Brick’s Blog

      August saw a nice pick up in units sold over July, but still not reaching the levels seen in May and June. Units sold in the suburban areas of Henrico and Chesterfield saw nice increases over their July counterparts indicating that the suburban schools are a major moving influence with parents desiring to be settled before the start of the school year. Inventory levels continue to inch downward improving the months of inventory numbers. Foreclosure shadow inventory and past robo-signing problems are beginning to be resolved and more r.e.o.s are coming to the market. And like last month, dollar per square foot cost and relatively short days on market are positive indications that we’re in a stable yet unimpressive market.

Here’s the Market Snapshot for August  2011:

For the 15 single family homes sold Fan &

Museum District of the City of Richmond

(Fox and John B. Cary School Districts)

Average Sales Price in August $ 352,506

Median Sales Price ………….. $ 271,000

Sales Price/List Price Ratio …….. 96 %

Days on Market ………………… 42

Months of Inventory ………….. 4.6

Average Size 3 bedrooms 2.5 baths of 2,258 sq ft

Average $ per square foot ……….$ 153.90

 

For the 17 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in August $ 409,750

Median Price …………………..$ 315,000

Sales Price/List Price Ratio ……. 95 %

Days on Market ………………… 58

Months of Inventory ………….. 6.3

Average Size 4 bedrooms, 2.5 baths of 2,279 sq ft

Average $ per square foot…….. $ 171.47

 

For the 8 homes sold on the Northside of the City of Richmond

(Holton School District)

Average Sales Price in August $ 185,000

Median Price ………………. $ 181,000

Sales Price/List Price Ratio ……. 99 %

Days on Market ………………… 85

Months of Inventory …………. 7.0

Average Size 3 bedrooms, 2.5 baths of 1,373 sq ft

Average $ per square foot…….. $ 136.86

 

For the 18 homes sold on the Southside of the City of Richmond

(Zip 23225)

Average Sales Price in August $ 138,474

Median Price …………………. $ 103,925

Sales Price/List Price Ratio ……. 92 %

Days on Market ………………… 77

Months of Inventory …………. 10.5

Average Size 3 bedrooms, 2.5 baths of 1,400 sq ft

Average $ per square foot…….. $ 98.36

 

For the 98 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23230, 23233, 23238, 23294)

Average Sales Price in August $ 328,816

Median Sales Price …………. $ 272,500

Sales Price/List Price Ratio ………. 95 %

Days on Market ………………….. 68

Months of Inventory …………. 3.8

Average Size 4 bedrooms 2.5 baths of 2,597 sq ft

Average $ per square foot ………. $ 124.36

 

For the 106 single family homes sold in Chesterfield

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

Average Sales Price for August $ 231,507

Median Sales Price ………….. $ 209,500

Sales Price/List Price Ratio …….. 97 %

Average Days on Market………… 76

Months of Inventory …………….. 6.8

Average Size 4 bedroom, 2.5 baths of 2,361 square ft

Average $ per square foot ………..$ 96.71

 

For the 57 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for August $ 336,698

Median Sales Price…………… $ 321,000

Sales Price/List Price Ratio ……… 96 %

Average Days on Market …………. 61

Months of Inventory …………… 5.0

Average Size 4 bedrooms, 2.5 baths of 2,751 sq ft

Average $ per square foot……… $ 118.87

 

For the 50 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for August $ 240,271

Median Price …………………. $ 224,000

Sales Price/List Price Ratio ……… 95 %

Average Days on Market ………… 84

Months of Inventory …………… 8.5

Average Size 4 bedrooms, 2.5 baths 2,317 sq ft

Average $ per square foot ……….. $ 105.25

 

For 122 single family homes sold in Midlothian

(Zips 23112, 23113, 23114, 23120)

Average Sales Price for August $ 318,828

Median Price ………………… $ 266,500

Sales Price List Price Ratio ……. 97 %

Average Days on Market ………… 64

Months of Inventory ……………. 4.9

Average Size 4 bedrooms, 2.5 baths of 2,823 sq ft

Average $ per square foot……….. $ 110.21

     I apologize. I realized at the end of June that I had never posted May’s Market Snapshot, so I decided to combine it with June’s snapshot. Now I need to apologize again. Although I’ve had this post written since last Saturday, I am just getting around to posting it. Good news for me is that I have been really busy, but I promise to be more punctual in postings. I’ve got some help on the way, which I will expound on in future posts.

Here’s the Market Snapshot for May 2011:

For the 26 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         $ 422,847
Median Sales Price …………..   $ 331,250
Sales Price/List Price Ratio …….. 95 %
Days on Market ………………… 73

Months of Inventory ……………  3.0

Average Size 4 bedrooms 2.5 baths of 2,549 sq ft
Average $ per square foot ……….$ 169.67

 For the 31 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in May $ 413,754
Median Price …………………..$ 322,000
Sales Price/List Price Ratio ……. 95 %
Days on Market ………………… 49
Months of Inventory ………….. 3.8
Average Size 4 bedrooms, 2.5 baths of  2,247 sq ft
Average $ per square foot……..   $ 170.91
 
For the 17 homes sold on the Northside of the City of Richmond
(Holton School District)
Average Sales Price in May $ 225,423
Median Price ……………….  $ 207,500
Sales Price/List Price Ratio ……. 94 %
Days on Market ………………… 69
Months of Inventory ………….  3.4
Average Size 3 bedrooms, 2.5 baths of 1,900 sq ft
Average $ per square foot……..   $ 118.52
 
For the 31 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in May $ 210,906
Median Price …………………. $ 214,000
Sales Price/List Price Ratio ……. 98 %
Days on Market ………………… 45
Months of Inventory ………….  6.9
Average Size 3 bedrooms, 2.5 baths of 1,873 sq ft
Average $ per square foot……..   $ 113.84

 For the 87 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238, 23294)
Average Sales Price in May $ 288,659
Median Sales Price ………….  $ 205,000
Sales Price/List Price Ratio ……….  95 %
Days on Market …………………..    74
Months of Inventory ………….     5.2
Average Size 4 bedrooms 2.5 baths of 2,243 sq ft
Average $ per square foot ………. $ 124.42
 
For the 102 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for May $ 209,216
Median Sales Price ………….. $ 197,000
Sales Price/List Price Ratio ……..  96 %
Average Days on Market………… 76
Months of Inventory ……………..  7.2
Average Size 4 bedroom, 2.5 baths of 2,291 square ft
Average $ per square foot ………..$ 90.86

 For the 64 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for May $ 306,049
Median Sales Price…………… $ 249,972
Sales Price/List Price Ratio ………  97 %
Average Days on Market ………….  67
Months of Inventory ……………   4.8
Average Size 4 bedrooms, 2.5 baths of 2,453 sq ft
Average $ per square foot……… $ 120.78
 
For the 50 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for May $ 229,699
Median Price ………………….  $ 190,250
Sales Price/List Price Ratio ……… 96 %
Average Days on Market ………….  86
Months of Inventory ……………  8.9
Average Size 4 bedrooms, 2.5 baths 2,128 sq ft
Average $ per square foot ……….. $ 109.25

For 105 single family homes sold in Midlothian
(Zips 23112, 23113, 23114, 23120)
Average Sales Price for May $ 266,758
Median Price ………………… $ 219,900
Sales Price List Price Ratio …….    97 %
Average Days on Market ………… 64
Months of Inventory …………….  6.0

Average Size 4 bedrooms, 2.5 baths of 2,444 sq ft
Average $ per square foot……….. $ 104.86

Here’s the Market Snapshot for June 2011:

For the 28 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in June $ 363,907
Median Sales Price …………..   $ 332,500
Sales Price/List Price Ratio …….. 96 %
Days on Market ………………… 48
Months of Inventory …………..  2.8

Average Size 3 bedrooms 2.5 baths of 2,008 sq ft
Average $ per square foot ……….$ 174.25

For the 43 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in June $ 462,709
Median Price …………………..$ 365,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ………………… 67
Months of Inventory ………….. 2.7
Average Size 4 bedrooms, 2.5 baths of  2,589 sq ft
Average $ per square foot……..   $ 177.61
 
For the 11 homes sold on the Northside of the City of Richmond
(Holton School District)
Average Sales Price in June $ 194,545
Median Price ……………….  $ 205,.000
Sales Price/List Price Ratio ……. 98 %
Days on Market ………………… 47
Months of Inventory ………….  5.0
Average Size 3 bedrooms, 2.5 baths of 1,567 sq ft
Average $ per square foot……..   $ 121.87
 
For the 25 homes sold on the Southside of the City of Richmond
(Zip 23225) Average Sales Price in June $ 181,639
Median Price …………………. $ 145,000
Sales Price/List Price Ratio ……. 94 %
Days on Market ………………… 111
Months of Inventory ………….  8.6
Average Size 3 bedrooms, 2.5 baths of 1,760 sq ft
Average $ per square foot……..   $ 92.37

For the 94 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238, 23294)
Average Sales Price in June $ 310,734
Median Sales Price ………….  $ 267,500

Sales Price/List Price Ratio ……….  96 %
Days on Market …………………..   587
Months of Inventory ………….     4.8
Average Size 4 bedrooms 2.5 baths of 2,486 sq ft
Average $ per square foot ………. $ 122.29
 
For the 120 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for June $ 207,696
Median Sales Price ………….. $ 189,950
Sales Price/List Price Ratio ……..  96 %
Average Days on Market………… 75
Months of Inventory ……………..  6.4
Average Size 4 bedroom, 2.5 baths of 2,248 square ft
Average $ per square foot ………..$ 91.28

For the 44 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for June $ 317,713
Median Sales Price…………… $ 265,750
Sales Price/List Price Ratio ………  97 %
Average Days on Market ………….  93
Months of Inventory ……………   7.8
Average Size 4 bedrooms, 2.5 baths of 2,650 sq ft
Average $ per square foot……… $ 118.42
 
For the 47 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for June $ 229,177
Median Price ………………….  $ 220,000
Sales Price/List Price Ratio ……… 93 %
Average Days on Market ………….  88
Months of Inventory ……………  9.6

Average Size 4 bedrooms, 2.5 baths 2,169 sq ft
Average $ per square foot ……….. $ 106.30

For 89 single family homes sold in Midlothian
(Zips 23112, 23113, 23114, 23120)
Average Sales Price for June $ 283,110
Median Price ………………… $ 274,000
Sales Price List Price Ratio …….    97 %
Average Days on Market ………… 92
Months of Inventory …………….  7.7

Average Size 4 bedrooms, 2.5 baths of 2,660 sq ft
Average $ per square foot……….. $ 104.29

     I got a news feed this a.m. that had the headline Foreclosure Activity at a 40-Month Low: Realty Trac. If you follow the distressed property market; and who doesn’t these days, than you probably know that Realty Trac is considered the conveyor of the gospel when it comes to the foreclosure market. I am not a big fan of Realty Trac but they have become the “expert” when the conversation turns to the foreclosures, so this headline naturally made me read the article. And guess what? It validated what I have been telling my clients for the last 60 days.

     Over the last 90 days, I have watched the listing inventory that my firm, Virginia Capital Realty, handles just slowly diminish. Meanwhile, I have seen no corresponding decrease in the number of published public notices for the Trustee Sales in the newspaper.  A Trustee Sale is the notice for the “courthouse steps” auction of property being foreclosed on. The only disruption for what’s going into the pipeline and what should be coming out of the pipeline would be if the foreclosed on properties were actually being sold at the courthouse auctions. This just isn’t happening. So why the disconnect?  

     Well, I now get to bash two of my favorite villains – attorneys and the federal government. At the end of last year, the problem with “robo signing” raised its ugly head. There is no question that letter of the law procedures weren’t always followed in many of  these foreclosures, but I can also say without any reservation that NO ONE got foreclosed on that wasn’t delinquent in their loan. Let an attorney see the opportunity for a class action law suit and politician be presented the opportunity to soapbox on the ”wronged common man”; and you’ll get what we have now. A logjam. Once again the free market system is being denied the opportunity to work through its problems.  As I keep telling my clients, be patient. The market is soon going to be glutted with these properties. And while options are slim now, by late summer they will be many.

     Hey, but don’t believe me, here’s the actual acticle with that misleading headline.

   April was another good month; and even though April’s numbers weren’t as strong as March’s figures, they were still pretty good. The marginal differences between the two months could easy be attributed to one less sale day in April plus the public schools’ Spring Breaks. The fewer sale units in April from March was more than made up by April having a much greater number of pending sales over March, which will relate to more sale units in coming months. Looks like we’re having our first Spring Market in 3 years. Other quick insights on April’s numbers: inventory climbed slightly, months of inventory were down again due to increased sales, sales price/list price ratio was unchanged as was dollar per square foot. All positive signs we’re in a fairly stable market.

Here’s the Market Snapshot for April 2011:

For the 18 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in April $ 370,311
Median Sales Price …………..   $ 345,000
Sales Price/List Price Ratio …….. 95 %
Days on Market ………………… 52
Months of Inventory …………..  5.7

Average Size 4 bedrooms 2.5 baths of 2,285 sq ft
Average $ per square foot ……….$ 161.51

For the 23 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in April $ 505,780
Median Price …………………..$ 420,000
Sales Price/List Price Ratio ……. 95 %
Days on Market ………………… 122
Months of Inventory ………….. 5.3
Average Size 4 bedrooms, 2.5 baths of  2,592 sq ft
Average $ per square foot……..   $ 180.69
 
For the 7 homes sold on the Northside of the City of Richmond
(Holton School District)
Average Sales Price in April $ 208,500
Median Price ……………….  $ 235,.000
Sales Price/List Price Ratio ……. 96 %
Days on Market ………………… 68
Months of Inventory ………….  7.9
Average Size 3 bedrooms, 2.5 baths of 1,762 sq ft
Average $ per square foot……..   $ 119.43
 
For the 23 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in April $ 197,608
Median Price …………………. $ 202,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ………………… 105
Months of Inventory ………….  8.9
Average Size 3 bedrooms, 2.5 baths of 1,816 sq ft
Average $ per square foot……..   $ 107.08

For the 69 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238, 23294)
Average Sales Price in April $ 299,890
Median Sales Price ………….  $ 250,000
Sales Price/List Price Ratio ……….  96 %
Days on Market …………………..    67
Months of Inventory ………….     7.1
Average Size 4 bedrooms 2.5 baths of 2,256 sq ft
Average $ per square foot ………. $ 128.10
 
For the 83 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for April $ 205,437
Median Sales Price ………….. $ 195,000
Sales Price/List Price Ratio ……..  97 %
Average Days on Market………… 75
Months of Inventory ……………..  9.5
Average Size 4 bedroom, 2.5 baths of 2,200 square ft
Average $ per square foot ………..$ 91.80

For the 44 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for April $ 317,713
Median Sales Price…………… $ 265,750
Sales Price/List Price Ratio ………  97 %
Average Days on Market ………….  93
Months of Inventory ……………   7.8
Average Size 4 bedrooms, 2.5 baths of 2,650 sq ft
Average $ per square foot……… $ 118.42
 
For the 47 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for April $ 229,177
Median Price ………………….  $ 220,000
Sales Price/List Price Ratio ……… 93 %
Average Days on Market ………….  88
Months of Inventory ……………  9.6
Average Size 4 bedrooms, 2.5 baths 2,169 sq ft
Average $ per square foot ……….. $ 106.30

For 89 single family homes sold in Midlothian
(Zips 23112, 23113, 23114, 23120)
Average Sales Price for April $ 283,110
Median Price ………………… $ 274,000
Sales Price List Price Ratio …….    97 %
Average Days on Market ………… 92
Months of Inventory …………….  7.7

Average Size 4 bedrooms, 2.5 baths of 2,660 sq ft
Average $ per square foot……….. $ 104.29

           Is that a smile on your face, Brick? Might be. So what’s got you smiling today? March’s sales numbers; I just finished doing my monthly stats. A couple of things jumped off the page at me. First, there were some new home sales. More new home sales than I’ve seen in quite some time, which is good news for the builders. Been pretty lean for them for several years now.  Second, the number of homes sold for March and the number that went under contract. Significant increases over February. Dare I say it? We’re going to have our first Spring Market in 3 years. Before I start dancing a jig, let’s see what April brings besides showers. The quick recap is as follows: Inventory up marginally, months of inventory down due to increased number of sales, sales price/list price ratio unchanged as was dollar per square foot. All positive signs we’re in a fairly stable market.

Here’s the Market Snapshot for March 2011:

For the 20 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in March $ 368,973
Median Sales Price …………..   $ 309,500
Sales Price/List Price Ratio …….. 94 %
Days on Market ………………… 83
Months of Inventory …………..  4.65

Average Size 3 bedrooms 2.5 baths of 2,176 sq ft
Average $ per square foot ……….$ 166.66

 

For the 18 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in March $ 343,261
Median Price …………………..$ 275,000
Sales Price/List Price Ratio ……. 94 %
Days on Market ………………… 104
Months of Inventory ………….. 7.3
Average Size 3 bedrooms, 2.5 baths of  2,019 sq ft
Average $ per square foot……..   $ 166.97
 
For the 9 homes sold on the Northside of the City of Richmond
(Holton School District)
Average Sales Price in March $ 188,377
Median Price ……………….  $ 170,.000
Sales Price/List Price Ratio ……. 96 %
Days on Market ………………… 115
Months of Inventory ………….  6.6
Average Size 4 bedrooms, 2.5 baths of 1,888 sq ft
Average $ per square foot……..   $ 100.99
 
For the 27 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in March $ 155,820
Median Price …………………. $ 148,000
Sales Price/List Price Ratio ……. 95 %
Days on Market ………………… 105
Months of Inventory ………….  7.2
Average Size 3 bedrooms, 2.5 baths of 1,562 sq ft
Average $ per square foot……..   $ 90.91

 For the 60 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238, 23294)
Average Sales Price in March $ 271,708
Median Sales Price ………….  $ 227,750
Sales Price/List Price Ratio ……….  96 %
Days on Market …………………..    77
Months of Inventory ………….     6.6
Average Size 4 bedrooms 2.5 baths of 2,256 sq ft
Average $ per square foot ………. $ 120.99
 
For the 89 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for March $ 237,715
Median Sales Price ………….. $ 216,100
Sales Price/List Price Ratio ……..  97 %
Average Days on Market………… 82
Months of Inventory ……………..  8.6
Average Size 4 bedroom, 2.5 baths of 2,462 square ft
Average $ per square foot ………..$ 94.93

 For the 42 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for March $ 272,066
Median Sales Price…………… $ 245,950
Sales Price/List Price Ratio ………  96 %
Average Days on Market ………….  70
Months of Inventory ……………   7.9
Average Size 4 bedrooms, 2.5 baths of 2,488 sq ft
Average $ per square foot……… $ 110.24
 
For the 52 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for March $ 251,937
Median Price ………………….  $ 240,500
Sales Price/List Price Ratio ……… 97 %
Average Days on Market ………….  83
Months of Inventory ……………  8.5
Average Size 4 bedrooms, 2.5 baths 2,311 sq ft
Average $ per square foot ……….. $ 112.40

For 83 single family homes sold in Midlothian
(Zips 23112, 23113, 23114, 23120)
Average Sales Price for March $ 296,695
Median Price ………………… $ 269,000
Sales Price List Price Ratio …….    96 %
Average Days on Market ………… 98
Months of Inventory …………….  8.1

Average Size 4 bedrooms, 3.5 baths of 2,826 sq ft
Average $ per square foot……….. $ 103.52

      Can it be? Once again I am encouraged by the strength of the market in February. Considering that February has the fewest sales days of any month, we once again experienced a vibrant month of sales. Dare I say it? Is the market turning? Maybe, but I still think there are tough times ahead yet the worst may well be behind us now. Statistics this month are a little betraying. The months of inventory I feel are exaggerated somewhat, since we only saw a modest increase in overall inventory in February from January’s levels, while there were more closed sales in February than in January. There are many cross currents in the market at present, which will have impact as we progress through the year. FHA raises its mortgage insurance rate in April, which will lessen buying power for many. REOs coming to market are down due to fall out from the robo signing issues at the end of the year. Add in the country’s overall economy and the inability of Washington to address their spending and I, for one, don’t believe happy days are here again.

Here’s the Market Snapshot for February 2011:

For the 6 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 $ 356,117
Median Sales Price …………..   $ 261,000
Sales Price/List Price Ratio …….. 93 %
Days on Market ………………… 108
Months of Inventory …………..  14
Average Size 4 bedrooms 2.5 baths of 2,438 sq ft
Average $ per square foot ……….$ 145.29

 For the 6 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in February $ 351,083
Median Price …………………..$ 313,750
Sales Price/List Price Ratio ……. 96 %
Days on Market ………………… 50
Months of Inventory ………….. 17
Average Size 4 bedrooms, 2.5 baths of  1,997 sq ft
Average $ per square foot……..   $ 172.03
 
For the 4 homes sold on the Northside of the City of Richmond
(Holton School District)
Average Sales Price in February $ 257,737
Median Price ……………….  $ 214,475
Sales Price/List Price Ratio ……. 87 %
Days on Market ………………… 120
Months of Inventory ………….  13
Average Size 4 bedrooms, 2.5 baths of 2,003 sq ft
Average $ per square foot……..   $ 108.58
 
For the 20 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in February $ 88,989
Median Price …………………. $ 62,300
Sales Price/List Price Ratio ……. 91 %
Days on Market ………………… 102
Months of Inventory ………….  8.5
Average Size 3 bedrooms, 1.5 baths of 1,459 sq ft
Average $ per square foot……..   $ 59.34

 For the 41 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238, 23294)
Average Sales Price in February $ 222,423
Median Sales Price ………….  $ 199,950
Sales Price/List Price Ratio ……….  95 %
Days on Market …………………..    61
Months of Inventory ………….     10.0
Average Size 4 bedrooms 2.5 baths of 2,065 sq ft
Average $ per square foot ………. $ 109.13
 
For the 61 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for February $ 225,264
Median Sales Price ………….. $ 192,500
Sales Price/List Price Ratio ……..  96 %
Average Days on Market………… 86
Months of Inventory ……………..  12.3
Average Size 4 bedroom, 2.5 baths of 2,390 square ft
Average $ per square foot ………..$ 91.68

 For the 37 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for February $ 308,295
Median Sales Price…………… $ 281,500
Sales Price/List Price Ratio ………  95 %
Average Days on Market ………….  77
Months of Inventory ……………   10.0
Average Size 4 bedrooms, 2.5 baths of 2,695 sq ft
Average $ per square foot……… $ 116.22
 
For the 43 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for February $ 248,651
Median Price ………………….  $ 230,000
Sales Price/List Price Ratio ……… 96 %
Average Days on Market ………….  96
Months of Inventory ……………  9.9
Average Size 4 bedrooms, 2.5 baths 2,300 sq ft
Average $ per square foot ……….. $ 108.16

For 59 single family homes sold in Midlothian
(Zips 23112, 23113, 23114, 23120)
Average Sales Price for February $ 285,153
Median Price ………………… $ 256,000
Sales Price List Price Ratio …….    96 %
Average Days on Market ………… 75
Months of Inventory …………….  11.6

Average Size 4 bedrooms, 2.5 baths of 2,663 sq ft
Average $ per square foot……….. $ 105.77

         Last month I thought December’s numbers looked like we were bottoming out, but I wasn’t sure since I thought they just might be a case of some end of the year finagling. Now that I get a look at January’s number plus the comments I am hearing from agents throughout the Richmond area; and maybe, you’ll begin to make me into a believer. I still want to see a few more months of consistent performance, but possibly we are at the bottom of this market. Units sold for January was impressive. As was the units put under contract for this time of year. The buyers are definitely out there; and instead of just shopping, they are pulling the trigger. Inventory levels were up ever so slightly. We’re at a very manageable inventory level presently. Again, time will tell as we progress into 2011.

Here’s the Market Snapshot for January 2011:

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 January $ 299,114
Median Sales Price …………..   $ 289,500
Sales Price/List Price Ratio …….. 96 %
Days on Market ………………… 55
Months of Inventory …………..  5.5
Average Size 3 bedrooms 2.5 baths of 2,209 sq ft
Average $ per square foot ……….$ 139.13

For the 11 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in January $ 584,776
Median Price …………………$ 350,000
Sales Price/List Price Ratio ……. 93 %
Days on Market ………………… 58
Months of Inventory ………….. 8.8
Average Size 4 bedrooms, 3.5 baths of  2,696 sq ft
Average $ per square foot……..   $ 187.47
 
For the 7 homes sold on the Northside of the City of Richmond
(Holton School District)
Average Sales Price in January $ 297,922
Median Price ……………….  $ 227,500
Sales Price/List Price Ratio ……. 99 %
Days on Market ………………… 97
Months of Inventory ………….  6.8
Average Size 4 bedrooms, 2.5 baths of 2,777 sq ft
Average $ per square foot……..   $ 108.64
 
For the 16 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in January $ 134,800
Median Price ……………….. $ 87,400
Sales Price/List Price Ratio ……. 93 %
Days on Market ………………… 91
Months of Inventory ………….  11.3
Average Size 3 bedrooms, 2.5 baths of 1,572 sq ft
Average $ per square foot……..   $ 78.34

For the 35 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238, 23294)
Average Sales Price in January $ 291,175
Median Sales Price ………….  $ 199,000
Sales Price/List Price Ratio ……….  94 %
Days on Market …………………..    94
Months of Inventory ………….     10.9
Average Size 4 bedrooms 2.5 baths of 2,401 sq ft
Average $ per square foot ………. $ 112.57
 
For the 59 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for January $ 214,698
Median Sales Price ………….. $ 182,002
Sales Price/List Price Ratio ……..  96 %
Average Days on Market………… 89
Months of Inventory ……………..  9.2
Average Size 4 bedroom, 2.5 baths of 2,295 square ft
Average $ per square foot ………..$ 94.28

For the 34 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for January $ 279,761
Median Sales Price…………… $ 241,500
Sales Price/List Price Ratio ………  96 %
Average Days on Market ………….  69
Months of Inventory ……………   9.9
Average Size 4 bedrooms, 2.5 baths of 2,484 sq ft
Average $ per square foot……… $ 113.95
 
For the 28 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for January $ 239,567
Median Price …………………  $ 236,725
Sales Price/List Price Ratio ……… 96 %
Average Days on Market ………….  102
Months of Inventory ……………  14.9
Average Size 4 bedrooms, 2.5 baths 2,388 sq ft
Average $ per square foot ……….. $ 100.51
 
For 68 single family homes sold in Midlothian
(Zips 23112, 23113, 23114, 23120)
Average Sales Price for January $ 298,268
Median Price ………………… $ 253,000
Sales Price List Price Ratio …….    96 %
Average Days on Market ………… 93
Months of Inventory …………….  9.3

Average Size 4 bedrooms, 2.5 baths of 2,744 sq ft
Average $ per square foot……….. $ 106.97

If You Got an Itch, then Scratch! I had multiple correct answers on last week’s Hollywood Guest Contest. It was a close one with several answers only minutes apart. The correct answer was Lee Strasberg as Hyman Roth in the Godfather II. We have a great classic movie for our pick this week with a truly infamous scene.

 My first RENOVATION FINANCE WORKSHOP was Wednesday with great attendance and was by all accounts a success. Join us next time on February 12, 2011 by registering here  or by calling 1.877.879.8118 extension 8.

 Call me, 804.301.7598, if you want to see anything. 

          Good Morning! Here are the Bank Owned Weekly lists for the week of January 16th, 2011. While I have several hundred subscribers to these lists, I am always trying to increase my subscriptions, so please encourage anyone you think may find this of value to sign up at the links below. 

 To receive Bank Owned Weekly for the West of Richmond, click here.

To receive Bank Owned Weekly for Glen Allen, click here.

To receive Bank Owned Weekly for Western Chesterfield, click here.

Here are the links for Bank Owned Weekly for January 16th. 

Group 1 of Single Family Homes in West End Richmond. 

Group 2 of Single Family Homes in West End Richmond.

Group 1 of Townhouses and Condominiums for West End Richmond.

Group 2 of Townhouses and Condominiums for West End Richmond.

Group 1 of Single Family Homes in Glen Allen.

Group 2 of Single Family Homes in Glen Allen.

Group 1 of Townhouses and Condominiums for Glen Allen.

Group 2 of Townhouses and Condominiums for Glen Allen.

Group 1 of Single Family Homes in Western Chesterfield.

Group 2 of Single Family Homes in Western Chesterfield.

Group 1 of Townhouses and Condominiums for Western Chesterfield.

Group 2 of Townhouses and Condominiums for Western Chesterfield.

    The inaugural Renovation Financing Workshop  held last Wednesday was well attended and by all accounts an event worth attending. Why not make plans now to join us on Wednesday, February 12th at 7 p.m. for the next one.  You can register or obtain more information here or by calling 1.877.879.8118 extension 8.

Please join us next month on Wednesday, February 12, 2011 at 7 p.m. at my offices, 1106 N Thompson Street, Richmond, VA 23230. For more information and to register, please call 1.877.879.8118 extension 8.