Although it’s nonstop snowing as I type this, the spring market has already begun. Yes, rates are still not great, and there is still not a ton of inventory, but in any type of market, people are going to want to, and more than that, need to, move, and it looks like the times of fence sitting to see how rates are is really about over. So if you’re buying or selling, here’s some great info to know, as we are finishing up (I hope!) winter, and kicking off spring!
Prices in the Metro Richmond area have dropped since the beginning of the year, a good bit, in fact. In December, our average sales price was $411,635, and for January, that average sales priced dropped to $394,900.
New listings have spiked from December’s 793, up to 1171 for January. By my calculations, as I assess February up until today (2/19) we have approximately 893 new to market listings for the month already, and we’ve got about 10 days to go. This is all good news for buyers getting into the market. More inventory means lower prices, and less competition, which is definitely welcome, when rates are where they are.
Just as good news- while we are still seeing some competitive situations, there are generally fewer than there have been (think 4-10, rather than 20-40, in most cases) and we are once again seeing not only inspections, but it some cases, we’re even some seller concessions at closing!
What if you’re selling? No bad news there either.
As I mentioned before, we are still seeing multiple offers in many cases. The median list to sale price ratio in January was still at 100%. The average was still a bit over that.
Is that a guarantee? Of course not. What I can tell you is that the more you do to get your home ready to sell (fixing/repairing), cleaning, decluttering, landscaping, etc., the better off you will be when it comes to list. When it comes to pricing, and those little things that make your home stand out from the rest, they can make a huge difference in the speed of sale, and the number and quality of those offers.
If you’ve got questions about selling your home or thinking of starting a home search, I’d love to talk to you!
