The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.
- April: Single Family Homes: 27.0% Decrease
- April: Condo/TIC/Coop: 36.0% Decrease
- April: Single Family Homes: 10.7% Decrease
- April: Condo/TIC/Coop: 6.1% Decrease
Average Sales Price
- April: Single Family Homes: 7.4% Increase
- April: Condo/TIC/Coop: 4.8% Decrease
Months Supply of Inventory
- April: Single Family Homes: 30.8% Decrease
- April: Condo/TIC/Coop: 25.8% Decrease
Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.
Just Sold! $551K Over Asking!
Exquisite Remodeled Home
770 3rd Avenue
Sold for $3,150,000
Just Sold! $712K Over Asking!
Classic Central Richmond Edwardian Home
571 20th Avenue
Sold for $2,100,000
Price Available Upon Request