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Richmond Area Sales Increase 1% as Time on Market Plummets

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.

 

 

 


 

 

Mike Hogan

Associate Broker

RE/MAX Commonwealth

(804)503-0811

RVARealtor1@gmail.com

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Comment balloon 3 commentsMike Hogan • August 02 2009 10:10AM

Comments

This is a really informative post. I need to put something like this together for my clients and prospects to keep them abreast of the local market. So many would-be buyers are still under the impression that they can sit around and wait for prices to drop more. We're not seeing that locally either!

Posted by Jenny Durling, For Los Angeles real estate help 213-215-4758 (L.A. Property Solutions) over 9 years ago

Mike  It would appear Richmond is on the mend - good news!!!  Karen

Posted by Karen Kruschka, - "My Experience Isn't Expensive - It's PRICELESS" (RE/MAX Executives) over 9 years ago

The Richmond market does look to be pretty strong- especially on the sub $200k homes. All year it has felt like a better year but it's nice to see the numbers to back up the feeling. My sales are up, in fact we surpassed our 2008 sales before July 1 this year. I hope you guys are seeing similar trends. The time to buy is NOW!

Posted by Mike Hogan, MBA (The Hogan Group at Keller Williams Realty) over 9 years ago

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