Richmond Area Sales Increase 1% as Time on Market Plummets
The Richmond Metro area saw a 1% month over month rise in real estate sales in July. That's considerably better than the 16% drop in sales we saw last year at the same time. The number of listings placed under contract in July increased from to 1103 from 1088 in June. This is a great sign for the local market.
The other good is that Days on Market continued to drop from a January high of 88 days to just 68 days in July. Overall- the market in Richmond continues to look healthy. Although we are now getting into the time of year when sales historically slow.
New Listings 2,471 in July, up from 2,329 in June. This is a normal trend as we historically see a slight uptick in July.
New Under Contract 1,103 in July, up 1% from 1,088 in June. This is a postive trend from 2008 at the same time when we saw new homes under contract decrease 6%.
Closed Listings 829 in July, down from 885 in June. This was expected as the typically heavy sales months of April and May didn't disappoint.
Total Available Listings 7,661 in July, up from 7,553 in June.
# of Months Supply of Houses 6.95 in July, relatively unchanged from 6.94 in June
Avg Days on Market- SFH 68 in July, down from 73 in June and down considerably from 88 in January
Avg Days on Market-Condo 72 in July, down from a year highly of 93 in June.
As expected, the breakdown of sales prices changed considerably with homes priced under $200,000 making up 48% of overall sales. Homes priced from $200,00 to $399,999 made up 41.2% of sales and with homes over $400,000 making up the rest. Historically homes priced from $200,000 to $399,999 outsell the lower priced homes. But the market environment and first time homebuyer incentives have expanded the lower priced home sales.