The Long & Foster Market Minute

Focus On: Richmond City Housing Market March 2019

Units Sold
1
Active Inventory
93
Median Sale Price
$480,000
Days On Market
56
Down
Vs. Year Ago
Down -79%
Vs. Year Ago
Up
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in March, with 1 sold this month in Richmond City Real Estate. This month's total units sold was lower than at this time last year, a decrease from March 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 360 units or 79%. The total number of active inventory this March was 93 compared to 453 in March 2018. This month's total of 93 is higher than the previous month's total supply of available inventory of 92, an increase of 1%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Richmond City Homes was $240,000. This March, the median sale price was $480,000, an increase of $240,000 compared to last year. The current median sold price is higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
3
Current Contracts
1
Sold Vs. List Price
90.7%
Months of Supply
93.0
Down -99%
Vs. Year Ago
Down -100%
Vs. Year Ago
Down
Vs. Year Ago
Up
Vs. Year Ago

Months of Supply
In March, there was 93.0 months of supply available in Richmond City, compared to 1.6 in March 2018. That is an increase versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 3 homes newly listed for sale in Richmond City compared to 385 in March 2018, a decrease of 99%. There were 1 current contracts pending sale this March compared to 315 a year ago. The number of current contracts is 100% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Richmond City was 90.7% of the average list price, which is lower than at this time last year.

Days on Market
This month, the average number of days on market was 56, higher than the average last year, which was 35. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by CVRMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CVRMLS or Long & Foster Real Estate, Inc.