New Richmond Home Sales Update | May 2017 | New Richmond School District
New Richmond Homes For Sale
The momentum of home sales continues to be great for New Richmond Homes for sale. 91 closings for the last 6 months is the best it has been since the start of the year.
Homes vary in sale price depending on the number of bedrooms. Homes with 4 or more bedrooms are significantly more than 3 bedroom homes, starting an average of $312,706. For the most part, the larger homes are in communities like Legendary Run. Other areas like Monroe Township and through out the area have an average sale price for 3 bedroom homes being $196,000.
Of the largest concern is the absorption rate which determines if it is a sellers or buyer’s market. It has dropped slightly to 6.38 from April’s 7.3 which is a moderate buyer’s market. We will continue to watch both the sale price to asking price ratio as well as the days on market. Right now both of those are strong, however, if they start falling, it could be the signal for home sellers to become more aggressive on their pricing and marketing strategies.
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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
