The Holiday Season Begins with a Bright Outlook

November 20, 2012

As we delve deeper into a traditionally slower home buying and selling season, a look at sales performance over the past month provides one more cause for residents and REALTORS® of the Greater Richmond area to celebrate and give thanks this month.  This past October marked a month-over-month home sales increase over September, in all home categories (resale, new construction, single family, and condo/townhouse).

Among the jurisdictions of the Central Virginia Regional Multiple Listing Service, Henrico and Richmond continue to be the pacesetters in the Richmond Metro area, while Hopewell and Colonial Heights are the bright spots in the Tri-Cities market.

The Greater Richmond housing market continues to outpace 2011 in all indicators except the average sale price of condos; and in this category, only the resale condo prices continue to lag a bit, while the average newly constructed condo price rose by $20,658 from September to October.

While the buzz of the housing market tends to slip into a lulled period during the holiday season, a survey of agents conducted by the National Association of REALTORS® last year concluded that sixty percent advise their clients to list a home during the holidays; sixty-one percent touted the benefit of less competition, and seventy-nine percent said that more serious buyers tend to come out during this time.  Seventeen percent claimed that the cold weather actually becomes a positive factor, making homes feel cozier.

Dreaming of a new home for the holidays? Visit homes.richmond.com to see what’s available in the area.