Brick’s Blog

     Sorry, I have had these figures compiled for awhile, I just have not bothered to post them. While the current numbers shows ‘08 trailing ’07 in the number of homes sold year to date by 31%, this is an improvement over my last report in June were this number stood at 34%. As I reported then, I believe this number will continue to decline and hopefully we will end ‘08 with a decline of only 25%. ‘07 ended with a 11% decline from ‘06, so our local real estate market woes continue. Despite these catastrophic numbers, it ain’t all that bad out there, especially in comparison to other areas of the country. Our inventory levels are dropping, our sale prices are remaining stable with only a slight decrease, and our days on market while up are miniscule compared to other areas. Here’s the data thru August.

August YTD		2008				2007
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales
0 – 99,999		303		4.85%		363		4.01%
100,000 – 199,999		1747		27.97%		2567		28.38%
200,000 – 299,999		2176		34.84%		3064		33.88%
300,000 – 399,999		1003		16.06%		1520		16.81%
400,000 – 499,999		457		7.32%		702		7.76%
500,000 – 599,999		216		3.46%		320		3.54%
600,000 – 699,999		125		2.00%		200		2.21%
700,000 – 799,999		77		1.23%		112		1.24%
800,000 – 899,999		50		0.80%		71		0.79%
900,000 – 999,999		18		0.30%		47		0.52%
1 Million plus		73		1.17%		78		0.86%
Total Sales/Pct.		6245		100.00%		9044		100.00%

     Boy, has it been a month since I posted? Sorry, been busy. I feel like I have to sell every home twice these days. I don’t know about other agents, but transactions are coming apart over the smallest, and frankly, the stupidest things. Buyers are definitely driving the bus, but they shouldn’t be driving over the pedestrians on the sidewalks. I’ll soapbox more about this in subsequent posts, but for now here’s the sales activity for August.

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 August $ 344,359

Median Sales Price ……………   $ 323,500

Sales Price/List Price Ratio …….. 95.4 %

Days on Market …………………….. 52

Average Size 3 bedrooms 2.5 baths of 1,902 sq ft

Average $ per square foot ……….$ 181.05

 

For the 45 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in August  $ 565,805

Median Price ………………………  $ 425,000

Sales Price/List Price Ratio ……. 96.4 %

Days on Market ……………………. 56

Average Size 3 bedrooms, 2.5 baths of 2,586 sq ft

Average $ per square foot……..   $ 218.80

 

For the 92 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23233, 23238)

Average Sales Price in August  $ 367,670

Median Sales Price ……………    $ 274,000

Sales Price/List Price Ratio ……….  95.1 %

Days on Market …………………….    92

Average Size 4 bedrooms 2.5 baths of 2,526 sq ft

Average $ per square foot ………. $ 145.55

 

For the 123 single family homes sold in Chesterfield

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

Average Sales Price for August  $ 271, 726

Median Sales Price …………… $ 253,000

Sales Price/List Price Ratio ……..  97.07 %

Average Days on Market……………. 71

Average Size 4 bedroom, 2.5 baths of 2,349 square ft

Average $ per square foot ………..$ 115.68

 

For the 57 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for August $ 343, 797

Median Sales Price………………  $ 293,000

Sales Price/List Price Ratio ………  96.2 %

Average Days on Market ………….   63

Average Size 4 bedrooms, 2.5 baths of 2,526 sq ft

Average $ per square foot……… $ 136.10

 

For the 54 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for August $ 284,122

Median Price ……………………     $ 252,500

Sales Price/List Price Ratio ……… 97.2 %

Average Days on Market ………….. 64

Average Size 4 bedrooms, 2.5 baths 2,214 sq ft

Average $ per square foot ……….. $ 128.33

 

For 109 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for August $ 325,726

Median Price ……………………..   $ 295,000

Sales Price List Price Ratio …….    96.6 %

Average Days on Market …………..  70

Average Size 4 bedrooms, 2.5 baths of 2,529 sq ft

Average $ per square foot……….. $ 128.80