New Richmond Home Sales | August 2017 | New Richmond School District
New Richmond Homes For Sale
New Richmond Home Sales for the month of August has some encouraging trends. The first is the average sale price. It has increased approximately $12,000 since July. In part that is due to the sales of high end homes, but when the tide rises, all boats float. If the sales of higher priced homes has gone up, likely the price for lower priced homes have also risen. The other side of the coin is that is a rather large increase for one month. If it is the start of trend, it could signal a potential bubble that could quickly deflate. We’ll keep an eye on that for next month’s report.
A very good indicator is the days it takes on average for a home to sell. It has fallen to the lowest point of this calendar year of 45 days. Even with the increase on the sale price, it doesn’t appear to be slowing down the market. In fact, the total number of sales is also at its highest point of the calendar year at 100 homes sold.
Two competing numbers from last month 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 6.0. That has started leaning toward more of a buyer’s market. However, offsetting that is the 97.16% sellers are seeing of their list price. Those numbers have varied much since last month, however they will bear continued monitoring.
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 Price
> 6 = Buyer's Market
< 5 = Seller's 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