Richmond Real Estate Market Report September 27, 2016


Blog by Arnold Shuchat | September 27th, 2016


Below I will produce some quick illustrative graphs of the current state of Richmond's real estate market for Single family homes, townhouses and apartments. Each market is different and the question, "How's the real estate market doing" cannot be answered without delayering it via its components. All data here reflects as reported data as of August 31, 2016.

Single Family Homes:

Prices have peaked and have started to decline. Listing inventory is rising. Median days on listing before sale is starting to climb.
Sales to active listing ratio, or the absorption ratio has crashed and is at the lowest point in 3 years along with the rate of sales in units.



Townhouses:
Though not as pronounced as with single family homes, the sales to active ratio for townhouses while still in seller favourable
territory as of August 31, is clearly on the decline.  Given the popularity of this market segment, townhouses should be buttressed
to a greater extent than single family homes as they are suitable for living in for all life cycle phases.

Apartments:

Apartments are clearly in the best position right now in Richmond of any of the 3 types of products. Inventories are down to an 
almost negligible level and demand is still strong, although sales are back down to 2015 levels.