While the shortest month of the year brought us a pretty “short” number of units sold, the big news in February was the “pending” sales, which posted a number that rivaled last September and October pending sales. Dare I think we might actually have a “Spring” market that has been absent in the Richmond area since 2005? February also exhibited a further “bottom” driven market. Only 2 (West End City and Glen Allen) of our submarket coverage areas had an average sales price over $300,000; and even in these 2 historically expensive areas saw an average sales price well beneath their standard. Median sales price was typically in the low $200’s with the exception of Glen Allen and the West End City.

     Inventory levels increased again, but still remain below ’08 levels. Days on market increased throughout the area, while dollar per square foot costs declined. Discounting or my Sales Price/List Price ratio averaged 4.6 % in our coverage areas, which should be pointed out to all buyers. Unfortunately, all buyers are currently convinced everything should sell for 50 cents on the dollar. The market remains and will remain price driven until our excess inventory is absorbed. We’re still in the best “buyer’s market” I have ever seen.

    Quick advertisement. Every Saturday morning at 10 a.m., I am conducting a Tour of Bank Owned Properties. You might have seen the article yesterday in RichmondBizSense. You can listen to the details and register for the Tour at 1.877.879.8118 x 15.  I also have a video on the Saturday Morning Tour, which will explain the Tour as well. In addition, every Wednesday evening at 7 p.m. in conjunction with National City Mortgage, I have a Home Buyer Seminar. You can obtain information and register for the seminar at 1.877.879.8118 x 9. Call, register and join me; I promise it will be worth your time.

 

Here’s the snapshot:

 

For the 8 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 $ 244,862

Median Sales Price ……………   $ 204,975

Sales Price/List Price Ratio …….. 96.7 %

Days on Market …………………….. 64

Average Size 3 bedrooms 1.5 baths of 1,790 sq ft

Average $ per square foot ……….$ 136.79

 

For the 10 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in February $ 386,877

Median Price ………………………  $ 308,750

Sales Price/List Price Ratio ……. 92.4 %

Days on Market ……………………. 102

Average Size 3 bedrooms, 2.5 baths of 2,175 sq ft

Average $ per square foot……..   $ 177.87

 

For the 1 homes sold on the Northside of the City of Richmond

(Zip 23227 Holton School District)

Average Sales Price in February $ 219,000

Median Price ………………………  $ 219,000

Sales Price/List Price Ratio ……. 95.3 %

Days on Market ……………………. 174

Average Size 3 bedrooms, 1.5 baths of 1,625 sq ft

Average $ per square foot……..   $ 134.15

 

For the 15 homes sold on the Southside of the City of Richmond

(Zip 23225)

Average Sales Price in February $ 153,458

Median Price ………………………  $ 131,000

Sales Price/List Price Ratio ……. 95.4 %

Days on Market ……………………. 75

Average Size 3 bedrooms, 2.5 baths of 1,547 sq ft

Average $ per square foot……..   $ 99.20

 

For the 38 single family homes sold in West End of Henrico County

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

Average Sales Price in February $ 280,119

Median Sales Price ……………    $ 244,000

Sales Price/List Price Ratio ……….  95.6 %

Days on Market …………………….    66

Average Size 4 bedrooms 2.5 baths of 2,080 sq ft

Average $ per square foot ………. $ 134.67

 

For the 60 single family homes sold in Chesterfield

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

Average Sales Price for February $ 215,710

Median Sales Price …………… $ 204,500

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

Average Days on Market……………. 96

Average Size 3 bedroom, 2.5 baths of 1,966 square ft

Average $ per square foot ………..$ 109.72

 

For the 25 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for February $ 318,436

Median Sales Price………………  $ 269,000

Sales Price/List Price Ratio ………  95.3 %

Average Days on Market ………….  81

Average Size 4 bedrooms, 2.5 baths of 2,569 sq ft

Average $ per square foot……… $ 123.95

 

For the 27 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for February $ 288,064

Median Price ……………………     $ 217,250

Sales Price/List Price Ratio ……… 94.8 %

Average Days on Market ………….. 88

Average Size 4 bedrooms, 2.5 baths 2,171 sq ft

Average $ per square foot ……….. $ 132.69

 

For 54 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for February $ 278,758

Median Price ……………………..   $ 235,000

Sales Price List Price Ratio …….    95.8 %

Average Days on Market …………..  82

Average Size 4 bedrooms, 2.5 baths of 2,443 sq ft

Average $ per square foot……….. $ 114.10