REAGAN REAL ESTATE REPORT FOR HANOVER COUNTY VA – DECEMBER 2014!
As we end the year, the big question everyone wants to know is just what has been happening in the Richmond real estate market! As in any real estate the law of real estate supply (how many homes are available for sale) and real estate demand (how many homes are sold) will always govern. Below is a summary of the December 2014 real estate activity in Hanover County!
The pace of home sales in December continued to be strong. In December 2014, there were 128 homes sold (vs. 109 sold in November 2014 & 103 homes sold in December 2013).
Sales prices also continued to be strong in Hanover County. Last December (2013) the median sales price of a home sold in Hanover County was $248,024 – in December 2014, the median sales price of a homes sold was $257,000. This is an increase of about 4%.
The number of homes available for sale at the end of December 2014 was only 555, which was lower than it was at the end of December 2013! Why? Although there were 97 homes that were newly listed in December 2014 (about the same as the 99 homes newly listed for sale in December 2013), there were 81 homes which went under contract in December 2014 (well above the 70 homes that went under contract in December 2013).
This helped to reduce the months supply of homes on the market to 4.3 months (from 5.8 months at the end of December 2013). Months supply of homes is the figure that tells you how long it will take all of the homes that are on the market for sale to sell, assuming no new listings come on the market! If your months supply of homes is under 6 months, this is a good sign that you are in a sellers market!
It should also be noted that sellers continued to get almost 100% of their asking price – however, it took an average of 68 days for sellers to get an acceptable offer, which was slightly lower than the number of days it took in 2013 to get an acceptable offer!
As you can see, Hanover County’s real estate market continues to be strong! I would anticipate that in 2015 we will continue to see a strong real estate market!
Thinking of buying a home in Hanover County? Thinking of selling a home in Hanover County? Have a question? Feel free to contact me and I would be happy to help! Have a great day!