Brick’s Blog

     Here’s Episode 3. And don’t forget to be the first to identify our “Hollywood” guest – actor, role, and movie – and win a Starbucks gift card. Congrats to last week’s winner, Rob Pearsall.

Would you like to receive weekly updates on Bank Owned Properties? If, yes, then click here for The West End. If you want Glen Allen, then click here. And if you want Midlothian, then here’s your spot.

And now enjoy Foreclosure Friday Flash, Episode 3.

     It has been a slow week for new Bank Owned Properties, but I am going to attribute that to vacation time in August. I certainly don’t think the number of foreclosures is abating, especially with rising unemployment. I am not all “doom and gloom” either. Anyway, here’s Epsiode 2 of FORECLOSURE FRIDAY FLASH.

 Foreclosure Friday Flash

Each week Foreclosure Friday Flash will have a “mystery” Hollywood guest. Identify the guest and the movie to win a Starbucks card.

     Here’s a new feature. Every Friday, I’ll give you my Best Buys in the Bank Owned Properties. Check out the video.  

Foreclosure Friday Flash

     If one was to judge the Richmond marketplace based on July sales numbers for the West End, the picture would be pretty bleak. Whereas the overall Richmond market saw a 12 % decline in unit sales from June, only the Glen Allen sector of the West End saw a decline this small with its 13 % drop. The West End of Henrico (Zone 22) saw a 28 % drop in unit sales, while the West End of the City saw its sale units halved with a 48 % drop. There is good news though, since the West End is seeing an increasing number of sales at above the $500,000 mark. These up-end sales had been almost non-existent for most of the year.  Here’s are the numbers for the month and year to date.

July		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		4		20.00%		18		22.22%		23		29.11%
200,000 – 299,999		9		45.00%		26		32.10%		26		32.91%
300,000 – 399,999		1		5.00%		15		18.53%		11		13.92%
400,000 – 499,999		1		5.00%		11		13.58%		9		11.39%
500,000 – 599,999		3		15.00%		5		6.17%		8		10.13%
600,000 – 699,999		1		5.00%		2		2.47%		0		0.00%
700,000 – 799,999		0		0.00%		1		1.23%		0		0.00%
800,000 – 899,999		0		0.00%		0		0.00%		0		0.00%
900,000 – 999,999		0		0.00%		1		1.23%		1		1.27%
1 Million plus		1		5.00%		2		2.47%		1		1.27%
Total Sales/Pct.		20		100.00%		81		100.00%		79		100.00%
YTD thru July		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		1		0.71%		3		0.69%		3		0.79%
100,000 – 199,999		9		6.38%		91		20.82%		68		17.94%
200,000 – 299,999		66		46.81%		189		43.25%		151		39.84%
300,000 – 399,999		25		17.73%		67		15.33%		70		18.47%
400,000 – 499,999		16		11.35%		37		8.47%		47		12.40%
500,000 – 599,999		11		7.80%		22		5.03%		30		7.92%
600,000 – 699,999		4		2.84%		15		3.43%		3		0.79%
700,000 – 799,999		2		1.42%		4		0.92%		3		0.79%
800,000 – 899,999		1		0.71%		6		1.37%		0		0.00%
900,000 – 999,999		2		1.42%		1		0.23%		2		0.53%
1 Million plus		4		2.84%		2		0.46%		2		0.53%
Total Sales/Pct.		141		100.00%		437		100.00%		379		100.00%

     Well, Richmond just keeps plowing ahead. Yeah, July sales didn’t exceed the heady number we saw in June, but all in all July was very respectable contributing to a continuing assault against the now astronomical numbers achieved in ‘07. And let’s not even think about drawing comparisons to ‘06 or ‘05.

     Year to date we know find ‘09 lagging ‘08 by just 15 % and only off 43% against ‘07. These numbers continuing to improve monthly and may well lead to an annual decline for ‘09 versus ‘08 of less than 10 %.  Considering how challenging the last few months of ‘08 were due to the stock market decline, employment loss to Richmond’s Fortune 500 base, and the general malaise of the economy a 10 % or less decline is a realistic thought.  Anyway, here’s the comparison.

July		2009				2008				2007
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales
0 – 99,999		80		9.16%		60		6.16%		39		3.11%
100,000 – 199,999		294		33.67%		286		29.36%		319		25.44%
200,000 – 299,999		266		30.47%		332		34.09%		438		34.93%
300,000 – 399,999		115		13.17%		142		14.58%		250		19.94%
400,000 – 499,999		62		7.10%		69		7.08%		97		7.74%
500,000 – 599,999		33		3.78%		31		3.18%		44		3.51%
600,000 – 699,999		8		0.91%		27		2.77%		30		2.39%
700,000 – 799,999		4		0.45%		10		1.03%		15		1.20%
800,000 – 899,999		1		0.11%		5		0.51%		7		0.56%
900,000 – 999,999		3		0.34%		3		0.31%		6		0.48%
1 Million plus		7		0.80%		9		0.92%		9		0.72%
Total Sales/Pct.		873		100.00%		974		100.00%		1254		100.00%
YTD thru June		2009				2008				2007
Price Range		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales		# of Sales		% of Ttl Sales
0 – 99,999		437		9.67%		255		4.75%		342		4.30%
100,000 – 199,999		1509		33.40%		1505		28.04%		2289		28.78%
200,000 – 299,999		1448		32.10%		1886		35.13%		2688		33.80%
300,000 – 399,999		577		12.77%		832		15.50%		1320		16.60%
400,000 – 499,999		257		5.68%		403		7.51%		618		7.77%
500,000 – 599,999		134		2.96%		189		3.52%		270		3.39%
600,000 – 699,999		62		1.37%		116		2.16%		172		2.16%
700,000 – 799,999		38		0.84%		66		1.23%		94		1.18%
800,000 – 899,999		18		0.39%		42		0.78%		57		0.72%
900,000 – 999,999		12		0.27%		14		0.26%		40		0.50%
1 Million plus		25		0.55%		60		1.12%		63		0.80%
Total Sales/Pct.		4517		100.00%		5368		100.00%		7953		100.00%

     I’ll have more to say over the next few days as I digest the July sales numbers more, but July unit sales dipped about 12 % from June’s number. I am not so sure how much significance I would place on this dip, since June’s improvement over May’s already encouraging number was so significant that if July’s number had exceeded June’s than maybe even old Brick would proclaim the “recession” is over. July’s unit sales number came in nicely in between May’s and June’s creating a great 90 days for home sales here in the Richmond area. Anyway, stay tuned and 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 July $ 368,302

Median Sales Price ……………   $ 357,000

Sales Price/List Price Ratio …….. 95.0 %

Days on Market …………………….. 63

Average Size 3 bedrooms 2.5 baths of 2,327 sq ft

Average $ per square foot ……….$ 158.40

 

For the 20 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in July $ 358,233

Median Price ………………………  $ 284,550

Sales Price/List Price Ratio ……. 91.0 %

Days on Market ……………………. 61

Average Size 4 bedrooms, 2.5 baths of 2,105 sq ft

Average $ per square foot……..   $ 170.18

 

For the 11 homes sold on the Northside of the City of Richmond

(Zip 23227 Holton School District)

Average Sales Price in July $ 222,400

Median Price ………………………  $ 234,000

Sales Price/List Price Ratio ……. 96.6 %

Days on Market ……………………. 45

Average Size 3 bedrooms, 2.5 baths of 1,579 sq ft

Average $ per square foot……..   $ 139.30

 

For the 30 homes sold on the Southside of the City of Richmond

(Zip 23225)

Average Sales Price in July $ 195,933

Median Price ………………………  $ 176,225

Sales Price/List Price Ratio ……. 95.8 %

Days on Market ……………………. 45

Average Size 3 bedrooms, 2.5 baths of 1,687 sq ft

Average $ per square foot……..   $ 116.18

 

For the 79 single family homes sold in West End of Henrico County

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

Average Sales Price in July $ 355,246

Median Sales Price ……………    $ 293,250

Sales Price/List Price Ratio ……….  97.1 %

Days on Market …………………….    61

Average Size 4 bedrooms 2.5 baths of 2,460 sq ft

Average $ per square foot ………. $ 144.41

 

For the 113 single family homes sold in Chesterfield

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

Average Sales Price for July $ 263,989

Median Sales Price …………… $ 227,500

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

Average Days on Market……………. 72

Average Size 4 bedroom, 2.5 baths of 2,356 square ft

Average $ per square foot ………..$ 112.08

 

For the 64 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for July $ 350,853

Median Sales Price………………  $ 283,475

Sales Price/List Price Ratio ………  96.8 %

Average Days on Market ………….  59

Average Size 4 bedrooms, 2.5 baths of 2,662 sq ft

Average $ per square foot……… $ 131.80

 

For the 50 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for July $ 277,589

Median Price ……………………     $ 262,985

Sales Price/List Price Ratio ……… 96.1 %

Average Days on Market ………….. 68

Average Size 4 bedrooms, 2.5 baths 2,354 sq ft

Average $ per square foot ……….. $ 117.89

 

For 121 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for July $ 305,811

Median Price ……………………..   $ 279,750

Sales Price List Price Ratio …….    97.0 %

Average Days on Market …………..  74

Average Size 4 bedrooms, 2.5 baths of 2,527 sq ft

Average $ per square foot……….. $ 121.02

     Well, it’s official. Mary Stuart and I have affiliated with Joyner Fine Properties as of today. We’re very excited about the move, since Joyner offers us not only a solid West End brand name, but commercial and property management divisions, too. We’ll be working from the Enterprise Parkway location for now. Watch your mailboxes, incoming e-mails, Twitter, Linked-In, Facebook, etc. for further updates, but the important thing to know is that our cell phones remain the same. Brick @ 804.301.7598 and Mary Stuart @ 804.301.7588.