| Price | No. Homes(%) | Av. L. Price | S. Price | City Value |
| < $600k | 26/103 (25%) | $564.4k | $541.6k (-4%) | $588.3k (-8%) |
| $601-700k | 16/54 (29%) | $670.9k | $643.0 (-4%) | $653.9k (-8%) |
| $701-800k | 12/40 (31%) | $763.9k | $737.8 (-4%) | $735.7k (0%) |
| $801-1,000k | 21/43 (50%) | $927.2k | $889.6 (-4%) | $880.7k (-1%) |
| > $1,001k | 5/48 (11%) | $1.300.1k | $1,188.9k (-9%) | $1,116.4k (+6%) |
| Total | 80/288 (28%) | $750.5k | $714.2k (-4.8%) | $727.0k (-2%) |
Can you sell your Richmond home in 30 days or less?
The answer is yes. In today's market, with an average around 680 detached homes for sale, you have about 3% chance of selling your home in 30 days or less, The probability of your home being sold in 105 days or less is around 11%. There are presently over 10 months supply of detached homes over $700,000.
The sales data were taken from Jan 01 to April 15, 2009. The first column's data were the number of homes sold in 30 days as compared to the total number of homes sold in the first 3.5 months of 2009.
Selling prices for older homes
Homes within the price range of $500,000 to $700,000 were found selling at around 8% below their city values. When compared to the peak prices in late 2007, these older homes were now selling 22% below their peaks. Over 74% of these homes were found to be consisted of over 20 years old.
Newer homes less affected
Majority of the homes (74%) sold in the $701,000 to $1,000,000 range were consisted of homes less than 15 years old. These homes were sold around their city values. The drop in market prices for these homes from their peaks were in the 13% to 14% range. The reason for these homes being sold around their city values could be attributed to these home being newer and in better condition.
The million dollar detached homes were found to be selling at 6% above their city value. New million dollar homes in west Richmond over the past 3 months were selling at a moderate pace. With around 86 new homes under $2.50 million listed for sale, and average sale of 9 homes a month, the list/sale ratio at 10 months supply for this market segment will exert downward pricing pressure on home sellers .
Strategy to sell
The sale data above can help guide a home seller in setting the listing price. For older homes, setting the listing prices at 4% to 5% below their city values will help to attract buyers. In a buyer's market, a more aggressive pricing at 3% or more below current market value make sense. Why let your home languish on the market, and lose equity every month?
If your home is priced too high, you could be losing equity as hoem prices continue to decline. Pricing your home right and ahead of the market will help you sell your home sooner. Find out how you can sell your home quickly.
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