For those of you that are interested in The Richmond, VA Housing Market, here is some great information on a The Fan area of the city:
Windsor Farms, The Fan, and Museum District Housing Market September 2011
| Units Sold 35 |
Active Inventory 268 |
Median Sale Price $203,000 |
Days On Market 86 |
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| Up 9% Vs. Year Ago |
Down -34% Vs. Year Ago |
Up 3% Vs. Year Ago |
Up 37% |
There are two things I find positive here:
Active Inventory
Versus last year, the total number of homes available this month is lower by 137 units or 34%. The total number of active inventory this September was 268 compared to 405 in September 2010. This month's total of 268 is lower than the previous month's total supply of available inventory of 281, a decrease of 5%.
Months of Supply
In September, there was 7.7 months of supply available in Windsor Farms, The Fan, and Museum District, compared to 12.7 in September 2010. That is a decrease of 39% versus a year ago.
Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.
These factors would lead us to believe that the market is trying to stabilize.
To see the entire report for this area click here: Windsor Farms,The-Fan and Museum District
If you have questions or would like to discuss this issue further, please contact me.
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