March 10, 2010
Greater Richmond Real Estate Market Snapshot – February ‘10

Doing the research for the market snapshot each month is one of my favorite “duties” I perform for my blog. In compiling my numbers and statistics, I get to take a walk down memory lane and see what happened in the various areas. Sometimes I see a sale which I wished I had been aware of when the property came to market, since I know I would have had a buyer for it. Unfortunately, with over 13,000 active listings in our MLS system, I often miss seeing properties because my attention is focused solely on areas where I have current active prospects. Many times, I’ll spot a sale that I think is data entry error due to the location and the price. Upon investigation, I find that it isn’t an error and want to kick myself for not ferreting out that steal of a deal. See I always want the very best purchase price for my buyers. Well, enough strolling down memory lane this morning, let’s get to the snapshot:
For the 15 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in February $ 250,800
Median Sales Price ………….. $ 196,500
Sales Price/List Price Ratio …….. 93 %
Days on Market …………………….. 64
Months of Inventory ………….. 7.3
Average Size 3 bedrooms 1.5 baths of 1,612 sq ft
Average $ per square foot ……….$ 151.15
For the 12 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in February $ 710,504
Median Price ……………………… $ 315,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 55
Months of Inventory ………….. 9.8
Average Size 4 bedrooms, 3.5 baths of 3,219 sq ft
Average $ per square foot…….. $ 187.75
For the 4 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in February $ 275,850
Median Price ……………………… $ 285,000
Sales Price/List Price Ratio ……. 92 %
Days on Market ……………………. 163
Months of Inventory …………. 16
Average Size 3 bedrooms, 2.5 baths of 1,737 sq ft
Average $ per square foot…….. $ 155.82
For the 16 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in February $ 164,596
Median Price ……………………… $ 171,825
Sales Price/List Price Ratio ……. 95 %
Days on Market ……………………. 82
Months of Inventory …………. 12.5
Average Size 3 bedrooms, 2.5 baths of 1,697 sq ft
Average $ per square foot…….. $ 98.17
For the 39 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in February $ 293,592
Median Sales Price …………… $ 239,500
Sales Price/List Price Ratio ………. 95 %
Days on Market ……………………. 72
Months of Inventory …………. 11.1
Average Size 4 bedrooms 2.5 baths of 2,098 sq ft
Average $ per square foot ………. $ 126.38
For the 69 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for February $ 232,390
Median Sales Price …………… $ 194,000
Sales Price/List Price Ratio …….. 97 %
Average Days on Market……………. 85
Months of Inventory …………….. 15.2
Average Size 4 bedroom, 2.5 baths of 2,207 square ft
Average $ per square foot ………..$ 105.84
For the 28 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for February $ 300,031
Median Sales Price……………… $ 253,500
Sales Price/List Price Ratio ……… 95 %
Average Days on Market …………. 71
Months of Inventory …………… 15
Average Size 4 bedrooms, 3.5 baths of 2,503 sq ft
Average $ per square foot……… $ 123.41
For the 23 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for February $ 268,122
Median Price …………………… $ 225,000
Sales Price/List Price Ratio ……… 96 %
Average Days on Market ………….. 109
Months of Inventory …………… 19.4
Average Size 4 bedrooms, 2.5 baths 2,234 sq ft
Average $ per square foot ……….. $ 121.45
For 49 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for February $ 302,950
Median Price …………………….. $ 249,500
Sales Price List Price Ratio ……. 96 %
Average Days on Market ………….. 107
Months of Inventory ……………. 13.4
Average Size 4 bedrooms, 2.5 baths of 2,627 sq ft
Average $ per square foot……….. $ 113.59
One of the things I love about being a real estate agent is stumbling upon those ”little” shrines that dot the landscape of Virginia. One of the closing gifts I have given my clients for years is A Guide to Virginia’s Historical Markers. This book is always given with the admonishment to keep it in your car. Hey, you just never know when happenstance offers you a little history lesson.
I am sorry that I am late getting the “snapshot” out this month. I am still catching up from the “snowfall” we had in mid December. It’s awfully hard to preview property, etc. when there’s a foot of snow between you and the front door! This time of years always has a little skew in the statistical data. There are fewer sales so the “months of inventory” or absorption rate is higher. Days on market typically increases due to fewer sales. And even, the Sales Price/List Price ratio can move either way. The ratio can be higher due to properties being deeply discounted and receiving offers closer to the discount price or the ratio being much lower due to properties being on the market a lengthy time and receiving and accepting deeply discounted offers. This lower Sales Price/List Price ratio can really be impacted, like in Northside this month, when there are few sales to offset the one that is deeply discounted. Despite the swings in my other tracking numbers, the consistency of the “Average $ per Square Foot” further substantiates how strong a market exists in the Richmond area. Anyway, here’s the snapshot for December:
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.
One of the newer real estate trends we are seeing in the Richmond area is the "pop-a-top" on older smaller homes, which happen to be in highly desirable locations. Here’s one I have just listed on Woodberry Road in the heart of Westham. Before you see what this property originally was (yeah, you’re going to have to read the whole post first), let me tell you about 805 Woodberry Road.
Since the property is vacant, it is a very easy show. Just call me at 804.301.7598 and I’ll be glad to meet you there. 
It wasn’t that many years ago that I could count the million dollar sales in the Richmond area for the year on one hand. These days 2 hands are about a month’s activity for these sales. Through August, there have been 78 sales in the metro area at a million plus. Of course, the ever fashionable West End (Zone 20) leads all other locales with 21 sales to date. Here’s a fun little fact for Chas and Muffy to drop at their next cocktail party. About every 14th home that sells in Zone 20 in ‘07 sells for a million plus.
If Tim Kaine was a Virginian and had attended Virginia’s public schools, then he would have gotten a good dose of Virginia history since it is taught (at least when I was coming along) in 4th grade, 7th grade and then once more in 11th grade. Much like his fellow Minnesotan, Hubert Humphrey, who always had a solution for a problem we didn’t have, Kaine’s recent attempted mandate to ban smoking in restuarants just shows his disconnection with Virginia and especially Richmond.