Long & Foster Market Minute® reports show continued tightening of inventory
The greater Richmond real estate market, including Chesterfield, Henrico, Goochland, and Hanover counties and Richmond City, experienced some positive trends compared to March 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.
Active inventory continued to steadily decline across the Richmond region. Henrico and Hanover counties saw the largest declines of inventory at 26 percent and 21 percent, respectively, compared to last year. Richmond City and Chesterfield County saw declines of 16 percent and 15 percent, respectively, in active inventory in March. Active inventory in Goochland County tightened by 2 percent compared to March 2012.
Houses continued to sell in less than three months on average throughout the Richmond region in March. Days on market (DOM) in Chesterfield County was 68 days. Henrico County and Richmond City and saw an average DOM of 58 days and 60 days, respectively. Hanover County saw a DOM of 80 days, while Goochland County saw 81 days.
In March, the number of homes sold varied across the Richmond region. Chesterfield County saw an 8 percent increase in home sales, while the rest of the region saw decreases due to tightened inventory.
“Spring is finally here, along with an uptick in activity in the residential real estate market in the Richmond region. With improving market conditions – including stronger than expected job growth, and rising affordability and consumer confidence – potential buyers and sellers are using this opportunity to explore what their market has to offer,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“While inventory remains low, limiting the number of options for would-be buyers, the Richmond market is experiencing some positive trends such as appreciating home prices and decreasing average number of days on market. These are all promising signs for the Richmond region’s local housing market, and provide a prime opportunity for fence-sitters to fulfill their dreams of homeownership.”
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.