HANOVER COUNTY VA REAL ESTATE REPORT – OCTOBER 2015
Want to see what has gone on in Hanover County VA’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 139 homes sold – down slightly from the 152 homes sold in September 2015, but up 25% 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 $259,220 – which was well above the $247,500 in October 2014!
Active Inventory Levels
As of the end of October 2015, there were 606 homes available for sale! This is lower than the 660 homes available for sale at the end of September 2015, but above the 506 homes available for sale at the end of October 2014!
Days on Market
In October 2015, it took an average of 58 days for a seller to accept an offer on their home – about the same as last year!
# New Listings That Came On The Market
In October 2015, there were 145 homes that were new to the market! This was below the 175 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 Hanover County’s real estate market continues to be so low!
# Homes Under Contract
In October 2015, there were 131 homes that went under contract – higher than the 109 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 99.1% 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 4.4 months of homes on the market. This means that if no other homes in Hanover County, it would take 4.4 months to sell all the homes that are currently on the market! As of the end of October 2014, there was approximately 6.4 months of inventory!
All signs continue to point to a strong real estate market in Hanover County! 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 Hanover County? Thinking of selling a home in Hanover County? Feel free to call – I would be happy to help!