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If you are interested in discussing any of the topics on this blog, or the details of your specific real estate situation, call or e-mail me!
Shenandoah County
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The Shenandoah Valley's 2007 Real Estate Market |
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I recently posted 2007 sales trends for Harrisonburg and Rockingham County. Here's the rest of the story . . .  OK --- that was just for visual effect --- admittedly, none of us can read the graphs above, but hopefully you can see that this market report is chock-full of usable data. The report covers the following areas:
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Scott Rogers
Coldwell Banker
Funkhouser Realtors
540-578-0102
scott@cbfunkhouser.com
Licensed in the
Commonwealth of Virginia
Great data Scott! I don't know if it answers one of the biggest questions out there, though -- has my home decreased in value over the last 1-2 years? A decline in the average sales price could represent a decline in home prices overall or it could just represent less high-dollar home sales, right? What data can can tell us whether individual home values are rising or falling?
February 23, 2008 8:58 am
Laura --- great question, and observation.
In a market of our size, trends in average sales prices and median sales prices won't necessarily allow us to glean anything about individual properties.
The only ways to tell (generally speaking) whether home values are rising or falling is to look at point-to-point comparisons (houses that have sold twice), or compare very similar properties (in subdivisions).
And for a particular property, it would require pulling data about properties that have recently sold with similar size, age, location, features, construction quality, etc.
No easy answer!
February 23, 2008 6:34 pm
Hey Scott -
I have one data point for the point-to-point comparisons on residential home values.
I track my neighborhood sales closely (I'm a RE nerd), and at one point about a year-and-a-half ago my home reached it's maximum value ever. I just had it re-appraised and the value has decreased about 7%.
The appraiser wrote this on the appraisal sheet: Local real estate market has slowed significantly from a highly active period and prices are moderating due to trend toward a balance of supply and demand.
February 29, 2008 7:33 am
Laura -- great info, thanks for sharing! So, are you indicating that the appraisal would suggest that it decreased 7% over 1.5 years? Thus, roughly 4.75% over a year's time?
February 29, 2008 7:40 am
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