Here is a market review of Single Family Homes in Richmond over the last 30 days ending October 17, 2015.
There were 510 SFDs for sale over the last 30 days, or only 61% of the available inventory at the same time last year. Of these, 136 sold over the last 30 days (reporting as of 16/10/2015). This works out to 27.7% of active listings (as compared to 11% last year)for the total market of SFDs. But who cares about averages? We are usually shopping for a "deal". What is selling, and what is sitting?
|2015 Single Family Homes||2014 Single Family Homes|
|Price Band||# Listed||#Sold||Sales Ratio||# Listed||#Sold||Sales Ratio|
The median list price was $1,598,000 this year up from the $1,398,000 last year.
The median sale price was $1,406,000 this year up from the $1,087,000 last year.
Anything under $1,6 Mill is going to be very competitive but there are a few less competitive areas which could give the buyers an edge in the $1.7-1.9 Mill, $2.3-2.5 Mill and the $2.9-3.1 mill ranges. Of course, the degree of competitiveness depends upon the area of the product.
If you haven't figured it out already, there is far less product on the market (32% less) and sales are up 51% from last year while the degree of competitive sales pressure is almost 235% stronger than last year. It is a great time to sell!