Where you been, Brick? Finally, admit that the Richmond Real Estate Market is "in the tank" and end it all? No, I had a laptop meltdown mid March. After 10 days of allowing the Geek Squad to continually change my registry and just create another problem for me, I retrieved my laptop and did a reload. Took a weekend to do so, but I am finally caught up, back at it, and as optimistic as ever.

     So what’s going on out there? I heard/read/maybe dreamt the phrase "Recession Depression" used to describe the Real Estate Market. And why would anyone not be DEPRESSED, when all we hear from the media is constant incessant drumbeat of how horrible it is out there? Today, the NAR (National Association of Realtors) is out with February numbers, which are depressing, but if you read my blog you already knew February sucked. That February condition will be verified in the numbers below, since what went under contract in February typically settled/sold in March. And guess what, I think we’ve hit the bottom, at least in Richmond. I’ll elaborated further later this week, when I post my Market Conditions report, but March activity was very encouraging. Stay tuned, I promise more to come this week:

For the 13 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 $ 359,117

Median Sales Price ……………  $ 370,000

Sales Price/List Price Ratio …….. 95.9 %

Days on Market …………………….. 74

Average Size 3 bedrooms 2.5 baths of 1,997 sq ft

Average $ per square foot ……….$ 179.83

 

For the 14 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in March $ 315,014

Median Price ……………………. $ 273,950

Sales Price/List Price Ratio ……. 97.6 %

Days on Market ……………………. 32

Average Size 3 bedrooms, 2.5 baths of 1,691 sq ft

Average $ per square foot……..   $ 186.29

 

For the 63 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23233, 23238)

Average Sales Price in March $ 287,072

Median Sales Price ……………  $ 256,000

Sales Price/List Price Ratio ……….  96.1 %

Days on Market …………………….    76

Average Size 3 bedrooms 2.5 baths of 1,992 sq ft

Average $ per square foot ………. $ 144.11

 

For the 101 single family homes sold in Chesterfield

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

Average Sales Price for March $ 280,976

Median Sales Price …………..$ 255,000

Sales Price/List Price Ratio ……..  98.7 %

Average Days on Market……………. 75

Average Size 4 bedroom, 2.5 baths of 2,264 square ft

Average $ per square foot ………..$ 124.11

 

For the 72 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for March $ 365,829

Median Sales Price………………  $ 325,000

Sales Price/List Price Ratio ………  97.0 %

Average Days on Market ………….   65

Average Size 4 bedrooms, 2.5 baths of 2,586 sq ft

Average $ per square foot……… $ 141.47

 

For the 50 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for March $ 291,035

Median Price ……………………   $ 258,000

Sales Price/List Price Ratio ……… 96.6 %

Average Days on Market ………….. 58

Average Size 4 bedrooms, 2.5 baths 2,215 sq ft

Average $ per square foot ……….. $ 131.39

 

For 78 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for March $ 372,332

Median Price …………………….. $ 272,500

Sales Price List Price Ratio …….    96.8 %

Average Days on Market …………..  67

Average Size 4 bedrooms, 2.5 baths of 2,561 sq ft

Average $ per square foot……….. $ 145.39