RVA MARKET UPDATE — NOVEMBER
Often times the media is pretty negative. And when I say often times, I mean all the time. Interest rates are rising, and the sky is falling. I am going to take the positive approach, and try and brighten up your day. What brightens up a persons day like knowing the housing market in their neighborhood is solid. So, without further a due, lets get into what everyone is waiting for, some market stats for the month of November in the Richmond, Virginia Metro area. Numbers don’t lie!
Here are the some of numbers for the month of November
- Closed Sales — 1,097 (That is up 18.59% from last year)
- Average Sales Price — $267,349 (This is time up 3.59% from last year)
- Average days on market — 44.86
- Months Inventory — 3.02
- Pending Sales — 1,151 (up 20% from last year) This should mean a solid month for December.(these are sales that went pending in the month of November, but have not closed yet)
- Active Inventory — About 3,867 homes currently on the market now.
- 821 being 2 bed
- 1,326 being 3 bed
- 568 being 5 bed
- 1,152 being 4 bed
Average sales price for the last 3 months
- Sept — $258,148
- Oct — $266,233
- Nov — $267,389
A good solid month, with good growth. It’s a steady price increase, which is a good sign for a healthy market. The average days on market is down, the active inventory is down, and months of inventory are down. Which is telling us that we are still tight on inventory. This is a theme across the country, the demand is still out pacing the supply. Great homes, priced correctly are going fast. I say priced correctly, because even in this market, if your home is not priced right, it will sit.
Now that we have seen some of the important numbers for the month of November, here are the year to date average price and closed sales.
Year to date closed sales and average sales price
- Closed Sales — 14,198 (Up 6.05% from last year & up 20.63% from 2014)
- Average closed sales the last 12 months — 1,281
- Average Sales Price — $263,092 ( up 4.15% from last year)
Average sales price from the last 4 years
- 2015 — $252,607
- 2014 — $247,433
- 2013 — $237,175
- 2012 — $221,781
It has been a strong year for real estate in the Richmond Metro area. We are seeing steady, stable growth in the majority of areas, which is great. Don’t get me wrong, we have some areas that are increasing way above the average, Churchill comes to mind right away, but the overall market is growing at a safe and steady pace. Hopefully inventory will loosen up a little bit. This is the major cause for price increases. The demand is much higher than the supply at this current moment. In my opinion, I think we are headed for another good year for real estate growth in this area, even with interest rates moving up.
Like always the market isn’t doom and gloom like the media would have you believe. Put a smile on your face, especially if you live in the RVA because these are some solid numbers my friends.