Richmond, Va. Real Estate Market Report-April 2017
What Does This Data Mean?
In Central Virginia, the median sold price for Single Family properties for April was $232,250, representing an increase of 0.4% compared to last month and an increase of 5.6% from Apr 2016. The average days on market for units sold in April was 43 days, 23% below the 5-year April average of 56 days. There was a 1.8% month over month decrease in new contract activity with 1,930 New Pendings; a 10.2% MoM increase in All Pendings (new contracts + contracts carried over from March) to 3,654; and a 0.4% increase in supply to 3,263 active units.
This activity resulted in a Contract Ratio of 1.12 pendings per active listing, up from 1.02 in March and an increase from 0.90 in April 2016. The Contract Ratio is 44% higher than the 5-year April average of 0.78. 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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