The Richmond apartment market is starting to show signs of a build in inventory, the latest number from mls is showing for the last 5 months there’s been a steady increase in the number of listings.
Look at the graph below
As you can see there has been a significant increase in listings, with 2007 coming and it being the most active year for condo’s coming on the market it looks like it could shape a to be a good year for renters. Lots of choice.
The bottom line, if people cant rent there mortgages out at least at a 90% value meaning if you pay $1000/month mortgage payment and cant rent that place out for at least $900 we could start to see the market in the Richmond are finally start to correct.
Later this month we will have a new report out on the number of days it’s taking to sell an apartment now. If we see a significant increase then it is a very good sign of a cooling market.
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