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Reagan Real Estate Report - City of Richmond - October 2015

By
Real Estate Agent with Long & Foster Realtors VA 0225040787

RICHMOND CITY VA REAL ESTATE REPORT – OCTOBER 2015

Want to see what has gone on in the city of Richmond’s real estate market during the month of October?  Here is the real estate market report for October 2015!

# Homes Sold

In October 2015, there were 225 homes sold – down slightly from the 190 homes sold in September 2015, but up 11% from the number of homes sold in October 2014!  Shows that this month is a continuation of a strong 2015 real estate market here!

Median Sales Price

In October 2015, the median price of a home sold was $189,000 – which was well above the $174,000 in October 2014!

Active Inventory Levels

As of the end of October 2015, there were 904 homes available for sale!  This is lower than the 946 homes available for sale at the end of September 2015, and well below the number of homes available for sale at the end of October 2014!  Buyer activity continues to be strong and interest rates continue to be at very low levels leading to this decreased number of homes available for buyers to choose from!

Days on Market

In October 2015, it took an average of 54 days for a seller to accept an offer on their home – slightly above the 49 days in October 2014!

# New Listings That Came On The Market

In October 2015, there were 291 homes that were new to the market!  This was below the 313 homes that were new to the market in October 2014!  This figure continues to impact the market and is one reason why inventory levels in Richmond’s real estate market continues to be so low!

# Homes Under Contract

In October 2015, there were 229 homes that went under contract – higher than the 196 homes that went under contract in October 2014!  Another indication of a continued strong real estate market here!

Sales Price vs. Asking Price

In October 2015, sellers received an average of 97.9% of their asking price – similar to what they got in October 2014!

Months Supply of Homes

As of the end of October 2015, there were about 4.0 months of homes on the market.  This means that if no other homes in the city of Richmond, it would take 4 months to sell all the homes that are currently on the market!  As of the end of October 2014, there was approximately 5.4 months of inventory! 

Conclusion

All signs continue to point to a strong real estate market in the city of Richmond!  This is normally our slow selling season, yet, we continue to see strong buyer activity, homes going under contract faster, sellers getting close to their asking price and shrinking inventory levels!  For sellers, this means making sure that your home is head and shoulders above your competition’s home – both in condition & pricing.  It means that your home must be ready for showings from the second it becomes an active listing in MLS.  And it means you have to be priced right to begin with.  For buyers, it means that you must be ready to make a move on a home if it is the right home for you!  And it means that you may not have much room to negotiate, especially if the home is priced well and needs very little work!

It means that if you are a buyer, or you are a seller, you want to make sure that the Realtor you use has the knowledge of the market & the experience to help you with your move! 

Have questions?  Thinking of buying a home in the city of Richmond?  Thinking of selling a home in the city of Richmond?  Feel free to call – I would be happy to help!

 

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