subject: Richmond Homes Market Comparison Report (february 2009 Vs. February 2010) [print this page] We analyze several housing market indicators in order to present an in-depth breakdown of Richmond Homes Market comparing February 2009 to February 2010.
Summary of Key Points
Richmond Homes has started showing signs of improvement with median sales price climbing up while at the same time houses are selling faster. The drop in units sold is not a surprise. It is a combination of slow decision on short sales by the lenders and reduced number of Bank REOs.
Key Statistics, Richmond, CA: Median Sales Price (12.73%), Median Days on Market (-15.86%), and Number of Units Sold (-40.71%), Sales Price to List Price Ratio (Feb 09 98% - Feb 10 102%)
Richmond Homes
The city of Richmond experienced a 12.73% increase in median sales price from last year going up from $153,276 (Feb. 09) to $172,782 (Feb. 2010). Median days on market data for Richmond shows that houses are selling faster than Feb 09. It took 48 days in Feb 09 for a house to sell and for Feb 10 that number has gone down to 40 days (a 15.86% improvement). Another important factor to consider is total number of units sold. In the month of Feb 09, 140 units were sold compared to 83 for Feb 10 (-40.71% change). Lastly we are going to take a look at the Sales Price to List Price Ratio for Richmond. SP/LP ratio for Feb 09 was 98% compared to 102% for Feb 10.
Lets take a brief look at neighbors Berkeley and Oakland. Berkeley Homes featured a -8.17% decrease in median sales price ($676,561 Feb 09 - $621,283 Feb 10) and Oakland Homes saw a 24.02% increase ($220,619 Feb 09 - $273,617 Feb 10). Are houses in Berkeley and Oakland selling faster or slower this year? Well, Berkeley experienced a 27.71% decrease (40 to 29 days) in median days on market and Oakland saw a 32.14% decrease (60 to 40 days). In the units sold category, Berkeley sold 2 units more (8.70%) in Feb 2010 than 09 and Oakland sold 54 units less (-21.26%) in Feb 2010 than Feb 09.
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