The Virginia Association of REALTORS (VAR) has just published the 2008 Quarter 3 home sales statistics. See below for home sales versus 2007 3rd quarter sales in Harrisonburg and Rockingham County.
Harrisonburg / Rockingham County 3rd Quarter 2008 Data
Q3 2008 Home Sales: 280
Q3 2007 Home Sales: 353
Percent Change: -20.7%
Q3 2008 Median Sales Price: $199,900
Q3 2007 Median Sales Price: $199,282
Percent Change: 0.3%
In essence, while home sales are down, prices haven’t changed much. The average sales price for 3rd quarter 2008 in our area was $225,052. In a buyer’s market like we’re experiencing now, there are more high end, luxury homes sitting on the market for a longer period of time. The more affordable houses are selling a lot quicker than those that are priced higher. Why? Well, one theory, and probably the best, is that first time home buyers are not needing to sell a current home before purchasing a new one. But, first time home buyers usually cannot afford luxury homes, either. Thus, the homes in the $150,000 – $250,000 range are not experiencing as long of a shelf life.