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February 12, 2012

Market Report January, 2013

Market Update – January, 2013

The positive trends in the Harrisonburg and Rockingham County real estate market continued in January with strong sales, new contracts and buyer activity. The Harrisonburg-Rockingham Association of REALTORS reported 47 residential sales in Harrisonburg and Rockingham County in January, the highest January total since January, 2008. In addition, buyers placed contracts on 76 residential properties – the highest January total since January, 2007. This strong buyer activity in our market is a clear indicator of returning consumer confidence in real estate and the unleashing of the demand for homes which has been pent up for the past several years due to economic conditions. Leading indicators tell us there is a wave of buyers becoming very active in their search for homes. Our company website, www.KlineMay.com , has tallied more pageviews over the past four weeks than during any four weeks in our history, averaging over 50,000 per week. This kind of activity bodes very well for the 2013 market! It is our belief the increased demand from buyers, combined with the low inventory of homes for sale will begin to cause home prices to rise in 2013, although they have not turned upwards yet. The three and one year trends in sold prices as of the end of January are: Three year change One year change Average Price Median Price Average Price Median Price -10.10% -6.99% -1.31% -1.09% Local market conditions look better now than they have in the past several years, and low interest rates are keeping homes very affordable. Will 2013 be the year normalcy returns to our market? We think the answer will be a resounding “yes’!

Karl WaizeckerBroker, Kline May Realty

Residential Units Sold by Area, Year to Date

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

Average Sales Price by Area, Year to Date

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

Months Supply of Inventory by Area

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

Jan.Fe

b.

March April

May

JuneJuly

Aug.Se

pt.Oct. Nov.

Dec.0

20

40

60

80

100

120

140

47

2009

2010

2011

2012

2013

Harrisonburg & Rockingham Residential Sales per Month

2008 – 2013

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

Residential Properties Placed Under Contract, by Month

Harrisonburg & Rockingham County2010 – 2013

Jan. 2010

March M

ayJu

lySept.

Nov.

Jan. 2011

March M

ayJu

lySept.

Nov.

Jan. 2012

March M

ayJu

lySept.

Nov.

Jan. 2013

0

20

40

60

80

100

120

58

43

83

109

66

41

66

55

63

43

53

34

48

58

65

91

73

93

70

78

51

78

66

46

53

70

80

92

86

96

90

10097

90

58

69

76

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

Jan. 2010

March M

ayJuly

Sept.

Nov.

Jan. 2011

March M

ayJuly

Sept.

Nov.

Jan. 2012

March M

ayJuly

Sept.

Nov.

Jan. 2013

600

650

700

750

800

850

900

950

Harrisonburg & Rockingham County Residential Sales

Past 12 Months Sales, by Month2010 – 2013

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

Change in Residential Units Sold Compared to the Prior YearHarrisonburg & Rockingham County as of January 31

2008 - 2013

2007 2008 2009 2010 2011 2012-25

-20

-15

-10

-5

0

5

10

-24

-14

7

-5

-1

8

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

Jan. '10

March

'10

May '

10

July '10

September '

10

November '

10

Jan. '11

March

'11

May '

11

July '11

September '

11

November '

11

Jan. '12

March

'12

May '

12

July '12

September '

12

November '

12$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

$210,000

$220,000

$230,000

$240,000

$250,000Average Sold Price

Median Sold Price

Jan. Median$159,500

Jan. Average $171,597

Harrisonburg & Rockingham County Monthly Average & Median Sold Price

2010 – 2013

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

12 Month Median

$173,000

12 Month Average

$192,383

Jan. '10

March

'10

May '

10

July '10

September '

10

November '

10

Jan. '11

March

'11

May '

11

July '11

September '

11

November '

11

Jan. '12

March

'12

May '

12

July '12

September '

12

November '

12

Jan. '13

$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

$210,000

$220,000 Average Sold PriceMedian Sold Price

Harrisonburg & Rockingham County Average & Median Sold Price

Rolling 12 Month Average2010 – 2013

Average Price -10.10% over 3 yrs

-1.31% over 1 yr

Median Price -6.99% over 3 yrs 1.09% over 1 yr

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

Single Family95

Townhomes95

Combined190

January

, 2010

Febru

aryMarc

hApril

MayJune

July

August

Septem

ber

October

November

December

January

, 2011

Febru

aryMarc

hApril

MayJune

July

August

Septem

ber

October

November

December

January

, 2012

Febru

aryMarc

hApril

MayJune

July

August

Septem

ber

October

November

December

January

, 2013

-

50

100

150

200

250

300

350

400 Residen-tialTownhomesCom-bined

Harrisonburg Single Family & Townhome Listing Inventory

2010 – 2013

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

Townhomes52

Single Family313

Combined365

January

, 2010

March

May July

Septem

ber

November

January

, 2011

March

May July

Septem

ber

November

January

, 2012

March

May July

Septem

ber

November

January

, 2013

-

100

200

300

400

500

600

700 Residential

Townhomes

Combined

Rockingham County Single Family & Townhome Listing Inventory

2010 – 2013

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

Jan. '10

March

'10

May '

10

July '10

September '

10

November '

10

Jan. '11

March

'11

May '

11

July '11

September '

11

November '

11

Jan. '12

March

'12

May '

12

July '12

September '

12

November '

12

Jan. '13

165

170

175

180

185

190

195

200

205

210

215

220

DOM 12 Month Average

216 Days

Harrisonburg & Rockingham County Average Days on Market

Rolling 12 Month Average2010 – 2013

Days on Market+15.51% over 3 yrs+2.37% over 1 yr

Source: Harrisonburg - Rockingham Association of REALTORS Multiple Listing Service, 2/12/2013

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