Richmond Real Estate News- April 2020
Richmond Real Estate News- April 2020
Last month I wrote about the impact of COVID-19 on the Richmond Real Estate market. We looked at Richmond City, Henrico County, and Chesterfield County. We are just beginning to see more information become available on how the impact of the virus may be hurting real estate sales throughout our local area. If you would like to get more information on other areas of Richmond, just contact me and I’ll be happy to provide that to you.
When looking at trending (in a faster changing marketplace), we look at New Listings entering the market and how many go under contract. Although we have limited information right now it is enough to make some early observations. We will be looking at New Listings hitting the market vs. Under Contract changes. We’ll analyze what happened in February vs. March of this year. Bear in mind that all numbers rise in Spring months.
Here are the links to this month’s CVRMLS (Central Virginia Regional Multiple Listing Service) statistics:
Richmond City- Single Family Listings
New Listings in February = 242
New Listings in March = 337
Net increase of 39%
Listings Under Contract in February = 254
Listings Under Contract in March = 293
Net increase of 15%
City of Richmond Single Family real estate listings rise 39% in the last 30 days but disproportionately we only see a 15% increase in homes going under contract. This means that the market in the City of Richmond is becoming more saturated with listings and less buyers.
Henrico County – Single Family Properties
New Listings in February = 369
New Listings in March = 463
Net increase of 25%
Listings Under Contract in February = 357
Listings Under Contract in March = 388
Net increase of 9%
Henrico County Single Family real estate listings rise 25% in the last 30 days but disproportionately we only see a 9% increase in homes going under contract. This means that the market in Henrico County is becoming more saturated with listings and less buyers.
Chesterfield County – Single Family Properties
New Listings in February = 585
New Listings in March = 766
Net increase of 31%
Listings Under Contract in February = 554
Listings Under Contract in March = 632
Net increase of 14%
Chesterfield County Single Family real estate listings rise 31% in the last 30 days but disproportionately we only see a 14% increase in homes going under contract. This means that the market in Chesterfield County is becoming more saturated with listings and less buyers.
While these statistics may signal a weakening of the housing market it is still important to keep an eye on the overall inventory of homes for sale. Which is still relatively low and all localities are running under a 2-month supply of homes for sale. In the recent past we used inventory to help reflect pricing changes. Supply vs. Demand principles suggest that more supply of homes will drive pricing downward. We’ll keep an eye on this in the upcoming months.
Please keep me in mind for all of your real estate needs. I am never too busy to help you or your referrals.
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