The key to a healthy market is inventory. You have to many houses on the market and things just seem to come to a halt. (Remember 2009, 2010, 2011, and 2013?) Buyers are reluctant to commit, sellers wonder if they will ever sell and things in general are just not good for anyone. Classic buyers market. Lower inventory means a much healthier market. Even less inventory and things start to get really interesting. Buyers can’t find homes and when something comes to the market there is a great deal of competition Properties sell over ask in a second and even before they go on the market. Classic sellers market. Things usually are a bit of a mix depending on the market segment. What we have here in Richmond is just that. Single family inventory in good updated condition in the central and western areas of the region is almost nonexistent. Prices are up and there are frequent multiple offer situations. South and north area neighborhoods are experiencing an expected seasonal increase in inventory making their markets more of a “normal” market. Condos are still lukewarm. Central Richmond has more 2 bedroom condos in the starter market then it really can use right now so values continue to adjust. Fortunately larger condos in desirable neighborhoods are in relatively short supply. Multi unit market is still in very short supply of average to better condition units and prices are up. Condition is the real key. If you are a buyer who has a bit of vision, the things languishing on the market that can be picked up for a bargain are the ones that need some love.
Check out this cool slideshow of graphs of inventory over the past few months in Richmond’s most popular zip codes. It is good general information. To get really specific on neighborhoods you can contact me and I can go over the really fine details. Inventory in Richmond popular neighborhoods.
Check out what it available here.