of Harrisonburg real estate tax: new rate of 63 cents per $100 of assessed value (effective July 1, 2012)
• Rockingham County real estate tax: new rate of 64 cents per $100 of assessed value (already in effect for 2012)
• City of Harrisonburg meals and lodging tax: new rate of 6.5% (effective July 1, 2012)
• Rockingham County food and beverage tax: same rate of 4% (individual town taxes may be different)

For more information on local tax rates or other Relocation information, visit our BRAND NEW website!

As an aside: my parents visited us recently from Washington State, and they asked about the Harrisonburg market. I told them (happily!) that its been stabilizing and that we’re seeing positive trends this year. They were quite impressed with that, because very recently, they had heard the Seattle market literally JUST saw an uptick in prices last month — for the first time in years!

Now back to our April Market Report…

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Sales rose 7.6% over last month, and 2.3% over last year! Every single percentage change in the year-to-date column is a positive number. (Okay, so a positive days on market stat isn’t great, but everything else is fabulous.) Sales prices are increasing steadily — median sales prices have increased by over 4% YTD — and home values are stabilizing as well.

Above is a look at the month-to-month numbers for residential properties sold in Harrisonburg, Rockingham County, and Massanutten. April experienced the largest number of sales so far this year, and we look forward to seeing more in the coming months as we enter the summer season!

Properties are going under contract faster this year compared to last (an average of 20 days sooner, to be exact), and more buyers are active in the market as well, with an increase of 19.4% in contracts just this year! The median list prices for these homes is higher than last year, too, by 5.8%. This bodes well for the sales that will be occurring in the next few months.

The number of contracts is almost always higher than the number of sales, simply due to the fact that all contracts do not sell. Majority do, though, so the increase in contracts means we’ll likely see an increase in sales in the next few months as well. As you can see in the chart above, we’ve seen an upward trend in contracts each month this year!

Lastly, this chart highlights the sales versus list prices over the past 12 months. As you can see, the average sold/list percentage is the highest its been since October 2011, at about 96%. Basically, buyers are getting a 4% average discount from the list prices of homes so far this year.

Overall, we are content with the way our local real estate market is shaping up in 2012. April was a strong month for sales and contracts, and we’re excited about more bright spots to come!

Stay tuned for more Market Trends, right here on Harrisonblog…

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Month-to-month, sales increased by a whopping 53.5%, but the really good news is that year-to-date sales have increased by 8.6%. A longer-term positive shift is a stronger statistic to look at. Additionally, average sales price has risen a bit, which is a good sign. However, home values (average price per square foot) have decreased just a smidgen to $99.05/sq ft so far this year — a -0.2% change.  While this is moving still moving in the wrong direction, the drop is much less than what we experienced last year!

Take a look at the sales month by month for the past year. We’ve seen an increase each month so far in 2012, and we look forward to seeing how many more sales we’ll see in the coming months!

Contracts not only increased from last month (8.8%), but also by year-to-date at 29.1%! We’re experiencing a boost in sales because of this uptick in contracts. Not all contracts turn into actual sales, but most do. For those properties under contract, days on market has decreased — meaning they’ve sat on the market for less time than last year at this time. An increase in list price means buyers are willing to put contracts on homes that are priced higher than last year at this time.

Above is a chart showing the number of properties that have gone under contract each month for the past year. 87 contracts in March is a pretty strong number!

The chart above shows the median list versus sales prices for each month of the past year, along with the average sold/list percentage. This percentage tells us how much sellers are getting for their homes compared to the final list price. For March 2012, sellers are getting between 94% and 95% of their final list price when they close. For properties sold in March, the median list price was $167,750 and the median selling price was $157,250.

To compare sales versus list prices, the chart above shows us that more contracts were written in March than sales occurred, which means the future of the market is still going to be strong. The typical lifetime of a contract is 2-3 months, so we’ll see most of these contracts close in the next few months, so sales will continue to increase!

Stay tuned for more Market Trends and market reports right here on Harrisonblog…

If you are thinking about buying or selling a home in the Harrisonburg area, please contact us. We’d love to talk to you about how we can assist you every step of the way!

April is just around the corner, and that means Historic Garden Week in Virginia is just about here! This is always a popular event, and it brings in throngs of folks from near and (sometimes very) far to take in all the beautiful homes and gardens in our lovely Commonwealth. This year, the Harrisonburg-Rockingham Home and Garden Tour will take place on Wednesday, April 25th from 10:00 AM to 5:00 PM.

Sponsored by the Spotswood Garden Club, this year’s tour has grown a bit and now includes six homes (compared to last year’s four), all of which are in Port Republic — a quaint and historic area of Rockingham County, just 15-20 minutes east of Harrisonburg.

Homes on This Year’s Tour:

• Port Republic Museum, 8691 Water Street, Port Republic
• 8709 Water Street, Port Republic
• 8719 Water Street, Port Republic
• The Bishop House, 8700 Water Street, Port Republic
• Dundore-Downs House, 8499 Water Street, Port Republic
• Widow Pence Farm and Barn, 6991 Port Republic Road, Port Republic

Ticket Information

Advance ticket purchase: $20.00 ($5.00 savings)
Day of tour: $25.00 for full tour; $10.00 for single site admission
Buy online: www.VAGardenWeek.org

May also be purchased from any Spotswood Garden Club member, at Hardesty Higgins House, Hess Greenhouses, VMRC Wellness Center front desk, Artistic Florist in Harrisonburg, Zola’s at the Dayton Farmer’s Market, Harrisonburg Rockingham Historical Society in Dayton, and 10,000 Villages newly located at 181 S. Main Street in Harrisonburg.

On the day of the event, tickets may be purchased at any home on tour as well.

Complimentary tea will be served from 11:00 AM - 4:00 PM at the Widow Pence Barn.

Need more information? Visit the Harrisonburg Rockingham Home and Garden Tour webpage, or check out all of the tours available in Virginia during Historic Garden Week.

About the Contest

With so many new elements to life in downtown, Harrisonburg Downtown Renaissance invites local artists to celebrate the positive growth and changes of our historic district through a design that illustrates the spirit of downtown.  The winning design will have high artistic merit and promotional value, and it will capture the nuances of our unique community.  The contest is not limited to a particular medium, though it should be easily reproducible in a 2D format.  All entries should include the artist’s signature with the date “2012”.

Judges are accepting submissions now through Friday, April 27 at 5:00 PM. No submissions will be accepted after this time!

To enter, you can enter an online submission form, or download a PDF of the form and send it in by email. For email address, specs, and all the other important details, visit the contest page.

The winner will be announced at First Fridays on May 4th, and will be posted on Downtown Harrisonburg’s Facebook Page and website. Also, an exhibit will be held as part of First Fridays on May 4th featuring the top designs of the contest, with a special section just for the contest winner. The winning design will be reproduced on downtown merchandise to be sold by Harrisonburg Downtown Renaissance at events, and in various venues around downtown. (In other words… you’ll be famous!)

Here’s an idea of what has won in the past, in case you need to get your creative juices flowing:

The 2nd Annual Rocktown Beer & Music Festival will take place at Turner Pavilion in Downtown Harrisonburg on Saturday, April 21st. Last year’s event was a HUGE success, so this year should prove to be even better, with over 30 microbreweries and popular music acts from across the east coast!

Choose from a selection of 64 beers from microbreweries like Blue Mountain Brewery, Allagash, Brooklyn Brewery, Lagunitas, Left Hand, Ommegang, and Terrapin. Not only will you get to sample beers, but you’ll also have the opportunity to taste delicious bites from Billy Jack’s Wing & Draft Shack and Jack Brown’s Beer & Burger Joint.

Tickets are now on sale online for $32 each, and will be $40 at the gate. Entry to the festival includes 10 4-oz pours and a 14-oz souvenir mug. Full pours are also available, as well as a $5 Rocktown pint card for 4 additional samples. A non-drinking ticket is available for $22, and children under the age of 10 have free entry.

Want to enter for FREE? You can sign up to volunteer during the second shift (5:30 PM - 10:00 PM) to assist with beer pouring, ticket sales, and event clean-up. Volunteers will get free admission, a free t-shirt, souvenir mug, and a special beer tasting. If interested, sign up here!

Rocktown Beer & Music Festival

Saturday, April 21, 2012
2:30 PM - 9:00 PM
Turner Pavilion, Downtown Harrisonburg [map]
Purchase Tickets Online!

On Saturday, March 24th, from 1:00 PM - 5:00 PM, Harrisonburg Downtown Renaissance will host its first Green Innovations Tour, highlighting a wide array of environmentally-friendly projects, businesses, and activities in Downtown Harrisonburg. Take a walking tour (starting at Turner Pavilion) of green elements in the community, and enjoy a number of activities. Not only will folks learn about green initiatives on foot, but also about green transit options. (Hint: remember the electric car charging station that was installed this past fall? There will be demonstrations happening, and test-drives of the Nissan Leaf and Chevy Volt will be available!)

The reason for this event?

The rise in popularity and success of the green movement throughout the nation is evident in Harrisonburg and Rockingham County, and the Green Innovations Tour will feature the unique projects and aspects of our own community. It will also be an opportunity for education and collaboration between local citizens, businesses, and organizations.

Other offerings at this event will be children’s activities, downtown scavenger hunt, fashion show, art activities, and the opportunity to build and create construction projects! At the library, check out art demonstrations from Harrisonburg High School students who are in the National Art Society. Families can also visit the Harrisonburg Fire Department’s Engine No. 23 from 1:00 - 3:00.

Oh, there’s one more thing… its FREE! (But of course, donations are appreciated.)

Looking for more information? Visit the Green Innovations Tour webpage or Facebook Event page.

Rain Barrel and Compost Bin Sale

Saturday, March 31, 2012
9:00 AM - 3:00 PM (rain or shine, while supplies last!)
Rockingham County Offices
20 East Gay Street, Harrisonburg [map]
Facebook Event Page

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Over last February, sales increased by 10.3%, and year-to-date increased by 5.1%! There were a total of 43 residential sales in the Harrisonburg area this month, with an average sales price of just under $200k. Compared to last year at this time, sales prices are up (3.9% average, and 1.5% median). These are all positive stats, but what we are really excited about is the average price per square foot increase. We equate this to home values, and it has increased by almost 3% over last year!

Last February, there were 38 sales, and it took a quick jump to 61 sales in March. The increase in sales this month gives us hope that we’ll see another increase this March, especially with the recent positive swing in contracts.

February produced 80 contracts, which is an increase of 35.6% over January. Looking at the bigger picture, the year-to-date contract number rose by 29.0% over 2011! Most of these contracts will soon turn into sales, so we’re sure to see even more positive changes in the months to come. Prices on the homes that went under contract didn’t change much at all, and they sat on the market for less time than last year at this time, which is another good sign for the Harrisonburg real estate market.

We love that little blue “+29.0%” right there, don’t you?

The chart above shows the average sales price by month for the past few years, and the corresponding number of properties sold. Although sales are not up to the level they were just two years ago, prices are recovering nicely with the highest average sales price for February in the last three years.

Sales took a dip in January, but did increase in February. The increase in contracts over the past few months lets us look to more positive sales months ahead.

Overall, February was a very positive month for the Harrisonburg and Rockingham County real estate market, and one that gives us a positive outlook for the next few months as well. Remember to keep an eye out for more Market Trends to stay tuned in to the local real estate market!