Richmond, Va. Real Estate Market Report-December 2016

By
Real Estate Broker/Owner with The Wilson Group

Richmond, Va. Real Estate Market Report-December 2016


What Does This Data Mean?

In our local area, the median sold price for Single Family properties for December was $227,000, representing a decrease of 0.9% compared to last month and an increase of 3.7% from Dec 2015. The average days on market for units sold in December was 54 days, 15% below the 5-year December average of 63 days. There was a 14.4% month over month decrease in new contract activity with 1,027 New Pendings; a 16.4% MoM decrease in All Pendings (new contracts + contracts carried over from November) to 2,141; and a 16.8% decrease in supply to 3,047 active units. 

This activity resulted in a Contract Ratio of 0.70 pendings per active listing, no change from November and an increase from 0.51 in December 2015. The Contract Ratio is 41% higher than the 5-year December average of 0.50. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor. 

How Does Your Home Stand In This Market?

Interested in learning where your homes stands in this market? Get Your Instant Home Value.

Why To Buy Right Now

Also, check out this article on why you should buy your home right now and the best time to Get Off The Fence

On The Fence About Buying A home

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Reed Wilson

Real Estate Team Focused On Richmond Va. Market
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