The May property stats are out, my name is Franklin from Revolution Real Estate.
In Richmond, there were 24 sales with a median price of $880,000. The average number of days on the market was 20. The lowest sale was in William Street at $570,000 and the highest in Concordia Drive at $1,500,800. A third of all the sales sold for a Million Dollars or more.
In Nelson there were 65 sales with a median price of $700,750. Average days on the market was 27. The lowest sale price was In Otterson Street at $375,000 and the highest at Werneth Street at $2.72 Million.
As I have mentioned in my last market update low listing numbers are contributing hugely to the price increases we are seeing, particularly in Richmond where there is strong demand for homes from out of town buyers.
And unless there is a huge increase in the amount of available listings the price increases will continue unabated.