Brick’s Blog

     I thought there might be some interest in West End Home Sales for the month of April along with year to date numbers. Since I am already compiling these numbers as part of my other posts, I thought I’d start breaking them out for publication.  These figures apply to Central Virginia Regional Multiple Listing Service’s Zones 20, 22, & 34.

April		Zone 20				Zone 22				Zone 34
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales
0 – 99,999		0		0.00%		0		0.00%		0		0.00%
100,000 – 199,999		1		4.55%		10		20.93%		7		17.95%
200,000 – 299,999		9		40.91%		24		50.00%		15		38.46%
300,000 – 399,999		5		22.73%		4		8.33%		8		20.51%
400,000 – 499,999		3		13.64%		5		10.42%		3		7.69%
500,000 – 599,999		1		4.55%		3		6.25%		6		15.38%
600,000 – 699,999		2		9.09%		1		2.08%		0		0.00%
700,000 – 799,999		1		4.55%		1		2.08%		0		0.00%
800,000 – 899,999		0		0.00%		0		0.00%		0		0.00%
900,000 – 999,999		0		0.00%		0		0.00%		0		0.00%
1 Million plus		0		0.00%		0		0.00%		0		0.00%
Total Sales/Pct.		22		100.00%		48		100.00%		39		100.00%
YTD		Zone 20				Zone 22				Zone 34
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales
0 – 99,999		0		0.00%		1		0.61%		3		2.14%
100,000 – 199,999		3		4.55%		38		23.03%		26		18.57%
200,000 – 299,999		24		40.91%		82		49.70%		54		38.57%
300,000 – 399,999		10		22.73%		20		12.12%		22		15.71%
400,000 – 499,999		5		13.64%		8		4.85%		17		12.14%
500,000 – 599,999		4		4.55%		6		3.64%		15		10.71%
600,000 – 699,999		2		9.09%		6		3.64%		1		0.71%
700,000 – 799,999		2		4.55%		1		0.61%		1		0.71%
800,000 – 899,999		1		0.00%		3		1.82%		0		0.00%
900,000 – 999,999		0		0.00%		0		0.00%		1		0.71%
1 Million plus		1		0.00%		0		0.00%		0		0.00%
Total Sales/Pct.		52		100.00%		165		100.00%		140		100.00%

     Yesterday, I attended the auction of bank owned foreclosures, which was held at the Richmond Convention Center. Approximately, 100 properties were auctioned covering an area from the Peninsula (Norfolk/Virginia Beach/Hampton Roads/Chesapeake) up to Charlottesville. On Saturday, about 250 properties located in Northern Virginia were auctioned at a Hyatt in Crystal City.

     At yesterday’s auction, there were about 20 properties sold that were in the greater Richmond area. The vast majority of these properties were in the City of Richmond. There were 4 properties sold that were located in good suburban areas. Each of these 4 properties I had shown or previewed when the property had been on the market and listed in MLS. So did the buyers on these properties “steal” something?

    I don’t think so. First, most of these properties were sold “subject to seller confirmation”, which means the auction was not an absolute one. Second, probably about 10 % – 15 % of the properties came back to  the block a second time. Don’t know why, but my guess is the folks buying didn’t have the funds for the down payment or had a glitch when they got in front of the lenders. Third, in talking with some of the old hands I met at the auction, their common complaint was title issues, which could take months to rectify with rectification being on their nickel. Oh yeah, they also mentioned how one sided the sales contract was with it all in favor of the seller.

     Com’ on, Brick, but what about the prices. Well, once you added the 5 % buyer premium to auction price, I am not so sure.  Anyway, I’ll be watching to see if any of these properties get relisted due to “seller confirmation.” If you interested in learning more about bank owned foreclosures, don’t forget my Saturday Morning Tour of Bank Owned Properties. Here’s a link if you’d like to register for the tour.

     As promised, here are the  2009 Year to Date statistics for single family home sales in the greater Richmond area with comparisons for the two preceding years.  Not a pretty picture, but we’re certainly not Las Vegas or southern Florida with their doomsday markets. These statistics cover our MLS Zones of 10, 20, 22, 24, 30, 32, 34, 36, 40, 42, 44, 50, 52, 54, 60, 62, 64 & 66, which I consider to be Richmond’s core market. Next week I will post some statistics specifically for the West End. And since I know, you’re all thriving on the bad news, well here it is …. year to date drop for ‘09 from ‘08 ….. 26.52 % …. and the one you really been waiting for …… the drop from ‘09 as compared to ‘07 …… 51.47 %.

April		2009				2008				2007
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales
0 – 99,999		226		11.70%		124		4.73%		226		5.69%
100,000 – 199,999		670		34.70%		793		30.22%		1239		31.19%
200,000 – 299,999		612		31.70%		924		35.21%		1304		32.82%
300,000 – 399,999		225		11.60%		381		14.52%		607		15.28%
400,000 – 499,999		82		4.20%		179		6.82%		294		7.40%
500,000 – 599,999		48		2.50%		97		3.70%		120		3.02%
600,000 – 699,999		27		1.40%		51		1.94%		71		1.79%
700,000 – 799,999		16		0.82%		24		0.91%		38		0.96%
800,000 – 899,999		10		0.51%		20		0.76%		24		0.60%
900,000 – 999,999		4		0.20%		4		0.15%		23		0.58%
1 Million plus		8		0.41%		27		1.03%		27		0.68%
Total Sales/Pct.		1928		100.00%		2624		100.00%		3973		100.00%

     After posting the 1st Quarter results for ‘09, ‘08, and ‘07, I thought I’d make the three year comparison a regular post for both month to month and also year to date.  After all, I have the data despite the fact it can be depressing. So here goes:

April		2009				2008				2007
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales
0 – 99,999		71		12.20%		48		5.71%		60		5.42%
100,000 – 199,999		203		34.90%		243		28.89%		340		30.71%
200,000 – 299,999		176		30.20%		304		36.15%		362		32.70%
300,000 – 399,999		58		9.90%		115		13.67%		169		15.27%
400,000 – 499,999		30		5.20%		60		7.13%		87		7.86%
500,000 – 599,999		23		3.90%		28		3.33%		35		3.16%
600,000 – 699,999		7		1.20%		19		2.26%		22		1.99%
700,000 – 799,999		8		1.30%		12		1.43%		11		0.99%
800,000 – 899,999		2		0.34%		5		0.59%		7		0.63%
900,000 – 999,999		1		0.17%		3		0.36%		4		0.36%
1 Million plus		3		0.51%		4		0.48%		10		0.90%
Total Sales/Pct.		582		100.00%		841		100.00%		1107		100.00%

 

Some of the good news in April was the increased activity above the $400,000 price range. This trend appears to be continuing in May, since we are seeing a greater number of “pending” sales at the higher price points. And yes, the difference between April ‘07 and April ‘09 is 47 %  fewer sales. Tomorrow I’ll post the year to date numbers for the last 3 years.

     I am just beginning my analysis for April’s results. While the unit sales didn’t pick up much, the pending sales for April were healthy. Look for a substantial jump in unit sales in the months to come. I’ll add further comments later this week.

    

Here’s the snapshot:

 

For the 17 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 $ 403,529

Median Sales Price ……………   $ 380,000

Sales Price/List Price Ratio …….. 95.6 %

Days on Market …………………….. 93

Average Size 3 bedrooms 2.5 baths of 2,4008 sq ft

Average $ per square foot ……….$ 168.14

 

For the 23 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in April $ 345,776

Median Price ………………………  $ 310,000

Sales Price/List Price Ratio ……. 97.6 %

Days on Market ……………………. 47

Average Size 3 bedrooms, 2.5 baths of 1,971 sq ft

Average $ per square foot……..   $ 175.43

 

For the 4 homes sold on the Northside of the City of Richmond

(Zip 23227 Holton School District)

Average Sales Price in April $ 159,250

Median Price ………………………  $ 171,750

Sales Price/List Price Ratio ……. 87.2 %

Days on Market ……………………. 99

Average Size 3 bedrooms, 2.5 baths of 1,570 sq ft

Average $ per square foot……..   $ 101.43

 

For the 22 homes sold on the Southside of the City of Richmond

(Zip 23225)

Average Sales Price in April $ 151,170

Median Price ………………………  $ 157,000

Sales Price/List Price Ratio ……. 95.9 %

Days on Market ……………………. 70

Average Size 3 bedrooms, 1.5 baths of 1,459 sq ft

Average $ per square foot……..   $ 103.61

 

For the 45 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23230, 23233, 23238)

Average Sales Price in April $ 303,743

Median Sales Price ……………    $ 260,000

Sales Price/List Price Ratio ……….  96.5 %

Days on Market …………………….    55

Average Size 4 bedrooms 2.5 baths of 2,274 sq ft

Average $ per square foot ………. $ 133.57

 

For the 82 single family homes sold in Chesterfield

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

Average Sales Price for April $ 239,754

Median Sales Price …………… $ 200,500

Sales Price/List Price Ratio ……..  96.2 %

Average Days on Market……………. 88

Average Size 4 bedroom, 2.5 baths of 2,234 square ft

Average $ per square foot ………..$ 107.32

 

For the 33 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for April $ 336,017

Median Sales Price………………  $ 275,000

Sales Price/List Price Ratio ………  97.6 %

Average Days on Market ………….  51

Average Size 4 bedrooms, 2.5 baths of 2,646 sq ft

Average $ per square foot……… $ 126.99

 

For the 40 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for April $ 275,953

Median Price ……………………     $ 232,500

Sales Price/List Price Ratio ……… 96.7 %

Average Days on Market ………….. 98

Average Size 4 bedrooms, 2.5 baths 2,340 sq ft

Average $ per square foot ……….. $ 121.14

 

For 69 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for March $ 302,282

Median Price ……………………..   $ 250,500

Sales Price List Price Ratio …….    95.9 %

Average Days on Market …………..  84

Average Size 4 bedrooms, 2.5 baths of 2,437 sq ft

Average $ per square foot……….. $ 124.04

     My son, Stuart, supposedly has one duty. It’s his daily mission during the school year to deliver his sister to her school, Collegiate. As his sister, Lucy Gordon, has advanced through school, her school commitments have evolved; and with such, her need to be at school at varying hours has, too. This year Stuart has been slack in this duty among numerous other facets of his life. So goes the omniscience of a high school senior.

     Therefore, there have been numerous instances this school year where I have been compelled to drive Lucy Gordon to school in order to divert some trauma in her life by being late to school. Actually, driving Lucy Gordon to school use to be one of the true daily pleasures in my life. It allowed me to have 10 minutes or so with my daughter each day when I could bond with her during our “special time.”  At least that’s how it use to work until about two years ago or so when so many of my in route questions started getting answered with “whatevers.” Since I was on the verge of creating the scene of all scenes by exiting my car and having a heated exchange with her at the carpool line should I get just one more of these “whatevers”, I just relinquished the duty to Stuart. Besides since we live south of River Road, as Lucy Gordon has advanced through Collegiate her appropriate school has gotten farther away from our home. With her in high school now, her delivery route requires the entire length of N. Mooreland Road being navigationally negotiated.

     I have always hated the carpool lines at Collegiate. In the Lower School, they at least had staff out directing the traffic. No one got away with just stopping at the front door when you could pull ahead farther and allow others access to the sidewalk to discharge their cargo. This lesson is soon forgotten by middle school. By the time you reach high school, you’ve got to now contend with the older students driving themselves to school; and we all know how considerate teen drivers can be.

     Now I think school carpool lines, and especially Collegiate’s, should operate under a seniority program. You should receive points for how many years you’ve been enduring this nightmare. It needs to be weighted, so if you have multiple children attending the different levels of the school, you receive additional points. Your total points are clearly shown on your vehicle and this establishes who has the right of way. Lower numbered cars must always yield to the higher numbered car. Students driving themselves to school would start with a negative number like 10, but would receive a few points each year so that when they are seniors they do have some seniority but never seniority over a parent. There should also be a penalty system, too. You could lose points for not properly yielding to higher numbered car; and there would be severe penalty points for not yielding at the pedestrian walkway on Mooreland at Jacobs Gym.

     All of this will be moot to me shortly, but I think it should be enacted for those who follow. See yesterday, Lucy Gordon and I had her second driving lesson. Last night, we even looked at some used cars on line. Oh, my problems are just beginning!