Yikes!!! Didn’t realize it had been 2 weeks since I posted anything. You’ve probably enjoyed the silence?!?! Well, I don’t think I have mentioned it, but I have changed firms. I am now with Virginia Capital Realty. If you’re not familiar with Virginia Capital Realty, they are the 600 lb. gorilla in the room when it comes to Foreclosures and REOs in central Virginia. Over the last 18 – 24 months, more and more of my sales have involved foreclosures, so I decided to situate myself in the belly of the beast. But enough about me.
May was a stellar month. Tons of sales. Lower months of inventory numbers. Higher dollar per square foot cost. Higher Sales Price/List Price ratios. Why you would think it was 2005 again. Not so fast, slick. Let’s wait until July ’10 numbers, so we can be sure all the demand from the $8,000 Tax Credit is manipulating the market snapshot. Here’s the snapshot for May:
For the 16 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 $ 345,093
Median Sales Price ………….. $ 299,000
Sales Price/List Price Ratio …….. 95 %
Days on Market …………………….. 56
Months of Inventory ………….. 7.4
Average Size 3 bedrooms 2.5 baths of 2,063 sq ft
Average $ per square foot ……….$ 165.01
For the 32 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in May $ 409,860
Median Price ……………………… $ 293,750
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 58
Months of Inventory ………….. 5.8
Average Size 3 bedrooms, 2.5 baths of 2,142 sq ft
Average $ per square foot…….. $ 181.63
For the 11 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in May $ 245,086
Median Price ……………………… $ 235,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 36
Months of Inventory …………. 5.7
Average Size 3 bedrooms, 2.5 baths of 1,779 sq ft
Average $ per square foot…….. $ 137.61
For the 43 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in May $ 189,409
Median Price ………………….. $ 159,000
Sales Price/List Price Ratio ……. 94 %
Days on Market ……………………. 57
Months of Inventory …………. 5.1
Average Size 3 bedrooms, 2.5 baths of 1,666 sq ft
Average $ per square foot…….. $ 111.26
For the 86 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in May $ 340.433
Median Sales Price …………… $ 275,625
Sales Price/List Price Ratio ………. 97 %
Days on Market ……………………. 75
Months of Inventory …………. 5.8
Average Size 4 bedrooms 2.5 baths of 2,502 sq ft
Average $ per square foot ………. $ 134.84
For the 88 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for May $ 231,974
Median Sales Price …………… $ 200,850
Sales Price/List Price Ratio …….. 97 %
Average Days on Market……………. 69
Months of Inventory …………….. 11.3
Average Size 4 bedroom, 2.5 baths of 2,220 square ft
Average $ per square foot ………..$ 106.08
For the 80 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for May $ 299,854
Median Sales Price……………… $ 273,100
Sales Price/List Price Ratio ……… 97 %
Average Days on Market …………. 70
Months of Inventory …………… 5.1
Average Size 4 bedrooms, 2.5 baths of 2,461 sq ft
Average $ per square foot……… $ 121.85
For the 58 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for May $ 251,289
Median Price …………………… $ 228,925
Sales Price/List Price Ratio ……… 97 %
Average Days on Market ………….. 75
Months of Inventory …………… 9.8
Average Size 4 bedrooms, 2.5 baths 2,151 sq ft
Average $ per square foot ……….. $ 120.61
For 120 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for May $ 281,707
Median Price …………………….. $ 235,000
Sales Price List Price Ratio ……. 97 %
Average Days on Market ………….. 76
Months of Inventory ……………. 6.4
Average Size 4 bedrooms, 2.5 baths of 2,337 sq ft
Average $ per square foot……….. $ 119.80
Blah blah blah blah ….. blah blah blah blah. That’s suppose to be a broken record, because I STILL believe the jury is out on the state of Richmond’s Real Estate market. Not until we close the books on sales through June of this year will we know the full impact of the expiration of the 1st Time Home Buyer $8,000 Tax Credit. Yes, the figures below sure give the indication that we’re steaming ahead in ’10, but so were we in ’08 and then we had the financial meltdown that September. For my long term readers I know it’s seldom you hear me so pessimistic, but I am getting cynical in my old age!!! Here’s where the sales fell in May with a look backwards to ’09 and ’08.