Richmond Real Estate Market Report Oct 2015


Blog by Arnold Shuchat | October 18th, 2015


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?

Oct Oct
2015 Single Family Homes 2014 Single Family Homes
Price Band # Listed #Sold Sales Ratio # Listed #Sold Sales Ratio
%     %
0-500K  4 0 0.0 6 0 0.0
501-700K 1 1 100.0 18 4 22.2
701-900k 21 7 33.3 124 19 15.3
901-1,100K  55 21 38.2 146 21 14.0
1,101-1,300K  72 21 29.2 104 12 11.5
1,301-1,500K  66 29 43.9 20 10 50.0
1,501-1,700K  51 17 33.3 86 7 8.1
1,701-1,900K  56 9 16.1 67 5 7.4
1,901-2,100K  33 7 21.2 54 4 7.4
2,101-2,300K  24 7 29.2 19 3 15.8
2,301-2,500K  21 3 14.3 32 2 6.3
2,501-2,700K 19 4 21.1 24 0 0.0
2,701-2,900K 16 3 18.8 18 0 0.0
2,901-3,100K  19 1 5.3 9 1 11.1
3,101+ 52 6 11.5 30 2 6.6
Totals 510 136 27.7 757 90 11.7

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!