Brick’s Blog

     Huh? I must be repressing memories. In February I was as busy as little bee. How come (yeah, I know that should be why) February ‘09 sales were so much higher than February ‘10?  Have I just accepted the “new reality” of the Richmond real estate market? Is all this activity I see and hear about from other agents actually less than we had a year ago? Am I currently living in Bizarro World? All I know is “I am riding her, ’til she bucks me” and just keeping my nose to the grindstone and pushing on. I am still concerned about what happens after the $8,000 and $6,500 Tax Credits expire in April. Maybe Obama’s push for some short sale regulation will be the new prop for the real estate market?  At this point who knows, but I do know where the sales fell in February and here’s the scoop!

Tomorrow we’ll look at the West End!

     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

Attention Bargain Shoppers!!!!! What a difference a week makes! I really really like my 2 picks this week.

And my Hollywood contest after several weeks of being “gimmies” will take some effort, but as always I’ve given you plenty of clues. Remember I need the actor’s name, role, and movie for you to win the Starbucks gift card.

My schedule is fairly open this weekend, so call me, 804.301.7598, if you want to see anything. Have a great weekend.   

If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian. When you sign up for Bank Owned Weekly, you will also receive Foreclosure Friday Flash delivered to your inbox every Friday.

     Ready for a trip down Memory Lane? While I don’t think either of my picks this week are particularly attractive at their current list prices, they once again prove the point that these foreclosures are EVERYWHERE!

     I’d make both of these picks “Radar” properties. Forgot or don’t know what I mean by “Radar” Properties? Then watch this refresher lesson.

     And my Hollywood contest couldn’t be any easier this week. Remember I need the actor’s name, role, and movie for you to win the Starbucks gift card.

    I am booked tight all weekend, but if you want to see anything call me (804.301.7598) and I’ll get one of my team members to get you in. Have a great weekend.

I apologize. This is definitely not my best effort this week. 

My Hollywood contest is another gimme. Remember I need the actor’s name, role, and movie for you to win the Starbucks gift card.

 And if you want to see anything now that we can see bare ground again, just call me.

If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian. When you sign up for Bank Owned Weekly, you will also receive Foreclosure Friday Flash delivered to your inbox every Friday.

In honor of the Daytona 500 on Sunday, let’s rev it up this week.  As promised I have two picks from South of the River. 

My Hollywood contest is from one of my favorite movies and I get to deliver my favorite line from it. Remember I need the actor’s name, role, and movie for you to win the Starbucks gift card.

 I also thought I’d give you another Buyer’s Tip for Bank Owned Properties, so here’s a quick primer about B.P.O.’s – Broker Price Opinions.

If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian. When you sign up for Bank Owned Weekly, you will also receive Foreclosure Friday Flash delivered to your inbox every Friday.

     I am stumped! I don’t know why January ‘10 sales fell short of  the January ‘09 number.  December weather, maybe? Did the snow or maybe just how the holidays fell with Christmas and New Year’s Eve both on Fridays impact sales. We’ll just have to see. Pending sales for January were strong indicating a decent February sales number. And despite the weather, showing activity is robust. Too robust for me considering I have some vacant properties for sale that need to be shoveled in order to show.  Anyway, here’s where the sales fell in January on the price scale. 

     My numbers, like Months of Inventory and List Price/Sales Price Ratio, are a little skewed this month due to fewer sales. January typically is less representative how the year will shape up than later months simply because the statistical sample is smaller.  I’ll have more comments on the market with subsequent posts this week. The good news is we’re still seeing sales and the sales price average is creeping up. I’ll take that as growing consumer confidence in the Richmond area. 

Here’s the snapshot:

For the 3 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in January $ 513,333
Median Sales Price …………..   $ 595,000
Sales Price/List Price Ratio …….. 88 %
Days on Market …………………….. 87
Months of Inventory …………..  34
Average Size 4 bedrooms 2.5 baths of 3,471 sq ft
Average $ per square foot ……….$ 162.49

For the 3 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in January $ 1,066,333
Median Price ………………………  $ 1,400,000
Sales Price/List Price Ratio ……. 91 %
Days on Market ……………………. 40
Months of Inventory ………….. 22.7
Average Size 4 bedrooms, 4.5 baths of 3,910 sq ft
Average $ per square foot……..   $ 235.21
 
For the 5 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in January $ 226,540
Median Price ………………………  $ 209,000
Sales Price/List Price Ratio ……. 95 %
Days on Market ……………………. 103
Months of Inventory ………….  10
Average Size 3 bedrooms, 2.5 baths of 1,639 sq ft
Average $ per square foot……..   $ 140.99
 
For the 19 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in January $ 208,660
Median Price ………………………  $ 210,000
Sales Price/List Price Ratio ……. 95 %
Days on Market ……………………. 61
Months of Inventory ………….  9.4
Average Size 3 bedrooms, 2.5 baths of 1,653 sq ft
Average $ per square foot……..   $ 127.66
 
For the 18 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in January $ 307,122
Median Sales Price ……………    $ 244,250
Sales Price/List Price Ratio ……….  92 %
Days on Market …………………….    64
Months of Inventory ………….     21.5
Average Size 4 bedrooms 2.5 baths of 2,455 sq ft
Average $ per square foot ………. $ 124.29

For the 47 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for January $ 214,827
Median Sales Price …………… $ 201,000
Sales Price/List Price Ratio ……..  96 %
Average Days on Market……………. 78
Months of Inventory ……………..  21.5
Average Size 4 bedroom, 2.5 baths of 2,288 square ft
Average $ per square foot ………..$ 95.57
 
For the 29 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for January $ 367,264
Median Sales Price………………   $ 320,000
Sales Price/List Price Ratio ………  96 %
Average Days on Market ………….  79
Months of Inventory ……………   12.9
Average Size 4 bedrooms, 3.5 baths of 2,954 sq ft
Average $ per square foot……… $ 124.31

For the 27 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for January $ 273,361
Median Price ……………………     $ 269,000
Sales Price/List Price Ratio ……… 96 %
Average Days on Market ………….. 73
Months of Inventory ……………  15.6
Average Size 4 bedrooms, 2.5 baths 2,257 sq ft
Average $ per square foot ……….. $ 127.75
 
For 49 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for January $ 298,103
Median Price ……………………..   $ 262,500
Sales Price List Price Ratio …….    97 %
Average Days on Market …………..  103
Months of Inventory …………….  14.6
Average Size 4 bedrooms, 2.5 baths of 2,618 sq ft
Average $ per square foot……….. $ 110.78

I think sometimes you think I’m just blowing smoke when I tell you that these Bank Owned Properties are just EVERYWHERE. So instead of giving you my normal ho hum 2 Best Buys, I thought I’d show you one to prove my point about no area no price range being immune from having a foreclosure.   

I don’t think for our Hollywood Contest should present much of the problem this week. Remember I need the actor’s name, role, and movie to win.

If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian.

Sit around and wait. Boy, that’s how I feel about my 2 picks this week. Just nothing special and definitely need some ‘seasoning.’ I was talking with one of my REO listing agent contacts today and I was complaining about the INFLATED prices we’re seeing. Well, she just unloaded and said it’s a problem with too many “rookies” doing the BPO’s for the Banks. A BPO is a Broker Price Opinion. Seems these rookies are giving the Banks retail pricing. I knew it just wasn’t me who felt this way.

Well, it’s another gimme for our Hollywood Contest, so I’ll be stopping at Starbucks on the way to the office. Remember I need the actor’s name, role, and movie to win.

And just in case you don’t know Brickese yet here’s an explanation on “seasoning”. Actually, one of the “seasoning” rules for flippers got relaxed to 90 days. So here’s another Brick’s Buyer Tips for Bank Owned Properties.

If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian.