February 2021 was the last month of this year that we could truly take a look at 2020 stats as a market indicator, so let’s see how Richmond housing stats compared to last year’s…
New listings were down 23%. Homes for sale inventory was down 57%.
Was that because of a change of plans? Change of employment? Deciding to update current home rather than move? Families forced into mortgage forbearance due to employment changes and can’t move?
Obviously the pandemic took its toll on inventory that was already shrinking.
Median sales price was up 24%
The average number of showings per home before going under contract was 14 in February 2021. Last year it was ten and in 2019 it was eight, which reflects a high demand. With the supply going down, the prices went up.
Should you sell now?
Your typical Realtor will always say Yes to this question! It’s always a good time to sell. However, the current trends should cause you to take a breath and ponder these questions:
- Where will you move to?
- Are you comfortable with the notion that you may need to rent or find interim housing if your current home sells before you have found your next home?
- Can you present an offer for a new home without the contingency of selling your current home.
If you can overcome these potential roadblocks, then you’ll be ready to take advantage of a great seller’s market!
Give me a call and we can chat about it!
You can begin your home search here!