May 16, 2013

Greater Richmond Real Estate Market Snapshot – April ’13

sold snapshot old

Well, I am late reporting for April, too, but at least not as late as I was in March! Boy, I am beginning to sound like a broken record, since I am reporting another great month in April.  The number of units sold was up over 20% on the March number and over 40 % on both January’s and February’s numbers. All areas had lower Days on Market with Fan & Museum District along with West End City being incredibly low. And while the existing inventory has increased by over 10 % since the beginning of the year, the months of inventory continues to drop. The Sales/List Price Ratio in most areas continues to strengthen as homes sell closer to their list price. And let’s not forget, the average dollar per square foot is better in most areas. Sure sounds rosy out there, doesn’t it? But my real concern is the number of trustee sales advertised weekly remains over a 100 each week, yet the sales aren’t happening as the sales are cancelled at the courthouse steps. I can’t drive into any subdivision and not spot a property that has been secured by the lender and remains off the market. The number of bank owned properties on the market is at the 4 year low. Something just isn’t right; and I hope we’re not creating another bubble. Anyway, here’s the Market Snapshot for April ’13.

For the 14 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in April 2013 $ 462,180
Median Sales Price …………..   $ 432,500
Sales Price/List Price Ratio …….. 97 %
Days on Market ………………… 16
Months of Inventory …………..  2.79
Average Size 4 bedrooms 2.5 baths of 2,519 sq ft
Average $ per square foot ……….$ 182.95

For the 29 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in April 2013 $ 569,415
Median Price …………………$ 349,950

Sales Price/List Price Ratio ……. 98 %
Days on Market ………………… 11
Months of Inventory ………….. 2.69
Average Size 4 bedrooms, 2.5 baths of 2,496 sq ft
Average $ per square foot……..   $ 202.10
For the 21 homes sold on the Northside of the City of Richmond
(Holton School District)
Average Sales Price in April 2013  $ 248,971
Median Price ……………….  $ 230,000

Sales Price/List Price Ratio ……. 95 %
Days on Market ………………… 56
Months of Inventory ………….  1.90
Average Size 4 bedrooms, 2.5 baths of 2,030 sq ft
Average $ per square foot……..   $ 122.70
For the 32 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in April 2013 $ 225,351
Median Price ……………….. $ 121,000
Sales Price/List Price Ratio ……. 97 %
Days on Market ………………… 37
Months of Inventory …………. 4.16
Average Size 3 bedrooms, 2.5 baths of 1,935 sq ft
Average $ per square foot……..   $ 115.01

For the 90 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238, & 23294)
Average Sales Price in April 2013 $ 308,511
Median Sales Price …………  $ 261,625
Sales Price/List Price Ratio ……….  98 %
Days on Market ……………….    36
Months of Inventory ………….   2.81
Average Size 4 bedrooms 2.5 baths of 2,264 sq ft
Average $ per square foot ………. $ 133.09
For the 95 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for April 2013 $ 224,194
Median Sales Price ………….. $ 204,900

Sales Price/List Price Ratio ……..  99 %
Average Days on Market………… 53
Months of Inventory …………….. 6.19

Average Size 4 bedroom, 2.5 baths of 2,424 square ft
Average $ per square foot ………..$ 91.99

For the 70 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for April 2013 $ 341,916
Median Sales Price…………… $ 315,000
Sales Price/List Price Ratio ………  98 %
Average Days on Market ………….  44

Months of Inventory ……………   2.73
Average Size 4 bedrooms, 3.5 baths of 2,629 sq ft
Average $ per square foot……… $ 128.22
For the 76 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for April 2013 $ 246,585
Median Price …………………  $ 225.950
Sales Price/List Price Ratio ……… 98 %
Average Days on Market …………. 54
Months of Inventory ……………  3.6

Average Size 4 bedrooms, 2.5 baths 2,230 sq ft
Average $ per square foot ……….. $ 112.42
For 101 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for April 2013 $ 275,365
Median Price ………………… $ 243,500
Sales Price List Price Ratio …….    98 %
Average Days on Market ………… 50
Months of Inventory …………….  3.61
Average Size 4 bedrooms, 2.5 baths of 2,400 sq ft
Average $ per square foot……….. $ 112.87

May 12, 2013

Bank Owned Weekly for the Week of May 12, 2013

foreclosure 2Happy Mother’s Day !!

I am sure you have big plans for today, so I’ll get right to it.

Here are the links for Bank Owned Weekly for May 12th in both Single Family Residences and Condos & Townhouses.

 

Group 1 of Single Family Homes in West End Richmond.

Group 2 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 2 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Our next Renovation Finance Workshop will be on Saturday, June 1st at St. John’s Church on Church Hill. We begin at 9 a.m. and will also be covering tax credits. These are not only tax abatements but historic tax credits, too. St. John’s is located at 2401 E. Broad St. This workshop will run about 3 hours. Sign up at the link below:

www.RenovationFinanceWorkshop.com

And while you’re thinking about Renovation Finance, why don’t you watch this quick video and learn more:

http://youtu.be/cC6BK6knReY

If  you want to see anything, feel free to call either Laura, 804.339.6607, or me, 804.301.7598.

May 5, 2013

Bank Owned Weekly for the Week of May 5, 2013

foreclosure 2

Brr, Another Ice Age!! What’s with the weather? Yesterday, I got up; and after my early morning workout I put on shorts expecting a warm May day. Boy, did I get tricked. Expect another cool one today.

One thing that remains hot is the Real Estate Market. escalator clauses are starting to appear with regulatory. I don’t think this is a particularly good thing. Yes, the market is a little short on inventory but prices haven’t increased that much. Don’t we remember what got us into this mess that’s entering its 7th year?

Here are the links for Bank Owned Weekly for May 5th in both Single Family Residences and Condos & Townhouses.

Group 1 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Group 2 of Townhouses and Condominiums for Western Chesterfield.

And since I mentioned Escalator Clauses, let’s take a video tutorial on what they are. This is from 2009, so while I might look a little younger, I can assure you I am a bit more svelte:

http://www.youtube.com/watch?v=tk5roGzSEhQ&feature=share&list=UU0mxrSHmSFNf95aZWAFGyMA

If  you want to see anything, feel free to call either Laura, 804.339.6607, or me, 804.301.7598.

April 28, 2013

Bank Owned Weekly for the Week of April 28, 2013

foreclosure 2

Gentlemen, Start Your Engines!! Do they still say that with Danica driving these days? Make it out to RIR? Frankly, I avoided the area from Wednesday on, but I do like having the two race weekends each year.

Here are the links for Bank Owned Weekly for April 28th in both Single Family Residences and Condos & Townhouses.

Group 1 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Group 2 of Townhouses and Condominiums for Western Chesterfield.

Don’t forget this Wednesday evening May 1st, we will hold our Renovation Finance Workshop from 6 p.m. to 8 p.m. at our offices at Virginia Capital Realty, 1104 N. Thompson Street, Richmond, VA 23230. I can’t stress enough the opportunity that exists for properties, especially HUD owned ones, to earn significant equity using Renovation Finance. Come learn all about it by registering below:

www.RenovationFinanceWorkshop.com

If  you want to see anything, feel free to call either Laura, 804.339.6607, or me, 804.301.7598.

April 25, 2013

Greater Richmond Real Estate Market Snapshot – March ’13

sold snapshot old   I am embarrassed to say I’ve had these stats done for about 10 days, but have been too lazy to write the summary. You can see March was another great month!!! The number of units sold was up over 20% over January’s and February’s number. The Sales/List Price Ratio in most areas strengthened meaning homes sold closer to their list price. Inventory increased marginally, except in the million dollar range where the number of homes exploded. Dare I say it? We are FINALLY having that Spring Market that we’ve waited for 6 years now to have.  Here’s the Market Snapshot for March ’13.

For the 11 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in March 2013 $ 448,319
Median Sales Price …………..   $ 445,000
Sales Price/List Price Ratio …….. 102 %
Days on Market ………………… 43
Months of Inventory …………..  2.27
Average Size 3 bedrooms 3.5 baths of 2,391 sq ft
Average $ per square foot ……….$ 180.83

For the 16 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in March 2013 $ 300,300
Median Price …………………$ 274,000

Sales Price/List Price Ratio ……. 97 %
Days on Market ………………… 26
Months of Inventory ………….. 4.06
Average Size 3 bedrooms, 2.5 baths of 1,802 sq ft
Average $ per square foot……..   $ 170.26

For the 17 homes sold on the Northside of the City of Richmond
(Holton School District)
Average Sales Price in March 2013  $ 229,964
Median Price ……………….  $ 225,000

Sales Price/List Price Ratio ……. 97 %
Days on Market ………………… 85
Months of Inventory ………….  2.88
Average Size 4 bedrooms, 2.5 baths of 1,923 sq ft
Average $ per square foot……..   $ 123.64

For the 27 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in March 2013 $ 140,963
Median Price ……………….. $ 121,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ………………… 46
Months of Inventory …………. 4.22
Average Size 3 bedrooms, 2.5 baths of 1,462 sq ft
Average $ per square foot……..   $ 95.54

For the 72 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238, & 23294)
Average Sales Price in March 2013 $ 257,570
Median Sales Price …………  $ 238,099
Sales Price/List Price Ratio ……….  97 %
Days on Market ……………….    45
Months of Inventory ………….   2.93
Average Size 4 bedrooms 2.5 baths of 2,098 sq ft
Average $ per square foot ………. $ 123.06

For the 113 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for March 2013 $ 199,864
Median Sales Price ………….. $ 172,000

Sales Price/List Price Ratio ……..  97 %
Average Days on Market………… 64
Months of Inventory …………….. 4.80

Average Size 4 bedroom, 2.5 baths of 2,119 square ft
Average $ per square foot ………..$ 93.53

For the 44 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for March 2013 $ 347,364
Median Sales Price…………… $ 30,745
Sales Price/List Price Ratio ………  97 %
Average Days on Market ………….  38

Months of Inventory ……………   4.56
Average Size 4 bedrooms, 3.5 baths of 2,792 sq ft
Average $ per square foot……… $ 123.14

For the 55 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for March 2013 $ 264,432
Median Price …………………  $ 234,950
Sales Price/List Price Ratio ……… 100 %
Average Days on Market …………. 55
Months of Inventory ……………  5.00

Average Size 4 bedrooms, 2.5 baths 2,311 sq ft
Average $ per square foot ……….. $ 119.21

For 88 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for March 2013 $ 266,489
Median Price ………………… $ 247,475
Sales Price List Price Ratio …….    99 %
Average Days on Market ………… 53
Months of Inventory …………….  4.27
Average Size 4 bedrooms, 2.5 baths of 2,379 sq ft
Average $ per square foot……….. $ 109.48

April 21, 2013

Bank Owned Weekly for the Week of April 21, 2013

foreclosure 2Spring at Last!! Now that I have lost so much weight, I really feel the cold weather despite the REAL ESTATE market being so hot of late. I can’t tell you how delighted I am that the weather is consistently warmer every day. Maybe I sing a different tune come the dog days of Summer.

Here are the links for Bank Owned Weekly for April 21st  in both Single Family Residences and Condos & Townhouses.

Group 1 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Group 2 of Townhouses and Condominiums for Western Chesterfield.

On Wednesday evening May 1st, we will hold our Renovation Finance Workshop from 6 p.m. to 8 p.m. at our offices at Virginia Capital Realty, 1104 N. Thompson Street, Richmond, VA 23230. I can’t stress enough the opportunity that exists for properties, especially HUD owned ones, to earn significant equity using Renovation Finance. Come learn all about it by registering below:

www.RenovationFinanceWorkshop.com

If  you want to see anything, feel free to call either Laura, 804.339.6607, or me, 804.301.7598.

April 14, 2013

Bank Owned Weekly for the Week of April 14, 2013

foreclosure 2How’s the Pollen? Don’t you love the yellow tint to everything? But not for the Real Estate Market which isn’t showing any cautionary yellow. The market remains very strong, which does concern me, since I don’t think we’ve reach the reached the bottom. Close but there’s more distressed properties we need to work our way through.

Here are the links for Bank Owned Weekly for April 14th in both Single Family Residences and Condos & Townhouses.

Group 1 of Single Family Homes in West End Richmond.

Group 2 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 2 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Group 2 of Townhouses and Condominiums for Western Chesterfield.

On Wednesday evening May 1st, we will hold our Renovation Finance Workshop from 6 p.m. to 8 p.m. at our offices at Virginia Capital Realty, 1104 N. Thompson Street, Richmond, VA 23230. I can’t stress enough the opportunity that exists for properties, especially HUD owned ones, to earn significant equity using Renovation Finance. Come learn all about it by registering below:

www.RenovationFinanceWorkshop.com

If  you want to see anything, feel free to call either Laura, 804.339.6607, or me, 804.301.7598.

April 7, 2013

Bank Owned Weekly for the Week of April 7, 2013

foreclosure 2

Finally, a pretty day and how about we’re going to have a warm week! It’s about time. Happy with the match up in the Final Four? Should be a great championship game.

Here are the links for Bank Owned Weekly for April 7th in both Single Family Residences and Condos & Townhouses.

Group 1 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 2 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Group 2 of Townhouses and Condominiums for Western Chesterfield.

Nothing new to report; so if you want to see anything, feel free to call either Laura, 804.339.6607, or me, 804.301.7598.

April 1, 2013

Bank Owned Weekly for the Week of March 31, 2013

Happy Easter! I am sure you’re busy today, so I won’t waste your time with idle chit chat. I am sure you are like me and can’t wait for Spring to finally arrive. At least yesterday and today give some hint we’re almost there.

Here are the links for Bank Owned Weekly for March 31st in both Single Family Residences and Condos & Townhouses.

Group 1 of Single Family Homes in West End Richmond.

Group 2 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 2 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Our Renovation Finance Workshop last Wednesday night was well attended. The opportunities for owner occupant homes in HUD homes are the best I have ever seen them. You’ve heard me Say it many times that young person/couple just starting out they can accumulate a tremendous amount of home equity quickly utilizing Renovation Finance. Plan on attending one of our Workshops soon.

And if you want to see anything, feel free to call either Laura, 804.339.6607, or me, 804.301.7598.

March 24, 2013

Bank Owned Weekly for the Week of March 24, 2013

     Com’ On Now! It supposed to be Spring. We’re supposed to be enjoying “havoc” with the Rams. Boy, they sure were flat yesterday after how well they played Thursday. And now we might get some snow. Oh, brother!

Here are the links for Bank Owned Weekly for March 24th in both Single Family Residences and Condos & Townhouses

 

Group 1 of Single Family Homes in West End Richm0nd.

Group 2 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 2 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Wednesday night, March 27th, we will be having our FREE Renovation Finance Workshop. We have a new venue for this month’s seminar. We’re holding it at University of Richmond DOWNTOWN, 626 E. Broad Street, Richmond, VA 23219. UR Downtown is located at the corner of 7th Street and E. Broad St. We start at 7 p.m. and got to 9 p.m. If you like to attend, you can register at www.RenovationFinanceWorkshop.com or call me at 804.301.7598.

And if you want to see anything, feel free to call either Laura, 804.339.6607, or me, 804.301.7598.

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