As we move toward spring, inventory is down and buyer demand is high.

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What’s in store for our Richmond real estate market this spring?

According to the latest numbers, the spring market may be coming sooner this year. In January of 2019, there were just over 1,600 new listings in the Central Virginia area. This past January, there were over 1,700, which is about a three-month supply of inventory (i.e., it would take three months to sell off all available inventory if no new homes were listed). This is considered extremely low given that a balanced market is about six months’ worth of inventory, so buyer demand is high.

Tight inventory has also impacted homes’ average days on market. In January of 2019, this average was 45 days, but this past January, it dropped to 42 days. Another interesting statistic that indicates a hot market is the average sale price, which increased from $286,000 to $348,000 year over year. Given this excitement in the market, we advise sellers to sell ASAP.

If you’re looking to buy, anytime is the right time as long as you get the right deal.

In election years like this one, sellers tend to stay on the sideline the closer we get to the actual election, which causes inventory to increase. When inventory increases, prices can flatten.

If you’re looking to buy, anytime is the right time as long as you get the right deal. If you hire a good Realtor and negotiate the right price at the right time, that’s a great thing. If you can’t get a deal that’s right for you, though, it doesn’t matter what outside market conditions are—just don’t buy. In our tight spring market, it’s most important to work with an agent who knows how to structure deals, negotiate terms, and can dig up inventory for you.

My team and I are here to help whether you’re thinking of buying or selling, so if you’re ready to enter the market, call or email me anytime. I look forward to hearing from you. Remember: It’s not the market; it’s the marketing that makes the difference.