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 

    I’ll post additional statistics later this week, but here is the YTD breakdown for price ranges and activity for ‘08 sales versus ‘07 sales. Please remember these figures are based on Richmond’s suburban areas and compiled using the Real Estate Zones of 10, 20, 22, 24, 30, 32, 34, 36, 40, 42, 44, 50, 52, 54, 60, 62, 64, and 66.

     OMG, did Richmonders awake in June and discover they weren’t all losing their jobs? Did the warmer weather and longer daylight hours distract Richmonders from watching/reading the “doom and gloom” on the housing market from the national media? I’ll have more to say in subsequent posts, but June showed some strong numbers - inventory level down slightly, shorter marketing periods, stable dollar per square foot costs, stable Sales Price/List Price ratio, etc. I am not dancing a jig yet, but June certainly exhibited some encouraging signs. It will be a few days on subsequent posts, I have a relocating buyer for the next few days. Wait a minute, Brick, you mean local employers are actually bringing people to Richmond? Like I said, some encouraging events are happening. Stay tuned. 

For the 25 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    $ 430,959

Median Sales Price ……………  $ 358,000

Sales Price/List Price Ratio …….. 96.3 %

Days on Market …………………….. 50

Average Size 3 bedrooms 2.5 baths of 2,255 sq ft

Average $ per square foot ……….$ 191.11

For the 30 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in June    $ 411,066

Median Price ……………………. $ 303,500

Sales Price/List Price Ratio ……. 97.5 %

Days on Market ……………………. 46

Average Size 3 bedrooms, 2.5 baths of 2,029 sq ft

Average $ per square foot……..   $ 202.60

For the 104 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23233, 23238)

Average Sales Price in June    $ 389,019

Median Sales Price ……………  $ 302,500

Sales Price/List Price Ratio ……….  97.2 %

Days on Market …………………….    38

Average Size 4 bedrooms 2.5 baths of 2,500 sq ft

Average $ per square foot ………. $ 155.61

For the 126 single family homes sold in Chesterfield

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

Average Sales Price for June   $ 295,517

Median Sales Price ………….$ 271,000

Sales Price/List Price Ratio ……..  97.2 %

Average Days on Market……………. 61

Average Size 4 bedroom, 2.5 baths of 2,468 square ft

Average $ per square foot ………..$ 119.74

For the 86 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for June     $ 372,612

Median Sales Price………………  $ 318,750

Sales Price/List Price Ratio ………  96.4 %

Average Days on Market ………….   66

Average Size 4 bedrooms, 2.5 baths of 2,554 sq ft

Average $ per square foot……… $ 145.89

For the 67 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for June   $ 297,848

Median Price ……………………   $ 275,000

Sales Price/List Price Ratio ……… 97.3 %

Average Days on Market ………….. 68

Average Size 4 bedrooms, 2.5 baths 2,231 sq ft

Average $ per square foot ……….. $ 133.50

For 130 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for June   $ 338,469

Median Price …………………….. $ 276,000

Sales Price List Price Ratio …….    97.7 %

Average Days on Market …………..  68

Average Size 4 bedrooms, 2.5 baths of 2,617 sq ft

Average $ per square foot……….. $ 129.33

     Yesterday, while discarding some recent correspondence, I came across this letter again. Uncertain as to what the point of the letter was, I decided to call the senior appraiser at Henrico County and discuss it with him. Turns out that every few months, the appraiser receives one of these anonymous letter whenever anything is listed in this one subdivision where the MLS (Multiple Listing Service) information conflicts with public information. This genius author and real estate guru is always arguing that tax assessments in this subdivision are too high and public records need to reflect what is truly in the property. 

     There is only one problem with his reasoning. As in the instance of the property I had listed, the property had an additional bedroom, an additional full bath, and additional square footage from what public records showed. Items like this would only increase the tax assessment. 

     Whenever we have a slower real estate market, I cannot tell you how many calls I receive from people questioning their real estate tax assessments and whether they should appeal. My typical advice is never let the tax man in the door. I will guarantee you he will find items increasing your assessment.

     So if you live in the Colonies at Wilde Lake in western Henrico County, you might want to find out who this genius is. I can assure you this person is always railing about the real estate tax assessments to anyone who will listen. You need to tell this real estate “expert” to cool it. If Henrico County starts believing their records are so wrong for a community, particularly an affluent neighborhood, the county may well request physical inspections of the properties. Ka’ching ka’ching you lose.  

     My daughter, Lucy Gordon, got hers on Labor Day, September 3, 2007. Typically, junior golfers need to exhibit a cursory knowledge of the rules, course etiquette, and a proficiency to score under a certain number on any 3 consecutive holes (21 seems to be the number for most clubs) before they receive their tag. I cheated. Well, I didn’t cheat, I probably just "sandbagged" our club’s newest assistant pro. When I asked him Monday what the procedure was for a junior golfer to get their tag, he said he wasn’t sure and then quickly made one for Lucy Gordon. And I am not going to worry about it! The pure glee she had when I put it on her bag will be one of my lasting memories.

     Besides for the immediate future, when she plays, she’ll play with me; and she’ll know her etiquette. Monday, she was already replacing and filling her divots. She meticulously raked every trap where she hit an errant ball. Now, if our other club members were as conscientious! 

     Her ability to score well will come. She had some moments yesterday - at least two moon shot putts of 40 feet that dropped. She also holed out in 3 a couple of  times from within 100 yards. Soon I’ll be writing about that first true par, so stay tuned. 

     I didn’t know until this morning (thank you, Google & Wikipedia) that J. Crew has only been around since 1983.  My impression had always been that it was a venerable old line New England clothier who specialized in the classic prep look, which was rolled out nationally due to the mail order success of LL Bean. Wrong.

     Please correct me if I am mistaken, but didn’t J. Crew once have a tailored Brooks Brothers like look? For some reason, I have always associated Nantucket red pants and cotton sweaters with J. Crew. There is no question that the predominant material of J. Crew products is still cotton, it’s just cotton that has never met an iron.

    I don’t get it. The J. Crew catalogue is page after page of crumbled rumbled goods. The models look like they’re wearing the dirty clothes found on my son’s bedroom floor. J., I occasionally see items in your catalogue that interest me, but buddy they need to be ironed. 

     While the gardener pursues his passions, the chef of the house has a wonderful area to create culinary masterpieces. The kitchen has a 5 burner gas range. A side by side stainless steel refrigerator is also included. After enjoying that fantastic meal, what better place to relax than the Family Room with its masonry fireplace and gas logs.

     This all gas home is offered at $259,500. For more information, please take the Visual Tour.

     In past posts, you may recall that I mentioned my encouragement to my buyer clients to be very selective in their ultimate choice. Damn the gas prices, full speed ahead. With our glutted market, buyers need not compromise and should definitely find everything on their "want" list and most of their "wish" list in the home choice.

     Over the last few days, I have been working on pricing for a some potential listings I may have. In doing my CMA (Comparable Market Analysis), I was stuck by the "selectivity" shown in my comps. I know this last sentence was filled the Realtorese, so let me translate. "Comps" are comparable properties to the property you are trying to price (i.e., the subject property). "Comps" should have similar features - style, square footage, # of bedrooms, # of baths, location, etc. as the subject property. "Comps" should have sold within the last 6 months. A good CMA should have at least 3 "comps" to compare against the subject property. The analysis part of the CMA is adjusting each "comp" with a plus/minus value against the subject to arrive at a value for the subject property. Needless to say, this is a subjective process, since how do you give an absolute value for a difference such as a fireplace that the subject has and the "comp" doesn’t?  

    Anyway, the first property I was pricing was in an upscale western Chesterfield neighborhood. I had numerous "comps". All built within a few years of each other, all having the same number of bedrooms, baths, and approximate square footage.  This was going to be a breeze. The owner had already indicated to me what he thought the property was worth and my "comps" suggested the owner was dead on. Now, I started my analysis. As I went through my 5 comps, I noticed the first 2 "comps" had 9′ ceilings. Uh oh, so did 3, 4 and 5. My subject property was built with 8′ ceilings. So I looked at the competing market (i.e., what is/was for sale) and found numerous "comparable" competing 8′ ceiling properties had been on the market when these 9′ ceiling properties sold. 

     Next up in my analysis was a townhouse in western Henrico. Again, I had numerous "comps"; and again I knew what the seller was hoping for as a sale price. Another breeze. Not so fast, Brick. All my "comps" were for end units. The subject property was an interior unit. I am sure you can guess the rest.  

     The fact is all buyers in the current market are making sure they are getting their maximum deal. These buyers are making their choices based on the little differences. With inventory levels where they are, buyers have that option. While "price" overcomes all, buyers are willingly to "pay the freight" if they perceive they are getting their maximum bang for their buck,