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.
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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