Although the holiday season has drawn to a close, the Midlothian real estate market has not given in to inertia and is still in full motion. Although the cold winter season is infamous for slowing down activity and sales, there are still plenty active buyers seeking to purchase. Sellers are excited about the average home listing to sale time of 44 days.
In December 2017, a total of 159 homes were sold, an increase of 3 percent when compared to the 155 homes sold in November 2017. Despite the increase, the overall total units sold is lower than last years, a 4 percent drop. There were 115 contracts pending sale as December ended.
Median Sales Price
The median sales price for December 2017 was $290,000, an increase from October 2017’s $279,425 and September 2017’s 281,635. This increase is an identical match to 2016’s median sales price. Sellers are receiving 100 percent of their asking price, like November 2017.
December 2017 saw 87 homes listed for sale, a decrease from November 2017’s 161 homes newly listed. The total amount of available units was brought to 272, a sharp decline of 30 percent when compared to November 2017, which had 386 units listed on the market. There were 1.9 months of home supply readily available, which is less than a third of the 6-month recommended real estate supply. This is down 24 percent from a year ago.
What this Means for Sellers
Sellers who opt to list their home at this time may find themselves waiting only slightly less for a sale than if they had listed their homes last year. Although the real estate market tends to stagnate in the winter, there is only a surprising 1.9 month of supply in Midlothian, VA, which means that their home is sure to be snatched up. There is little inventory being added to the market at this time of the year, and sellers with competitive prices can expect to earn 100 percent of their asking price.
What this Means for Buyers
With inventory dwindling and average listing buying time having increased, it is wise to move quickly to snag an ideal home. Moreover, the median sales price has already recovered from the November and October 2017 drop, and will only continue to increase as winter ends and spring arrives. However, this also means the selection of homes on the market will rise, and there will be more choices to be had. It would be ideal to buy now before the spring frenzy comes.
Real estate transactions are on the rise again, having quickly recuperated from last month’s holiday drop, despite still being winter. Although new listings have sharply decreased, buyers seem to be still purchasing what is on the market. Potential buyers should move fast, as listings will only continue to increase in price as spring makes way, and sellers should think about listing their homes in anticipation of the coming season.