May 16, 2013
Greater Richmond Real Estate Market Snapshot – April ’13
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
