Long & Foster Market Minute® reports show continued tightening of inventory

CHANTILLY, Va., March 18, 2013 – The greater Richmond real estate market, including Chesterfield, Henrico, Goochland, and Hanover counties and Richmond City, experienced some positive trends compared to February of last year, according to The Long & Foster Market Minute® reports. According to data, median sale price increased while inventory continued to tighten throughout the entire Richmond region.

The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

According to February data, median sale price increased throughout the entire region with a significant 55 percent increase in Richmond City and year-over-year increases of 22 percent and 14 percent in Goochland and Chesterfield counties, respectively. Hanover and Henrico counties each saw an increase of 8 percent and 3 percent, respectively, compared to a year ago.

Active inventory continued to steadily decline across the Richmond region. Henrico and Hanover counties saw the largest declines of inventory at 23 percent and 20 percent, respectively, compared to last year. Richmond City and Chesterfield County saw declines of 17 percent and 16 percent, respectively, in active inventory in February. Active inventory in Goochland County tightened by 1 percent compared to February 2012.

Houses continued to sell in less than three months on average throughout the Richmond region in February. Days on market (DOM) in Chesterfield County was 70 days. Henrico County and Richmond City and saw an average DOM of 72 days and 76 days, respectively. Hanover County saw a DOM of 83 days, while Goochland County saw 87 days.

In February, the number of homes sold varied across the Richmond region. Henrico County saw a 13 percent increase in home sales, while Goochland County saw no change.

“As we gear up for the 2013 spring buying season, the local real estate market in the Richmond region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.

“In February 2013, home prices continued to appreciate, inventory remained low, and houses were snapped up at a rapid pace – all great signs for a Richmond-area residential real estate market that is in full recovery mode.”

The Long & Foster Market Minute®The Long & Foster Market Minute® is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute® reports are available at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.