The Long & Foster Market Minute

Focus On: Richmond City Housing Market February 2019

Units Sold
18
Active Inventory
137
Median Sale Price
$207,500
Days On Market
48
Down
Vs. Year Ago
Down -69%
Vs. Year Ago
Up 4%
Vs. Year Ago
Up 17%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in February, with 18 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 February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 303 units or 69%. The total number of active inventory this February was 137 compared to 440 in February 2018. This month's total of 137 is lower than the previous month's total supply of available inventory of 156, a decrease of 12%.

Median Sale Price
Last February, the median sale price for Richmond City Homes was $200,000. This February, the median sale price was $207,500, an increase of 4% or $7,500 compared to last year. The current median sold price is 1% lower than in January.

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


New Listings
11
Current Contracts
23
Sold Vs. List Price
97.3%
Months of Supply
7.6
Down -96%
Vs. Year Ago
Down -91%
Vs. Year Ago
No Change
Vs. Year Ago
Up 204%
Vs. Year Ago

Months of Supply
In February, there was 7.6 months of supply available in Richmond City, compared to 2.5 in February 2018. That is an increase of 204% 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 11 homes newly listed for sale in Richmond City compared to 270 in February 2018, a decrease of 96%. There were 23 current contracts pending sale this February compared to 249 a year ago. The number of current contracts is 91% lower than last February.

Sale Price to List Price Ratio
In February, the average sale price in Richmond City was 97.3% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 48, higher than the average last year, which was 41, an increase of 17%.

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.