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HOW'S THE MARKET? FIRST QUARTER 2018 NEST REPORT

City of Richmond Chesterfield County Hanover County Henrico County Goochland County


RICHMOND METRO AREA MARKET ANALYSIS First Quarter 2018

Market Snapshot

2%

$249,950

-17%

TOTAL SALES

MEDIAN SALES PRICE

TOTAL INVENTORY

There were 3,149 total sales this past quarter compared to 3,096 in Q1 2017. This translates to a 2% year-over-year increase.

The median sales this past quarter was $249,950 compared to $235,000 in Q1 2017.

At the end of this past quarter, total inventory levels were down 17% compared to the end of Q1 2017.

43

2.08

DAYS ON MARKET

MONTHS OF INVENTORY

Homes sold this past quarter spent an average of 43 days on market before being sold.

At the end of this past quarter, there were 2.08 months of inventory available.

Five Year Sales Trend (Total Sales)

4,714 4,276 4,163 4K

3,796

3,754 3,669

3,545

3,289

2,996

4,570 3,993

3,636

2,883 2,266

4,998 4,427

3,149

3,096 2,684

2,640 2,254

2K

Average & Median Price Trends 325K 300K

288,597

275K 271,742

277,905

250K 225K

297,203

301,688

MEDIAN SALES PRICE

300,086

297,048 286,845

258,260

261,500

256,909

276,812

285,263 285,497

270,633

257,950

272,573

247,585

245,000

240,000

'18 Q1

'17 Q4

'17 Q3

'17 Q2

'17 Q1

'16 Q4

'16 Q3

'16 Q2

'16 Q1

'15 Q4

AVG. SALES PRICE

248,750 238,000

'15 Q3

'15 Q2

'15 Q1

'14 Q4

'14 Q3

'14 Q2

'14 Q1

'13 Q4

'13 Q3

'13 Q2

'13 Q1

0K

244,713

258,110

244,558

234,975

200K 03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 Average

271,742

277,905

288,597

297,203

301,688

297,048

276,812

270,633

286,845

300,086

285,497

272,573

285,263

Median

238,000

240,000

248,750

258,260

261,500

256,909

245,000

234,975

247,585

257,950

244,713

244,558

258,110


RICHMOND MSA MARKET ANALYSIS First Quarter 2018

CONDO/TOWN

SINGLE FAMILY

Quarterly Performance & Yearly Growth MEDIAN SALES PRICE 254,575

AVG. DAYS ON MARKET 42

AVG. LIST PRICE 294,643

AVG. SALES PRICE 287,576

Avg. $/SQ.FT. 133

TOTAL VOLUME 773,580,055

2018 Q1

TOTAL SALES 2,690

% Change

1.66%

7.87%

-16.57%

4.50%

4.50%

7.44%

6.24%

2017 Q1

2,646

236,000

51

281,945

275,183

124

728,134,824

% Change

13.95%

8.38%

-9.78%

7.03%

8.40%

7.81%

23.53%

2016 Q1

2,322

217,750

56

263,437

253,854

115

589,448,770

2018 Q1

TOTAL SALES 459

MEDIAN SALES PRICE 223,000

AVG. DAYS ON MARKET 45

AVG. LIST PRICE 255,348

AVG. SALES PRICE 246,665

Avg. $/SQ.FT. 153

TOTAL VOLUME 113,219,215

% Change

2.00%

-1.55%

-1.50%

6.96%

3.85%

5.85%

5.93%

2017 Q1

450

226,500

46

238,728

237,517

144

106,882,592

% Change

23.63%

9.38%

-31.63%

7.78%

8.60%

8.15%

34.26%

2016 Q1

364

207,068

67

220,098

218,710

133

79,610,486

Year-to-Date Sales by Property Type 2016

2017 364

2,322

2018 450

2,690

2,646 Condo/Town

459

Single Family


RICHMOND MSA MARKET ANALYSIS First Quarter 2018

Inventory Levels & Months of Inventory

March 2017

March 2018

Single Family

Inventory 2,957

Months of Inventory 2.47

Inventory 2,443

Months of Inventory 2.12

Condo/Town

419

2.19

365

1.83

3,376

2.44

2,808

2.08

All

Four Year Historical Inventory

2015

5000 4,696

2016

2017

2018

4,825

4,792 4,874

4,899

4,866

4,655

4500

4,381 4,302

4,377 4,206

4000

4,144 3,969

3,851

4,077

3,960

4,127

4,108 3,898

4,034

3,830

3,928 3,643 3,632

3500

3000

4,064

3,827

3,663

3,371

3,734

3,876

3,569

3,523

3,266

3,086

3,157 3,045

2,832 2,808

2,797

2500 January

2015 2016 2017 2018

February

Inventory New Listings Inventory New Listings Inventory New Listings Inventory New Listings

March

April

May

June

July

August

September October

November December

Jan 4,302 1,594 3,643 1,503

Feb 4,206 1,428 3,632 1,629

Mar 4,377 2,090 3,851 2,275

Apr 4,696 2,401 3,969 2,292

May 4,792 2,113 4,034 2,073

Jun 4,874 1,911 4,144 1,947

Jul 4,899 1,892 4,077 1,805

Aug 4,866 1,710 4,108 1,821

Sep 4,825 1,681 4,127 1,664

Oct 4,655 1,502 4,064 1,559

Nov 4,381 1,159 3,734 1,162

Dec 3,876 880 3,266 939

3,086 1,488 2,797 1,479

3,157 1,792 2,832 1,661

3,371 2,337 2,808 2,168

3,523 2,175

3,663 2,290

3,960 2,251

3,928 1,893

3,898 1,892

3,827 1,772

3,830 1,741

3,569 1,263

3,045 922

3 KEY TAKEAWAYS 1. Historically low inventory levels continue to dominate the home search discussion as buyers have fewer and fewer options available to them. 2. Over the last two years, prices per square foot have gone up over 15% total. These significant price increases are a direct result of low inventory levels. 3. Volume of sales has been significantly constrained by the lack of inventory. There's simply not enough supply to meet buyer demand.


CITY OF RICHMOND MARKET ANALYSIS First Quarter 2018

Market Snapshot

5%

$220,000

TOTAL SALES

MEDIAN SALES PRICE

TOTAL INVENTORY

There were 619 total sales this past quarter compared to 592 in Q1 2017. This translates to a 5% year-over-year increase.

The median sales this past quarter was $220,000 compared to $202,250 in Q1 2017.

At the end of this past quarter, total inventory levels were down 23% compared to the end of Q1 2017.

37

-23%

1.38

DAYS ON MARKET

MONTHS OF INVENTORY

Homes sold this past quarter spent an average of 37 days on market before being sold.

At the end of this past quarter, there were 1.38 months of inventory available.

Five Year Sales Trend (Total Sales) 1000

948 810

704

686

500

675

724 614

592

619

513

487

454

422

596

566

547

802

783

'17 Q1

772

'16 Q4

785

857

Average & Median Price Trends

AVG. SALES PRICE

'18 Q1

'17 Q4

'17 Q3

'17 Q2

'16 Q3

'16 Q2

'16 Q1

'15 Q4

'15 Q3

'15 Q2

'15 Q1

'14 Q4

'14 Q3

'14 Q2

'14 Q1

'13 Q4

'13 Q3

'13 Q2

'13 Q1

0

MEDIAN SALES PRICE

350K 300K 250K

257,589

200K

211,000

304,659

293,621

284,622 284,154 245,000

250,000

282,050

293,554

249,450

267,862 266,510 230,000

250,598 228,000

300,708

267,298

227,700

225,000

230,750

239,975 223,000

213,000

247,064

200,000

150K 03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 Average

257,589

284,622

284,154

293,621

282,050

304,659

250,598

267,298

266,510

293,554

300,708

247,064

267,862

Median

211,000

228,000

245,000

250,000

227,700

249,450

225,000

213,000

230,000

230,750

223,000

200,000

239,975


CITY OF RICHMOND MARKET ANALYSIS First Quarter 2018

CONDO/TOWN

SINGLE FAMILY

Quarterly Performance & Yearly Growth MEDIAN SALES PRICE 224,900

AVG. DAYS ON MARKET 34

AVG. LIST PRICE 287,769

AVG. SALES PRICE 278,305

Avg. $/SQ.FT. 141

TOTAL VOLUME 147,223,411

2018 Q1

TOTAL SALES 529

% Change

1.93%

6.84%

-17.60%

6.36%

7.90%

9.22%

9.98%

2017 Q1

519

210,500

41

270,573

257,934

129

133,867,847

% Change

13.07%

10.79%

-9.01%

13.48%

14.47%

10.40%

29.44%

2016 Q1

459

190,000

45

238,426

225,325

117

103,424,313

2018 Q1

TOTAL SALES 90

MEDIAN SALES PRICE 212,150

AVG. DAYS ON MARKET 58

AVG. LIST PRICE 234,621

AVG. SALES PRICE 228,408

Avg. $/SQ.FT. 197

TOTAL VOLUME 20,556,740

% Change

23.29%

8.85%

-2.79%

3.39%

4.80%

9.06%

29.20%

2017 Q1

73

194,900

59

226,936

217,954

181

15,910,622

% Change

32.73%

-11.41%

-5.10%

-3.60%

-3.42%

4.52%

28.19%

2016 Q1

55

220,000

62

230,343

225,665

173

12,411,568

Year-to-Date Sales by Property Type 2016

2017 55

459

2018 73

529

519 Condo/Town

90

Single Family


CITY OF RICHMOND MARKET ANALYSIS First Quarter 2018

Inventory Levels & Months of Inventory

March 2017

March 2018

Single Family

Inventory 404

Months of Inventory 1.84

Inventory 316

Months of Inventory 1.35

Condo/Town

101

3.26

71

1.51

All

505

2.13

387

1.38

Four Year Historical Inventory

2015

2016

2017

2018

1000

800

822

801

818

786

750

761

757

778

751 658

667

649

635 632

626

624

583

537

689

691

573

572

637

608

573

505

500

794

809

659 546

566

561

532

493 463

427

458 387

392

250 January

2015 2016 2017 2018

February

Inventory New Listings Inventory New Listings Inventory New Listings Inventory New Listings

March

April

May

June

July

August

September October

November December

Jan 786 301 635 271

Feb 761 252 626 302

Mar 751 380 658 409

Apr 800 418 667 395

May 801 404 632 339

Jun 778 320 649 354

Jul 822 327 624 278

Aug 809 288 608 304

Sep 818 321 689 338

Oct 794 291 691 282

Nov 757 216 637 199

Dec 659 150 561 183

493 251 427 258

463 289 392 276

505 411 387 380

537 383

532 374

583 391

573 315

566 329

573 303

572 297

546 236

458 145

3 KEY TAKEAWAYS 1. Buying? Act fast. The average Days on Market was only 37 days during the first quarter. 2. The rate at which new listings are hitting the market has been slower in 2018 so far than the past three years. 3. At the end of the first quarter, only 380 properties were on the market throughout the entire City.


CHESTERFIELD COUNTY MARKET ANALYSIS First Quarter 2018

Market Snapshot

0%

$251,733

TOTAL SALES

MEDIAN SALES PRICE

TOTAL INVENTORY

There were 1,190 total sales this past quarter compared to 1,194 in Q1 2017. This translates to a flat year-over-year trend.

The median sales this past quarter was $251,733 compared to $237,648 in Q1 2017.

At the end of this past quarter, total inventory levels were down 14% compared to the end of Q1 2017.

44

-14%

2.29

DAYS ON MARKET

MONTHS OF INVENTORY

Homes sold ithis past quarter spent an average of 44 days on market before being sold.

At the end of this past quarter, there was 2.29 month of inventory available.

Five Year Sales Trend (Total Sales) 2000

1,818 1,597 1,558

1500

1,379

1,293 1,279

1000

861

1,803 1,459

1,406

1,308

1,203 1,056

1,040

1,899 1,716

1,194

1,190

1,033

934

803

500

Average & Median Price Trends 291,379

300K

AVG. SALES PRICE

274,046 260,500

260,625

'18 Q1

'17 Q4

'17 Q3

'17 Q2

'17 Q1

'16 Q4

'16 Q3

'16 Q2

'16 Q1

278,374

275,911

280,984 266,408

260K

MEDIAN SALES PRICE

290,379

280,983

280K

'15 Q4

'15 Q3

'15 Q2

'15 Q1

'14 Q4

'14 Q3

'14 Q2

'14 Q1

'13 Q4

'13 Q3

'13 Q2

'13 Q1

0

258,000

283,792

257,950

265,400

279,355

281,014

274,141 256,000 255,000

240K

237,500

245,000

245,000 237,718

235,000

220K

245,000

243,500

03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 Average

274,046

266,408

280,983

291,379

290,379

280,984

275,911

265,400

278,374

283,792

274,141

279,355

281,014

Median

237,500

235,000

245,000

260,500

260,625

258,000

245,000

237,718

243,500

257,950

245,000

256,000

255,000


CHESTERFIELD COUNTY MARKET ANALYSIS First Quarter 2018

CONDO/TOWN

SINGLE FAMILY

Quarterly Performance & Yearly Growth MEDIAN SALES PRICE 255,125

AVG. DAYS ON MARKET 45

AVG. LIST PRICE 290,832

AVG. SALES PRICE 284,775

Avg. $/SQ.FT. 125

TOTAL VOLUME 307,556,493

2018 Q1

TOTAL SALES 1,080

% Change

1.89%

6.97%

-13.29%

5.11%

3.67%

6.93%

5.63%

2017 Q1

1,060

238,500

51

276,696

274,684

117

291,164,687

% Change

13.01%

8.16%

-13.57%

6.08%

7.66%

7.35%

21.66%

2016 Q1

938

220,500

60

260,839

255,152

109

239,332,346

2018 Q1

TOTAL SALES 110

MEDIAN SALES PRICE 232,510

AVG. DAYS ON MARKET 35

AVG. LIST PRICE 221,337

AVG. SALES PRICE 218,837

Avg. $/SQ.FT. 128

TOTAL VOLUME 24,072,064

% Change

-17.91%

-0.35%

-9.97%

-1.14%

-4.34%

-2.53%

-21.47%

2017 Q1

134

233,328

38

223,880

228,769

131

30,655,041

% Change

41.05%

26.12%

-33.42%

26.95%

30.85%

18.33%

84.57%

2016 Q1

95

185,000

58

175,548

174,830

111

16,608,897

Year-to-Date Sales by Property Type 2016

2017 95

938

2018 110

134

1,060 Condo/Town

1,080 Single Family


CHESTERFIELD COUNTY MARKET ANALYSIS First Quarter 2018

Inventory Levels & Months of Inventory

March 2017

March 2018

Single Family

Inventory 1,304

Months of Inventory 2.58

Inventory 1,102

Months of Inventory 2.32

Condo/Town

88

1.63

89

1.93

1,392

2.52

1,191

2.29

All

Four Year Historical Inventory

2015

2000

1,894

2016

2017

1,923 1,947

1,954

1,823

1,819

1,875

1800

1,722 1,705

1,650

1600

1,619

1,411

1,427

1,680

1,647 1,596

1,584

1,655

1,653

1,676

1,655 1,673

1,634

1,520 1,465

1400

2018

1,615 1,610

1,531

1,512 1,492

1,389

1,520

1,325 1,270

1200

1,200

1,310

1,301 1,191

1,204

1000 January

February

2015 Inventory New Listings 2016 Inventory New Listings 2017 Inventory New Listings 2018 Inventory New Listings

March

April

May

June

July

August

September October

November December

Jan 1,650 571 1,411 603

Feb 1,619 524 1,427 620

Mar 1,705 772 1,520 856

Apr 1,823 928 1,596 955

May 1,894 791 1,584 824

Jun 1,923 707 1,647 795

Jul 1,947 729 1,653 741

Aug 1,954 685 1,722 768

Sep 1,875 622 1,655 622

Oct 1,819 575 1,615 608

Nov 1,676 419 1,492 475

Dec 1,520 385 1,325 366

1,270 567 1,200 612

1,310 727 1,204 632

1,389 932 1,191 910

1,465 877

1,531 902

1,655 912

1,680 786

1,673 794

1,634 665

1,610 660

1,512 526

1,301 371

3 KEY TAKEAWAYS 1. This past quarter saw more than a 15% increase in number of new listings in Chesterfield compared to 2015, but inventory still stands 30% lower. 2. List prices, sales prices, total sales, and total volume. Everything is up in Chesterfield, except days on market. That's still dropping. 3. More than 40% of all the homes sold in the Greater Richmond market in Q1 were sold in Chesterfield, representing 39.8% of the dollar volume.


HANOVER COUNTY MARKET ANALYSIS First Quarter 2018

Market Snapshot

12%

$299,725

-17%

TOTAL SALES

MEDIAN SALES PRICE

TOTAL INVENTORY

There were 358 total sales this past quarter compared to 319 in Q1 2017. This translates to a 12% year-over-year increase.

The median sales this past quarter was $299,725 compared to $264,950 in Q1 2017.

At the end of this past quarter, total inventory levels were down 17% compared to the end of Q1 2017.

52

2.42

DAYS ON MARKET

MONTHS OF INVENTORY

Homes sold this past quarter spent an average of 52 days on market before being sold.

At the end of this past quarter, there were 2.42 months of inventory available.

Five Year Sales Trend (Total Sales) 600

557 481 399

400

409

400

508

500

427

473

393

278

358 319

269

257

250

400

385

350

213

464

200

Average & Median Price Trends

295,968 283,628

280,083

275K

324,059

315,554

314,250

309,483 295,395 301,740

295,000 285,000

292,426

285,698

'18 Q1

'17 Q4

'17 Q3

'17 Q2

'17 Q1

'16 Q4

'16 Q3

'16 Q2

'15 Q4

'15 Q3

'16 Q1

MEDIAN SALES PRICE

307,000

302,750

300,086

300K

'15 Q2

AVG. SALES PRICE

316,397

325K

'15 Q1

'14 Q4

'14 Q3

'14 Q2

'14 Q1

'13 Q4

'13 Q3

'13 Q2

'13 Q1

0

301,100

287,950 296,037 288,975

285,000

283,712

275,000

275,000

260,000

250K

03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 Average

295,968

300,086

285,698

302,750

316,397

314,250

292,426

301,740

315,554

296,037

309,483

301,100

324,059

Median

283,628

280,083

260,000

285,000

295,000

285,000

275,000

295,395

288,975

287,950

275,000

283,712

307,000


HANOVER COUNTY MARKET ANALYSIS First Quarter 2018

CONDO/TOWN

SINGLE FAMILY

Quarterly Performance & Yearly Growth MEDIAN SALES PRICE 305,000

AVG. DAYS ON MARKET 52

AVG. LIST PRICE 328,377

AVG. SALES PRICE 319,667

Avg. $/SQ.FT. 140

TOTAL VOLUME 100,055,885

2018 Q1

TOTAL SALES 313

% Change

15.07%

10.11%

-18.48%

9.41%

8.54%

6.82%

24.90%

2017 Q1

272

277,000

64

300,127

294,524

131

80,110,442

% Change

21.97%

8.20%

0.33%

5.29%

7.15%

7.45%

30.70%

2016 Q1

223

256,000

63

285,036

274,866

122

61,295,032

2018 Q1

TOTAL SALES 45

MEDIAN SALES PRICE 255,000

AVG. DAYS ON MARKET 56

AVG. LIST PRICE 326,006

AVG. SALES PRICE 267,906

Avg. $/SQ.FT. 150

TOTAL VOLUME 12,055,779

% Change

-4.26%

8.16%

51.77%

37.39%

10.48%

5.13%

5.78%

2017 Q1

47

235,765

37

237,278

242,490

142

11,397,022

% Change

2.17%

6.26%

-61.81%

4.61%

5.76%

6.15%

8.06%

2016 Q1

46

221,880

96

229,262

229,281

134

10,546,941

Year-to-Date Sales by Property Type 2016

2017

45

47

46

223

2018

272 Condo/Town

313 Single Family


HANOVER COUNTY MARKET ANALYSIS First Quarter 2018

Inventory Levels & Months of Inventory

March 2017

March 2018

Single Family

Inventory 410

Months of Inventory 3.42

Inventory 339

Months of Inventory 2.40

Condo/Town

39

2.17

33

2.54

449

3.31

372

2.42

All

Four Year Historical Inventory

2015

2016

2017

2018

700 645

641

629 601

600

613 564

500

566

535 497

499

475

382 365

447

578 523 498

514

478 460

400

636

631

490

476

507

493

489

561

504

471

492

478

459

456

422 373

404 372

383

300 January

February

2015 Inventory New Listings 2016 Inventory New Listings 2017 Inventory New Listings 2018 Inventory New Listings

March

April

May

June

July

August

September October

November December

Jan 564 180 478 183

Feb 566 167 460 186

Mar 601 259 475 248

Apr 629 280 497 239

May 631 251 499 222

Jun 645 237 514 204

Jul 613 214 490 206

Aug 641 214 489 204

Sep 636 187 493 184

Oct 578 141 492 169

Nov 561 130 456 134

Dec 504 98 383 85

382 184 365 146

422 228 373 176

447 264 372 204

459 225

476 252

535 256

523 205

498 176

478 153

507 218

471 137

404 114

3 KEY TAKEAWAYS 1. It's concerning, but at only 2.4 months of inventory, Hanover County has the largest supply of homes of any county in the Richmond MSA. 2. Median sales prices in Hanover have climbed $49,000 over the past two years, a total of 19.1%. 3. For a county known for its rural nature, it's surprising that 14.3% of all sales were condos and townhouses, but with a median price $50,000 lower than single family homes.


HENRICO COUNTY MARKET ANALYSIS First Quarter 2018

Market Snapshot

-2%

$230,000

TOTAL SALES

MEDIAN SALES PRICE

TOTAL INVENTORY

There were 913 total sales this past quarter compared to 935 in Q1 2017. This translates to a 2% year-over-year decrease.

The median sales this past quarter was $230,000 compared to $225,000 in Q1 2017.

At the end of this past quarter, total inventory levels were down 21% compared to the end of Q1 2017.

39

-21%

1.96

DAYS ON MARKET

MONTHS OF INVENTORY

Homes sold this past quarter spent an average of 39 days on market before being sold.

At the end of this past quarter, there were 1.96 months of inventory available.

Five Year Sales Trend (Total Sales) 1500

1,430

1,317 1,338 1,209 1,209

1,175 1,142 966

1000

1,483 1,357

724

960

1,317

1,070

1,009 886

1,409

935

913

820

691

500

Average & Median Price Trends 325K

'18 Q1

'17 Q4

'17 Q3

'17 Q2

'17 Q1

'16 Q4

'16 Q3

'16 Q2

'15 Q4

'15 Q3

'15 Q2

'16 Q1

MEDIAN SALES PRICE

312,153 300,311

293,538

299,701 283,346

292,011

275K 260,781

227,750

275,724

258,275

270,615

225K

AVG. SALES PRICE

292,177

300K

250K

'15 Q1

'14 Q4

'14 Q3

'14 Q2

'14 Q1

'13 Q4

'13 Q3

'13 Q2

'13 Q1

0

244,500

259,542 240,000

233,000

242,205

245,000

264,229

258,504

249,000

240,000 230,000 220,500

200K

220,000

220,000

03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 Average

260,781

270,615

292,177

292,011

312,153

300,311

275,724

259,542

293,538

299,701

264,229

258,504

283,346

Median

227,750

233,000

244,500

240,000

258,275

240,000

230,000

220,500

242,205

245,000

220,000

220,000

249,000


HENRICO COUNTY MARKET ANALYSIS First Quarter 2018

CONDO/TOWN

SINGLE FAMILY

Quarterly Performance & Yearly Growth MEDIAN SALES PRICE 235,000

AVG. DAYS ON MARKET 38

AVG. LIST PRICE 277,782

AVG. SALES PRICE 272,447

Avg. $/SQ.FT. 134

TOTAL VOLUME 190,712,733

2018 Q1

TOTAL SALES 700

% Change

-5.28%

3.46%

-21.65%

1.55%

2.61%

7.77%

-2.81%

2017 Q1

739

227,145

48

273,531

265,517

125

196,217,423

% Change

13.17%

13.57%

-8.15%

4.73%

6.49%

5.79%

20.51%

2016 Q1

653

200,000

53

261,189

249,341

118

162,819,418

2018 Q1

TOTAL SALES 213

MEDIAN SALES PRICE 210,000

AVG. DAYS ON MARKET 43

AVG. LIST PRICE 265,513

AVG. SALES PRICE 262,895

Avg. $/SQ.FT. 147

TOTAL VOLUME 55,996,709

% Change

8.67%

1.20%

-9.96%

4.69%

5.33%

5.08%

14.47%

2017 Q1

196

207,500

48

253,620

249,591

140

48,919,907

% Change

16.67%

4.67%

-26.92%

5.23%

4.72%

5.30%

22.17%

2016 Q1

168

198,250

65

239,427

238,352

133

40,043,080

Year-to-Date Sales by Property Type 2016

2017

168

653

2018

196

700

739

Condo/Town

213

Single Family


HENRICO COUNTY MARKET ANALYSIS First Quarter 2018

Inventory Levels & Months of Inventory

March 2017

March 2018

Single Family

Inventory 722

Months of Inventory 2.17

Inventory 551

Months of Inventory 2.00

Condo/Town

189

2.15

171

1.84

All

911

2.17

722

1.96

Four Year Historical Inventory

2015

1400

2016

1,345

2017

1,328

1,304

1,277 1,295

1200

1,165

1,165

1000

975

800

1,146 1,051

823

911

1,024

1,061

984

1,007

1,000

1,137

1,137 1,010

1,062 997

1,230

1,280

1,158

1,066

1,299

1,182

1,174 1,130

2018

994 892

945

885 842 729 722

752

672

600 January

February

2015 Inventory New Listings 2016 Inventory New Listings 2017 Inventory New Listings 2018 Inventory New Listings

March

April

May

June

July

August

September October

November December

Jan 1,165 503 997 410

Feb 1,130 440 975 474

Mar 1,174 632 1,066 706

Apr 1,277 707 1,062 639

May 1,295 618 1,165 650

Jun 1,345 584 1,182 558

Jul 1,328 572 1,158 540

Aug 1,280 480 1,137 500

Sep 1,304 504 1,146 490

Oct 1,299 470 1,137 476

Nov 1,230 364 1,024 324

Dec 1,061 227 885 284

823 434 672 406

842 499 729 529

911 676 722 621

945 644

1,000 706

1,051 638

1,007 538

1,010 538

994 607

984 517

892 339

752 270

3 KEY TAKEAWAYS 1. Total sales dipped by 2%, but this masked a more than 5% drop in single family homes, as condos and townhouses buffered the fall, rising more than 8.5% over the same period. 2. Price per square foot jumped by more than 7.5% from year prior for single family homes. 3. The amount of available homes fell by more than 20% from the same time last year, and left less than a two month supply of homes on the market at the end of the quarter.


GOOCHLAND COUNTY MARKET ANALYSIS First Quarter 2018

Market Snapshot

23%

$339,500

TOTAL SALES

MEDIAN SALES PRICE

TOTAL INVENTORY

There were 69 total sales this past quarter compared to 56 in Q1 2017. This translates to a 23% year-over-year increase.

The median sales price this past quarter was $339,500 compared to $420,000 in Q1 2017.

At the end of this past quarter, total inventory levels were up 17% compared to the end of Q1 2017.

65

17%

4.86

DAYS ON MARKET

MONTHS OF INVENTORY

Homes sold this past quarter spent an average of 65 days on market before being sold.

At the end of this past quarter, there were 4.86 months of inventory available.

Five Year Sales Trend (Total Sales) 120

111 101

100

92

80 68

70

68

60

76

73

98 92

88

71

93

70

69

64 52

56

56 49

46 40

20

'18 Q1

'17 Q4

'17 Q3

'17 Q2

'17 Q1

'16 Q4

'16 Q3

'16 Q2

'16 Q1

'15 Q4

'15 Q3

'15 Q2

'15 Q1

'14 Q4

'14 Q3

'14 Q2

'14 Q1

'13 Q4

'13 Q3

'13 Q2

'13 Q1

0

Quarterly Performance & Yearly Growth

2018 Q1

TOTAL SALES 69

MEDIAN SALES PRICE 339,500

AVG. DAYS ON MARKET 65

AVG. LIST PRICE 428,259

AVG. SALES PRICE 414,050

Avg. $/SQ.FT. 158

TOTAL VOLUME 28,569,456

% Change

23.21%

-19.17%

-22.89%

-15.93%

-13.40%

-4.23%

6.70%

2017 Q1

56

420,000

85

509,397

478,115

165

26,774,425

% Change

14.29%

18.31%

-15.35%

6.32%

3.76%

15.93%

18.59%

2016 Q1

49

355,000

100

479,134

460,769

142

22,577,661

Richmond Q1 2018 Nest Market Report  

An overview of how the Richmond metro real estate market performed in the first quarter of 2018.

Richmond Q1 2018 Nest Market Report  

An overview of how the Richmond metro real estate market performed in the first quarter of 2018.

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