Real Estate in Richmond Va is Improving.
The interactive graph below highlights a couple of interesting real estate trends and data points that suggest that Real Estate in Richmond Va is improving. You will see that Active Listings (or homes for sale in Richmond VA) have dropped considerably and have broken out of their trading range of the last 4 years.
In Dec. of each of the last 4 years Active Listings (or a home listed for sale in Richmond VA with a Realtor) drops to around the 8000 level as the real estate market normally slows down during that part of the year. This year Houses for sale in Richmond VA dropped to 5700 in Dec of 2011. That should indicate that the market is starting to absorb the excess inventory that has pushed down prices. It could be a statistical anomaly, but more than likely it is a trend worth watching. Also, this graph shows another improving real estate trend of the Richmond VA market. REO (Real Estate Owned) and Bank-owned foreclosures have dropped slightly.
In Nov of 2010, REO and Bank-owned foreclosures were at a peak of 565 Listed Homes in that month. In Dec of 2011, the number of REO and Bank-owned foreclosures listed for sale in the Richmond VA MLS was around 368. If that trend holds then that could prove to be good news for home values in the Richmond Va market area. Foreclosures depress overall prices of homes because they sell at steep discounts. Hopefully, these two stats hold up and this indicates improvement in market conditions moving into 2012.
If you have specific questions about Real Estate in Richmond Va, Property Management, Short Sales, Investing in Multifamily properties or Foreclosure, send me an email at Carter@SnipesProperties.com or post your comment below. No question too simple! No Comment too bold.
Great post! More homeowners are being educated on short sales and pursuing them over foreclosure. Anything to keep the REO and foreclosure numbers down helps real estate in Richmond VA.