Real Estate Report for Richmond VA - August 2018

September 17, 2018

 

 

 

Another month come and gone - and the real estate market continues to be a very strong seller's market!  Although, there seems to be a slight cooling down of the market that seemed to occur about mid month!  I am not sure if that is something that will continue, but even with the slight cooling down, the market still continues to be very tight and we still continue to see multiple offers and prices increasing in many different neighborhoods!  Here are the stats for August 2018, compared to the same time in 2017!

 

Richmond City

  • # Homes Sold:                                   298 homes sold in August 2018 (down 1%)

  • # Active Listings At Month End:  528 homes available for buyers (down 6%)

  • Median Sales Price:                         $247,778 (down 1%)

  • Days on Market:                               24 days for a home to go under contract (down 8%)

  • # New Listings:                                 382 homes new to the market (up 14%)

  • # Homes Under Contract:              254 homes under contract  (down 4%)

  • Sales Price vs List Price:                 99.3% (up .6%)

  • Months Supply:                                 It would take 1.8 months (no change)

Chesterfield County

  • # Homes Sold:                                   669 homes sold in August 2018 (up 7%)

  • # Active Listings At Month End:  1,468 homes available for buyers (down 10%)

  • Median Sales Price:                         $262,500 (up 2%)

  • Days on Market:                               31 days for a home to go under contract (up 3%)

  • # New Listings:                                 777 homes new to the market (down 3%)

  • # Homes Under Contract:              551 homes under contract  (down 1%)

  • Sales Price vs List Price:                 99.7% (no change)

  • Months Supply:                                 It would take 2.2 months (down 16%)

Hanover County

  • # Homes Sold:                                  183 homes sold in August 2018 (up 9%)

  • # Active Listings At Month End:  458 homes available for buyers (down 5%)

  • Median Sales Price:                         $290,000 (up 2%)

  • Days on Market:                               38 days for a home to go under contract (down 10%)

  • # New Listings:                                 217 homes new to the market (up 23%)

  • # Homes Under Contract:              158 homes under contract  (up 22%)

  • Sales Price vs List Price:                 98.7% (down 1.2%)

  • Months Supply:                                 It would take 2.5 months (down 12%)

Henrico County

  • # Homes Sold:                                   497 homes sold in August 2018 (down 4%)

  • # Active Listings At Month End:  890 homes available for buyers (down 9%)

  • Median Sales Price:                         $262,950 (up 10%)

  • Days on Market:                               28 days for a home to go under contract (down 13%)

  • # New Listings:                                 514 homes new to the market (down 6%)

  • # Homes Under Contract:              477 homes under contract  (up 14%)

  • Sales Price vs List Price:                 100.3% (up 1.1%)

  • Months Supply:                                 It would take 1.8 months (no change)

As you can see, the market continues to be a very strong seller's market.  The key number I think to look at is the Months Supply.  This number tells us how long it would take for the number of active listings that are on the market right now to sell - assuming no new listings come on the market (and we all know that is not going to happen).  A balanced real estate market will have about a 6 month supply - meaning that it will take about 6 months for all the active listings to sell!  Anything below 6 months indicates a very tight sellers market - while anything above 6 months indicates a very strong buyers market!  During our real estate down turn the months supply was well above the 6 month mark!  This is why you have so many homes, if they are priced right to begin with, will go under contract within the first few days and with multiple offers, which ends up bidding the price upwards!

 

If you are thinking of buying a home, it is very possible that you will have to move quickly on the house and possibly even make your highest and best offer on the house!  And if you are thinking of selling your home, you need to make sure that you are priced well, and that your home shows in it's best light.  Your Realtors marketing plan should include professional photos, video, complete descriptions and a brochure (the second chance to sell your home to your potential buyer).

 

If you are thinking of buying a home, selling your home, have a question or just want to know what is happening in your area, feel free to contact me and I would be happy to help!  Have a great day!

 

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Barbara A. Reagan

ABR, GRI, CRS, SFR

Long & Foster Realtors

2931 Polo Pkwy

Midlothian, VA  23113

Phone:  804-869-1191

Email:  BReagan2@gmail.com

Barbara A. Reagan - Long & Foster Realtors - 2931 Polo Pkwy - Midlothian, VA  23113