Richmond, VA Metropolitan Area Luxury Housing Market Update November 17
Richmond Metropolitan Area - November 17 The real estate market is always changing, and if you re buying or selling a home especially a luxury property it s critical to understand the current market conditions. More than simply seeing what s happening to real estate as a whole in your local area, you need insights on what s taking place in the highend market, specifically with uncommon and unique homes like yours or those for which you re shopping. That s why Long & Foster publishes our exclusive LuxInsight report giving consumers like you invaluable information on the luxury market performance in your local area. Published monthly, LuxInsight provides you with A broad overview of real estate trends in the high-end real estate market. From median sale prices and active inventory to the current housing Demand and available active listings, LuxInsight gives you access to essential statistics you need to know. Beyond this valuable market information, Long & Foster s team of luxury sales associates is available to guide you through the real estate process. We believe luxury real estate is all about the individual, and when you work with us, you'll receive an experience tailored to your unique needs. You'll enjoy exceptional service and expertise, provided by agents who specialize in marketing and selling the most stunning luxury homes. You'll gain our exclusive connections around the world and get a luxury home experience with proven results. AT A GLANCE Active Inventory 219 New Listings Units Sold Median Sale Price $8, 1 1 8 6 4 N-14 F-1 M-1 A-1 N-1 F-16 M-16 A-16 N-16 F-17 M-17 A-17 N-17 4 4 3 1 1 N-14 F-1 M-1 A-1 N-1 F-16 M-16 A-16 N-16 F-17 M-17 A-17 N-17 $1,1, $1,1, $1,, $1,, $9, $9, $8, $8, $7, N-14 F-1 M-1 A-1 N-1 F-16 M-16 A-16 N-16 F-17 M-17 A-17 N-17 Down -6.8% Up 29.6% Up 26.9% Down -.6% 2
Richmond Metropolitan Area - November 17 Compared to last November, the total number of homes more than $7, available this month was lower by 6.8% and lower by 9.1% compared to November 1. Active inventory this November was 11.3% lower than the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $7K +.% $7K - $2M.16% $2M - $M.17% $M+.2% 3 1 1 ACTIVE INVENTORY 236 186 1 211 236 4 281 297 293 27 289 276 241 18 9 7 228 9 27 276 267 6 261 2 164 183 217 216 222 2 243 231 244 24 247 219 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 1 1 8 6 4 29 23 27 21 19 17 27 24 23 2 21 241 2 219 3
Richmond Metropolitan Area - November 17 This month s units sold for homes more than $7, was higher than at this time last year, an increase of 26.9% versus last November and an increase of 94.1% versus November of 1. There was an increase of 32.% in luxury units sold in November compared to October of this year. 4 3 1 17 UNITS SOLD Versus Previous Years 26 4 4 3 1 1 26 1 18 23 22 3 23 22 18 17 24 1 1 UNITS SOLD 16 12 44 34 17 26 18 16 13 31 34 28 44 22 Sold Date City Zip Code RECENT SELECTED LUXURY SALES Final List Price Final Sale Price Sale Price as % of List Price November 9, 17 Henrico 23229 $1,8, $1,8, 1.% 1 November 7, 17 Henrico 23229 $1,, $1,, 1.% 393 November, 17 Henrico 23238 $1,299,9 $1,26, 96.9% 11 November 1, 17 Henrico 23229 $9, $9, 1.% 6 November 1, 17 Chesterfield 23112 $9, $91, 9.8% 2 November 1, 17 Richmond 23221 $88, $9, 11.7% 3 November 2, 17 Richmond 23226 $88, $88, 1.% 8 November 1, 17 Chesterfield 23112 $939,9 $8, 9.4% 193 November, 17 Chesterfield 23113 $84, $84, 1.% November 3, 17 Richmond 23226 $844,6 $844,6 1.% 126 DOM Buyer Long & Foster Represented Seller 4
Richmond Metropolitan Area - November 17 In November, the median sales price for homes more than $7, was $8,, a decrease of.6% compared to last year. The current median sales price is approximately the same as October. $94, $9, $9, $88, $86, $84, $8, $8, $917,177 MEDIAN SALES PRICE Versus Previous Years $899,97 $8, $1,, MEDIAN SALES PRICE $1,, $8, $6, $9, $882,97 $87, $972,4 $948,797 $844,31 $848, $812, $88, $84,63 $8,61 $9, $917,177 $813, $1,4, $1,89,8 $912, $87, $88, $8, $9, $9, $1,23,47 $97, $899,97 $922,47 $91, $88, $877, $97, $88, $91, $9, $96,979 $837, $82, $8, $4, $, $ $,, $4,, $4,, $,, $3,, $,, $,, $1,, $1,, $,, $ $,69,26 TOTAL DOLLAR VOLUME SOLD $18,79,193 $28,74,798 $3,398,411 Total volume sold this November was.9% higher than the same month one year ago.
Richmond Metropolitan Area - November 17 In November, the average sale price for homes more than $7, was 99.1% of the average list price, which is 3.% higher than at this time last year. This month, the average number of days on market was 84, lower than the average last year, which was 13, a decrease of.4%. 1% 1% 9% 96.% 9% SALE PRICE AS % OF LIST PRICE 11.2% 9.6% 99.1% DAYS ON MARKET 14 13 132 1 1 8 6 4 82 96 7 18 96 78 4 29 27 78 2 73 79 73 66 77 98 63 3 61 74 72 66 92 46 7 42 67 62 94 37 84 84 MONTHS OF SUPPLY In November, there were 6.6 months of supply available, compared to 9. in November of 16. That is a decrease of 26.7% versus a year ago. 1 1 9.4 7.2 13.4 11.7 11.8 11. 12.8 9.9 12.7 12. 16.1 11. 14.2 7.7.9.7 14.3 21.6 7.9 6.3 7.9 7.8 1.4 12.8 9. 9.1 11.4 16.7 1.8 7.2 7.4 6.9 8.3.6 11.1 9.9 6.6 6
Richmond Metropolitan Area - November 17 RICHMOND METROPOLITAN AREA: LISTING SOURCE, REPORTING AREA, & DEFINITION Data for all counties except for Caroline County (Virginia) is supplied by Central Virginia Regional MLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Data for Caroline County based on Metropolitan Regional Information Systems (MRIS) and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Counties & cities included in this area are: Amelia, Caroline, Charles City, Chesterfield, Cumberland, Dinwiddie, Goochland, Hanover, Henrico, King and Queen, King William, Louisa, New Kent, Powhatan, Prince George, and Sussex Counties and Colonial Heights, Hopewell, Petersburg, and Richmond Cities in Virginia. Analysis dates for all regions are November 1, 14 through November 3, 17. MEDIA CONTACT Vicki Bendure, Bendure Communications Email: Vicki@bendurepr.com Phone: (4) 687-6 References & Definitions Contacts & Disclaimers CREATED BY Michael Bystry, Long & Foster Real Estate, Inc. Senior Market Research Analyst DISCLAIMER "Information contained in this report is based on data provided by the local area Multiple Listing Service and its member Association(s) of REALTORS. No representation, expressed or implied, should be taken from information herein. Neither these organizations nor Long & Foster Real Estate, Inc. guarantee or are in any way responsible for the accuracy of these results, which do not reflect all activity in the marketplace. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are November 1, 14 through November 3, 17. Information contained in this report is not limited to transactions done by Long & Foster Real Estate, Inc. The data reported is solely for residential real estate transactions. Information contained in this report is deemed reliable but not guaranteed, should be independently verified and does not constitute an opinion of Long & Foster Real Estate, Inc. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are November 1, 14 through November 3, 17". Material appearing in this report may be reproduced or copied without permission. Please use the following acknowledgement for citation: Source: Long & Foster Real Estate, Inc. and also cite the appropriate MLS. 7