sold snapshot old     Well, I guess I won’t have to wonder how much sales will fall off once the $8,000 Tax Credit for “First Time” Homebuyers expires until next Spring. In case you haven’t heard, the credit was extended through April 30, 2010.  Congress in their typical largesse also threw something in for the “step up” buyer with a $6,500 credit for current owners. If you want some specifics on this new twist, please contact me.

     October sales, I think, are indicative of why the credit got extended. While the number of sales for October was slightly higher than September, the majority of these sales also took place at price points below September’s marks.  Over 80 % of October sales occurred at a price point below $300,000. We have flirted with this 80 % mark several times this year, but October’s 81.37 % blew through the old ’09 mark of 79.36% established in January. In January this year, we had just over 400 total sales, while in October we had just under 800 total sales; so there is no question that the “sweet spot” in the market is under the $300,000 price point. I’ll have more to say on the market later this week, when I publish my West End comparisons.

Here’s the snapshot:

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 October $ 293,011
Median Sales Price …………… $ 280,000
Sales Price/List Price Ratio …….. 95 %
Days on Market …………………….. 57
Months of Inventory ………….. 6.9
Average Size 3 bedrooms 1.5 baths of 2,152 sq ft
Average $ per square foot ……….$ 147.68

For the 30 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in October $ 317,312
Median Price ……………………… $ 261,750
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 70
Months of Inventory ………….. 3.7
Average Size 3 bedrooms, 2.5 baths of 1,892 sq ft
Average $ per square foot…….. $ 167.76

For the 5 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in October $ 229,200
Median Price ……………………… $ 232,000
Sales Price/List Price Ratio ……. 93 %
Days on Market ……………………. 78
Months of Inventory …………. 9.6
Average Size 3 bedrooms, 1.5 baths of 1,682 sq ft
Average $ per square foot…….. $ 147.67

For the 26 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in October $ 177,550
Median Price ……………………… $ 163,475
Sales Price/List Price Ratio ……. 97 %
Days on Market ……………………. 62
Months of Inventory …………. 7.1
Average Size 3 bedrooms, 1.5 baths of 1,468 sq ft
Average $ per square foot…….. $ 123.94

For the 88 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in October $ 275,367
Median Sales Price …………… $ 250,000
Sales Price/List Price Ratio ………. 97 %
Days on Market ……………………. 65
Months of Inventory …………. 4.8
Average Size 3 bedrooms 2.5 baths of 2,057 sq ft
Average $ per square foot ………. $ 135.17

For the 88 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for October $ 228,795
Median Sales Price …………… $ 206,617
Sales Price/List Price Ratio …….. 97 %
Average Days on Market……………. 80
Months of Inventory …………….. 11.7
Average Size 3 bedroom, 2.5 baths of 2,127 square ft
Average $ per square foot ………..$ 110.12

For the 49 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for October $ 284,020
Median Sales Price……………… $ 245,650
Sales Price/List Price Ratio ……… 96 %
Average Days on Market …………. 61
Months of Inventory …………… 8.4
Average Size 3 bedrooms, 2.5 baths of 2,312 sq ft
Average $ per square foot……… $ 126.44

For the 67 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for October $ 254,905
Median Price …………………… $ 240,500
Sales Price/List Price Ratio ……… 97 %
Average Days on Market ………….. 71
Months of Inventory …………… 6.8
Average Size 3 bedrooms, 2.5 baths 2,105 sq ft
Average $ per square foot ……….. $ 125.03

For 82 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for October $ 264,801
Median Price …………………….. $ 221,500
Sales Price List Price Ratio ……. 97 %
Average Days on Market ………….. 56
Months of Inventory ……………. 7.5
Average Size 3 bedrooms, 2.5 baths of 2,250 sq ft
Average $ per square foot……….. $ 117.76