Richmond Real Estate Numbers

Knowledge is king. Below are great market statistics, that will make you a more informed buyer or seller in the RVA real estate market. I believe statistical analysis helps me communicate market conditions to my clients and it increases their knowledge, which is important when making decisions. Being a stats geek, I consider lots of data points when creating a pricing matrix, which is different from a simple comparison of comparable sales.  Comparable sales is a great way of seeing what happened in the past. However, you need more information for better decision making. Please see Richmond Market Stats below.

Months of Supply

This statistic is a quick way to get an idea of who the market currently favors. Lots of inventory makes for a good buyers market, the buyer has choices and sellers need to be flexible. Less than 4 or 5 months of inventory favors the seller and can result in competitive bidding for nicer homes.

Months of Supply - By Popular Zip Code

Looking at the stats, you can see how area specific market conditions can be.

Absorption Rate

This is a key data point in pricing strategies. How fast properties go pending in an area is a fundamental factor in your pricing equation. Comparing this data to the rate of absorption from the same time in the previous year helps you price your home without being overly aggressive or leaving money on the table.

Absorption Rate - By Popular Zip Code

There are lots of factors to consider when looking at rate of absorption. Some factors include, new construction, popularity of schools, abundance of shopping, entertainment and culture, as well as time of year.

Percentage of Ask

This is an interesting stat. Percentage of asking price is the same as, "how much did you give up". If the asking price was 100k and you 95K, then you got 95% of your asking price. This is a stat that I find interesting but it can be tricky because you can't always know what motivated the seller to take a lesser offer.

Days on Market

So this statistic is self explanatory. However, there are lots of things that DOM can tell us, with a little more research. This is a key stat for buyers.

Median Sales Price and Price Per SQFT.

These statistics are a bit more complicated. When used properly they are good, when misused they are very misleading.