My preliminary "spin" for May 2008 is a flat market. It appears we picked up "no steam" in May; and once again we will not have a Spring Market. The number of sales closed was very comparable to April’s number. The "pending" sales dropped in May from April’s improved number. Inventories were up slightly and a number of submarkets had signficant increases in units sold. I’ll comment further on the market conditions later this week.

     Here’s the breakdown for various localities within Greater Richmond. If you would like an area not covered below to be covered each month, please let me know. If the area has enough sales activity, I’ll be delighted to include it in this reporting.

For the 22 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   $ 414,268

Median Sales Price ……………  $ 372,000

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

Days on Market …………………….. 55

Average Size 3 bedrooms 2.5 baths of 2,335 sq ft

Average $ per square foot ……….$ 177.42

 

For the 43 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in May   $ 540,952

Median Price ……………………. $ 352,000

Sales Price/List Price Ratio ……. 94.9 %

Days on Market ……………………. 44

Average Size 3 bedrooms, 2.5 baths of 2,545 sq ft

Average $ per square foot……..   $ 212.55

 

For the 70 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23233, 23238)

Average Sales Price in May    $ 380,322

Median Sales Price ……………  $ 288,000

Sales Price/List Price Ratio ……….  94.7 %

Days on Market …………………….    56

Average Size 4 bedrooms 2.5 baths of 2,414 sq ft

Average $ per square foot ………. $ 157.55

 

For the 98 single family homes sold in Chesterfield

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

Average Sales Price for May  $ 322,926

Median Sales Price ………….$ 271,000

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

Average Days on Market……………. 83

Average Size 4 bedroom, 2.5 baths of 2,530 square ft

Average $ per square foot ………..$ 118.34

 

For the 73 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for May    $ 380,312

Median Sales Price………………  $ 331,500

Sales Price/List Price Ratio ………  97.6 %

Average Days on Market ………….   54

Average Size 4 bedrooms, 2.5 baths of 2,578 sq ft

Average $ per square foot……… $ 147.52

 

For the 59 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for May  $ 301,747

Median Price ……………………   $ 265,500

Sales Price/List Price Ratio ……… 98.1 %

Average Days on Market ………….. 61

Average Size 4 bedrooms, 2.5 baths 2,169 sq ft

Average $ per square foot ……….. $ 139.12

 

For 112 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for May   $ 333,914

Median Price …………………….. $ 280,000

Sales Price List Price Ratio …….    97.5 %

Average Days on Market …………..  70

Average Size 4 bedrooms, 2.5 baths of 2,506 sq ft

Average $ per square foot……….. $ 140.98