New Richmond Home Sales Update | July 2017 | New Richmond School District
New Richmond Homes For Sale
This month’s New Richmond Home Sales Update continues to show a strong trend that continues from previous months.
Sold homes continues to be strong. While not the year record from June, July’s sales were a respectable six month total of 94 sales.
Two competing numbers that seem to work against each other are the absorption rate and the sale to list price ratio. The absorption rate that measures if it is a buyer or seller market sits at 6.5. That has started leaning toward more of a buyer’s market. However, offsetting that is the 97.25% sellers are seeing of their list price. Combined with the highest average sale price for the year, it is acting more like a seller’s market.
If you are thinking of selling, now would be a good time. The concerns on the horizon are how much the interest rate will be raised and the absorption rate. As we leave the busier time of the year for real estate, more homes become available due to a diminishing pool of buyers. An interest rate increase directly impacts how much home a buyer can afford. While there isn’t anything on the horizon that would be a cause of great concern, the two items mentioned above would like increase time on market as well as seeing as high of a price for homes.
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New Richmond School District Market Update (Each month is the previous 6 months totals & averages)
Active Listings Pending Listings Sold Listings Avg Active Price Avg Sold Price % of List
To Sale PriceAbsorption Rate
> 6 = Buyer's Market
< 5 = Seller's Market Avg Days
On Market
January, 2017
February, 2017 59 27 84 $340,509 $209,659 96.27% 6.2 65
March, 2017 76 21 86 $306,173 $223,515 96.35 6.78 63
April, 2017 71 26 80 $310,809 $229,393 96.75% 7.3 54
May, 2017 69 28 91 $349,450 $234,156 96.8% 6.38 53
June, 2017 62 31 96 $344,182 $221,729 97.17% 5.81 49
July, 2017 71 31 94 $326,465 $237,712 97.25% 6.5 50
August, 2017 69 31 100 $352,866 $250,180 97.16% 6.0 45
September, 2017 68 23 107 $320,539 $258,541 96.73% 5.1 50
October, 2017
November, 2017 62 16 102 $314,099 $246,932 96.15% 4.6 50
December, 2017 50 16 94 $318,926 $241,494 95.56% 4.2 51
