Brick’s Blog

     My preliminary "spin" for May 2008 is a flat market. It appears we picked up "no steam" in May; and once again we will not have a Spring Market. The number of sales closed was very comparable to April’s number. The "pending" sales dropped in May from April’s improved number. Inventories were up slightly and a number of submarkets had signficant increases in units sold. I’ll comment further on the market conditions later this week.

     Here’s the breakdown for various localities within Greater Richmond. If you would like an area not covered below to be covered each month, please let me know. If the area has enough sales activity, I’ll be delighted to include it in this reporting.

For the 22 single family homes sold in

Fan & Museum District of the City of Richmond

(Fox and John B. Cary School Districts)

Average Sales Price in May   $ 414,268

Median Sales Price ……………  $ 372,000

Sales Price/List Price Ratio …….. 96.3 %

Days on Market …………………….. 55

Average Size 3 bedrooms 2.5 baths of 2,335 sq ft

Average $ per square foot ……….$ 177.42

 

For the 43 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in May   $ 540,952

Median Price ……………………. $ 352,000

Sales Price/List Price Ratio ……. 94.9 %

Days on Market ……………………. 44

Average Size 3 bedrooms, 2.5 baths of 2,545 sq ft

Average $ per square foot……..   $ 212.55

 

For the 70 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23233, 23238)

Average Sales Price in May    $ 380,322

Median Sales Price ……………  $ 288,000

Sales Price/List Price Ratio ……….  94.7 %

Days on Market …………………….    56

Average Size 4 bedrooms 2.5 baths of 2,414 sq ft

Average $ per square foot ………. $ 157.55

 

For the 98 single family homes sold in Chesterfield

(Zips 23831, 23832, 23834, 23836, and 23838)

Average Sales Price for May  $ 322,926

Median Sales Price ………….$ 271,000

Sales Price/List Price Ratio ……..  96.7 %

Average Days on Market……………. 83

Average Size 4 bedroom, 2.5 baths of 2,530 square ft

Average $ per square foot ………..$ 118.34

 

For the 73 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for May    $ 380,312

Median Sales Price………………  $ 331,500

Sales Price/List Price Ratio ………  97.6 %

Average Days on Market ………….   54

Average Size 4 bedrooms, 2.5 baths of 2,578 sq ft

Average $ per square foot……… $ 147.52

 

For the 59 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for May  $ 301,747

Median Price ……………………   $ 265,500

Sales Price/List Price Ratio ……… 98.1 %

Average Days on Market ………….. 61

Average Size 4 bedrooms, 2.5 baths 2,169 sq ft

Average $ per square foot ……….. $ 139.12

 

For 112 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for May   $ 333,914

Median Price …………………….. $ 280,000

Sales Price List Price Ratio …….    97.5 %

Average Days on Market …………..  70

Average Size 4 bedrooms, 2.5 baths of 2,506 sq ft

Average $ per square foot……….. $ 140.98

     I feel a little bit like Shoeless Joe Jackson myself these days. There was a time when you couldn’t drive through a neighborhood and not find a father and son out "whipping the pill."  Growing up with my three brothers, we had a hall closet where all our athletic gear was stored. Basically, it contained 3 things - a baseball, a football and a basketball. Of course, there were gloves, bats, and maybe the odd tennis racket in the closet, too, but hours of enjoyment and entertainment could and were had with one of the balls, especially the baseball.

     For the majority of the year, baseball was the sport. Every recess at school, every afternoon, and every weekend day was spent playing baseball. I can remember Saturdays where a group of us would just gather at a vacant field in the town of Warsaw and play all day. The only break would be when one of our mothers would call us in to feed us all a quick sandwich. No need for carpools, we’d ride our bikes there. No need for uniforms, since we’d play as "shirts and skins." And no trophies needed, since we all knew and accepted who the better players were and we knew with practice we could improve.

     And our equipment? Many times we felt lucky to have one ball even if it was wrapped with electrical tape to keep it from unwinding. Our bats invariably were broken and had been mended and made playable with brads and the indispensable cure-all, electrical tape. Our gloves were soft and pliable due to our constant applications of saddle soap and our fist pounding to get the pocket just right.

     These days when I do see a father and son playing catch it evokes many fond memories, even the ones involving broken windows! 

     I bank with BB&T. If you don’t know what BB&T is short for - it is Branch Banking & Trust. BB&T’s origins are in Wilson, NC.  Wilson is a sleepy eastern Carolina town with deep agricultural roots. If you have ever known any true Tar Heels from eastern Carolina, then you know what their accent sounds like. Nite, lite, rite are good examples.

    So what’s with the BB&T’s ATM at the corner of Broad and Gaskins? This ATM services BB&T’s clients with a clipped English accent. This just ain’t rite, when I need sum cash I don’t need to here dat my transactun is bein’ "pro’cessed."  Just git me my money.