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2011 Starts Strong for Commercial Real Estate in Harrisonburg / Rockingham

The first quarter represented an extremely strong start to the year for commercial real estate in the Harrisonburg and Rockingham County market.

With nearly $7 million of commercial real estate sold (excluding land) making it the best since at least 2006. As expected, the number of transactions also increased.  Just how much was truly impressive. The first quarter nearly exceed the previous two quarters combined and was the best quarter since the first quarter of 2008.

Average Days on Market (DOM) was higher than the previous quarter, but this was primarily the result of an outlier in the form of a property that hadbeen on the market for nearly four and a half years. Excluding this, DOM was in line with the previous quarters at approximately 345 days.The total sales volume this quarter was driven up largely by three significant transactions totaling $5 million. Two of these transactions were investment sales. Read Full Report>>