Yikes!!! Was pretty scary this morning, when I was looking at the number of closed sales for July versus the closed sales we just had in June. Some areas saw a 50 % drop in those numbers. Is anyone now doubting what I have been saying about the market was driven by the $8,000 Tax Credit for 1st Time Buyers? There is some good news. The $ per square foot cost was very stable, which means home prices were stable. Days on market was consistent, too. Another good sign. Here’s the snapshot for July 2010;
For the 12 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in July $ 490,876
Median Sales Price ………….. $ 472,000
Sales Price/List Price Ratio …….. 95 %
Days on Market …………………….. 59
Months of Inventory ………….. 10.1
Average Size 4 bedrooms 2.5 baths of 3,052 sq ft
Average $ per square foot ……….$ 163.68
For the 14 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in July $ 408,035
Median Price ……………………… $ 323,000
Sales Price/List Price Ratio ……. 97 %
Days on Market ……………………. 70
Months of Inventory ………….. 9.6
Average Size 3 bedrooms, 2.5 baths of 2,085 sq ft
Average $ per square foot…….. $ 185.77
For the 10 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in July $ 315,400
Median Price ……………………… $ 241,000
Sales Price/List Price Ratio ……. 97 %
Days on Market ……………………. 63
Months of Inventory …………. 6.2
Average Size 4 bedrooms, 2.5 baths of 2,385 sq ft
Average $ per square foot…….. $ 137.11
For the 45 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in July $ 176,142
Median Price ………………….. $ 153,500
Sales Price/List Price Ratio ……. 92 %
Days on Market ……………………. 50
Months of Inventory …………. 18.5
Average Size 3 bedrooms, 2.5 baths of 1,693 sq ft
Average $ per square foot…….. $ 94.69
For the 79 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in July $ 344,090
Median Sales Price …………… $ 304,000
Sales Price/List Price Ratio ………. 96 %
Days on Market ……………………. 55
Months of Inventory …………. 6.2
Average Size 4 bedrooms 2.5 baths of 2,485 sq ft
Average $ per square foot ………. $ 135.82
For the 62 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for July $ 240,357
Median Sales Price …………… $ 205,500
Sales Price/List Price Ratio …….. 96 %
Average Days on Market……………. 92
Months of Inventory …………….. 16.1
Average Size 4 bedroom, 2.5 baths of 2,304 square ft
Average $ per square foot ………..$ 105.79
For the 60 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for July $ 349,407
Median Sales Price……………… $ 307,450
Sales Price/List Price Ratio ……… 97 %
Average Days on Market …………. 52
Months of Inventory …………… 7.0
Average Size 4 bedrooms, 3.5 baths of 2,805 sq ft
Average $ per square foot……… $ 124.02
For the 33 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for July $ 258,842
Median Price …………………… $ 256,000
Sales Price/List Price Ratio ……… 93 %
Average Days on Market ………….. 93
Months of Inventory …………… 17.5
Average Size 4 bedrooms, 2.5 baths 2,248 sq ft
Average $ per square foot ……….. $ 115.65
For 80 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for July $ 329,622
Median Price …………………….. $ 312,734
Sales Price List Price Ratio ……. 97 %
Average Days on Market ………….. 71
Months of Inventory ……………. 9.8
Average Size 4 bedrooms, 3.5 baths of 2,840 sq ft
Average $ per square foot……….. $ 113.83