Richmond, VA Metropolitan Area Luxury Housing Market Update September 18
Richmond Metropolitan Area - September 18 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 26 New Listings 57 Units Sold 21 Median Sale Price $955, 3 28 26 24 2 18 16 1 1 8 6 4 6 5 4 3 1 $1,15, $1,1, $1,5, $1,, $95, $9, $85, $8, $75, Down -4.8% Down -13.6% Down -4.5% Up 14.% 2
Richmond Metropolitan Area - September 18 Compared to last September, the total number of homes more than $75, available this month was lower by 4.8% and lower by 2.3% compared to September 16. Active inventory this September was 3.7% lower than the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $75K + 5.59% $75K - $2M 5.33% $2M - $5M.26% $5M+.% 35 3 15 1 5 ACTIVE INVENTORY 289 241 185 9 7 229 26 278 269 8 266 264 179 236 235 245 283 265 8 273 273 27 3 197 6 223 243 6 278 27 26 1 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 1 8 6 4 58 19 52 23 32 66 57 36 275 27 265 26 5 273 266 26 3
Richmond Metropolitan Area - September 18 This month s units sold for homes more than $75, was lower than at this time last year, a decrease of 4.5% versus last September and an increase of 23.5% versus September of 16. There was a decrease of 53.3% in luxury units sold in September compared to August of this year. 15 1 5 17 UNITS SOLD Versus Previous Years 22 21 6 UNITS SOLD 5 51 4 44 44 41 45 3 35 34 33 31 34 35 33 32 34 1 18 17 24 1 1 16 12 17 26 18 16 13 28 22 19 12 19 27 21 Sold Date City Zip Code RECENT SELECTED LUXURY SALES Final List Price Final Sale Price Sale Price as % of List Price September 12, 18 Richmond 23226 $1,595, $1,475, 92.5% 15 September 18, 18 Manakin Sabot 2313 $967,46 $1,99,818 113.7% 1 September 12, 18 Richmond 23229 $1,99, $1,45, 95.1% 14 September 1, 18 Richmond 23226 $1,1, $1,, 91.1% 7 September, 18 Midlothian 23113 $1,75, $99, 92.1% 83 September 19, 18 Richmond 23238 $985, $955, 97.% 13 September, 18 Glen Allen 2359 $874,377 $845, 96.6% 19 September 21, 18 Richmond 232 $849, $822, 96.8% 15 September 1, 18 Powhatan 23139 $769,777 $755, 98.1% 129 September 19, 18 Richmond 23238 $75, $751,5 1.1% 1 DOM Buyer Long & Foster Represented Seller 4
Richmond Metropolitan Area - September 18 In September, the median sales price for homes more than $75, was $955,, an increase of 14.% compared to last year. The current median sales price was higher by 6.2% than in August. $1,, $1,, $8, $6, $4, $, $ $1,23,457 MEDIAN SALES PRICE Versus Previous Years $837,5 $955, $1,, MEDIAN SALES PRICE $1,, $8, $6, $85,65 $95, $917,177 $813, $1,45, $1,89,8 $912,5 $857, $885, $85, $9, $9, $1,23,457 $97, $899,975 $922,475 $91, $885, $877, $975, $885,5 $91, $9, $96,979 $837,5 $852, $85, $1,97,78 $95, $915,76 $85, $815, $895, $879, $945, $899, $955, $4, $, $ $6,, TOTAL DOLLAR VOLUME SOLD $5,, $4,, $3,, $,, Total volume sold this September was 14.6% lower than the same month one year ago. $1,, $ $15,788,4 $,832,737 $23,387,426 $19,978,216 5
Richmond Metropolitan Area - September 18 In September, the average sale price for homes more than $75, was 98.7% of the average list price, which is 1.4% lower than at this time last year. This month, the average number of days on market was 9, higher than the average last year, which was 37. 15% 1% 95% 9% 96.3% 97.% SALE PRICE AS % OF LIST PRICE 1.1% 98.7% 14 DAYS ON MARKET 13 132 1 1 8 6 4 98 78 73 79 77 74 53 61 73 72 66 63 52 5 66 92 94 92 9 84 84 7 67 66 71 45 62 46 51 42 37 4 39 4 31 MONTHS OF SUPPLY In September, there was 12.4 months of supply available. The amount of supply is similar compared to a year ago. 15 1 5 16.1 11. 14.2 7.7.9.7 14.3 21.7 7.9 6.3 7.9 7.8 15.7 13.2 9.6 9.9 12.5 18.2 11.8 7.9 8.3 7.6 9.2 6.2 12.4 1.8 7.7 6.2 1.8 18.6 12.8 9.5 6.7 5.5 8.1 6. 12.4 6
Richmond Metropolitan Area - September 18 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 Bright MLS 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 September 1, 15 through September 3, 18. MEDIA CONTACT Vicki Bendure, Bendure Communications Email: Vicki@bendurepr.com Phone: (54) 687-336 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 September 1, 15 through September 3, 18. 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 September 1, 15 through September 3, 18". 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