August 15, 2008
Greater Richmond Real Estate Market Snapshot - July ‘08
Sorry for my lack of posts lately. Been busy. Yeah, Brick, been busy playing golf, right? No, actually I went 32 striaght days with no golf and I am lucky to squeeze in one round a week now. Been working with lots of buyers. You have to show them more, but they will buy.
The market is very stable presently. We still have way too much inventory, but the number of sales this month is almost the exact number as last month. Here’s the breakdown for various areas around town. As I have mentioned before, if you’d like a particular area covered on a monthly basis, just let me know.
For the 23 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 $ 355,589
Median Sales Price …………… $ 334,000
Sales Price/List Price Ratio …….. 96.8 %
Days on Market …………………….. 47
Average Size 3 bedrooms 2.5 baths of 2,187 sq ft
Average $ per square foot ……….$ 162.59
For the 30 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in July $ 397,671
Median Price ……………………. $ 295,000
Sales Price/List Price Ratio ……. 97.9 %
Days on Market ……………………. 47
Average Size 3 bedrooms, 2.5 baths of 2,018 sq ft
Average $ per square foot…….. $ 196.96
For the 103 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23233, 23238)
Average Sales Price in July $ 357,480
Median Sales Price …………… $ 275,000
Sales Price/List Price Ratio ………. 96.2 %
Days on Market ……………………. 54
Average Size 4 bedrooms 2.5 baths of 2,268 sq ft
Average $ per square foot ………. $ 157.62
For the 129 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for July $ 263,366
Median Sales Price ………….$ 238,000
Sales Price/List Price Ratio …….. 97.7 %
Average Days on Market……………. 81
Average Size 4 bedroom, 2.5 baths of 2,202 square ft
Average $ per square foot ………..$ 119.60
For the 88 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for July $ 368,415
Median Sales Price……………… $ 318,000
Sales Price/List Price Ratio ……… 97.8 %
Average Days on Market …………. 73
Average Size 4 bedrooms, 2.5 baths of 2,549 sq ft
Average $ per square foot……… $ 144.53
For the 67 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for July $ 300,945
Median Price …………………… $ 274,000
Sales Price/List Price Ratio ……… 97.3 %
Average Days on Market ………….. 74
Average Size 4 bedrooms, 2.5 baths 2,303 sq ft
Average $ per square foot ……….. $ 130.68
For 102 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for July $ 365,384
Median Price …………………….. $ 314,000
Sales Price List Price Ratio ……. 97.1 %
Average Days on Market ………….. 66
Average Size 4 bedrooms, 2.5 baths of 2,650 sq ft
Average $ per square foot……….. $ 137.88
So what’s hot and what’s not in the Richmond Real Estate Market? Actually, the pain is distributed fairly evenly. Most areas are experiencing sales decline in aggregate 34 % range for the composite area. The East End (Zones 42 and 40), old Mechanicsville (Zone 44), and the Southeast City (Zone 50) are experiencing some of the worst declines. Showing the most resilency are some surprisng areas like Central Henrico (Zone 32) and two of the “new suburbia” areas - Zone 54 in southwest Chesterfield and Zone 34 in northwest Henrico. The popularity for these areas can probably be attributable to the significant rehabiliation occuring in Zone 32 and the new construction available in Zone 54 and Zone 34. Here’s what the various Real Estate Zones reveal in a June ’08 versus June ’07 and Year to Date ‘08 versus Year to Date ‘07.
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An old adage in the legal profession is “He who represents himself has a fool for a client.” A couple of weeks ago I got a copy of anonymous letter addressed to one of the senior appraisers in Henrico County. The gist of this poorly written letter was certain features (i.e., number of bedrooms, baths and finished square footage) for a property I had just listed conflicted with the public information available through Zillow. Zgads, zstop zthe zpresses.
Your faithful Richmond VA real estate reporter and bon vivant of all things Southern is now affiliated with Coldwell Banker - Vaughan & Company. Can you believe it? After 24 + years in this business, this is my first affiliation with a national franchise. More to come as I adapt to my new environment, but I am very excited about my new opportunities.
Located on a quiet cul de sac and backing to a resource protected area, 1101 Mapleton Court has an incredible private setting. Nestled on an over 1/2 acre lot, this 3 bedroom 2.5 bath Colonial is situated in close proximity to Regency Square, Gayton Crossing Center, and the Tuckahoe YMCA. With a fenced Rear Yard and a wonderful tool shed with work bench and electricity, 1101 Mapleton Court will delight anyone with a green thumb.
Remember "it’s the economy, stupid"? This Clinton catchphrase from the ‘92 election may well reverberate in this year’s election, too. Well, I have a new catchphrase to describe the Richmond real estate market and it is "It’s the selectivity, stupid."