The Richmond Metro area saw a slight 3% decrease in month to month sales in August. This was expected as historically sales drop in August. We continued the positive year over year sales trend with a 21% increase in sales from last year at this time.
As expected, Days on Market increased to 82 days in August. Overall- the market in Richmond continues to look healthy. Even as we move into the historically slower time of year, we continue to see positive signs from the Richmond Metro market.
New Listings 2,236 in August, down from 2,470 in July. This is a normal trend as we historically see a slight August decrease.
New Under Contract 1,056 in July, down 3% from 1,094 in July. The real positive is the 22% increase in year over year sales from the same time last year.
Closed Listings 816 in August, down from a revised 1,063 in July.
Total Available Listings 7,607 in August, down from 7,661 in July.
# of Months Supply of Houses 7.2 in August, relatively unchanged from 7.0 in June
Avg Days on Market- SFH 82 in August, up from 69 in July and down from 88 in January
Avg Days on Market-Condo 98 in August, up from 95 in July.
An interesting statistic this month is the Ratio of Sale Price for Single Family Homes to the List Price. The average sales price to list price ration in August was 94.43%. This statistic means that on average, the sales price of the home was 94.43% of the asking price. Now it's more important than ever to price your home correctly.
Mike - I'm glad to hear that your part of Virginia is picking up. I think that your sales may be better than ours. ,
Pam- Im going to do another post later about the breakdown of the increase in sales. For the most part- the increase has been in the $100-150k price range. It's the $8k incentive that seems to be driving it. Lets hope Congress decides to expand that for the upcoming year so that more price ranges can benefit.