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Taking a look at Richmond Metropolitan’s housing market activity last month, here is how the market has evolved in comparison to last year: Fewer closings: Although pending sales increased by 8.3%, closed sales decreased by 4.2%. A significant number of homes that went under contract but came back onto the market and did not close. Lower closing rate: We continue to observe lower market saturation as property days on market has increased by 40.0%. Houses have taken longer to sell. We can note that the Average sales price has increased by 7.4% however List Price to Sales Price ratio has slightly decreased by -1.4%. More houses available:
Although new listings have decreased by 3.1%, the inventory of homes for sale has increased by just over 8%, and months supply of inventory has increased by 6.7%. This is due to the lengthened time houses are sitting on the market. |
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Buyers – With a lower List Price to Sales Price, Buyer bargaining power has increased since last year. This will be important to note as you prepare a Purchase Agreement to propose to the Seller. Writing up an offer with this in mind will help navigate negotiations and ensure purchase at optimal value. Sellers – With higher housing inventory and increased days on the market, Seller competition has increased. Now is the time to strategize how to prepare and present your home in such a way that ensures increased curb appeal and tailored marketing strategy. |
