August 12, 2010
July ‘10 Metro Richmond Homes Sales with ‘09 & ‘08 Comparison
So now we’ve got a real dilemma. Will sales in ’10 at least keep pace with ’09 sales or will ’10 be the 4th year of declining home sales for Richmond? You all know that I am the eternal optimist so I my projection is ’10 will keep pace with ’09, but it won’t be much of a gain. This country needs some CONFIDENCE; and with an approaching election, I think we’ll hear plenty of lip service. The most compelling factor currently aiding Real Estate is the mortgage rate, which is lower than I have ever seen. Even if prices decline more, you’ll not be able to duplicate the current available payments should rates rise. And rates will rise. If I were to guess when, I’d put it at right after the election
Here’s where the sales fell in July for the last 3 years along with the Year To Date comparisons for the same period.
| July |
2010 |
2009 |
2008 |
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| Price Range |
# of Sales |
% of Ttl Sales |
# of Sales |
% of Ttl Sales |
# of Sales |
% of Ttl Sales |
||||||
| 0 – 99,999 |
72 |
11.40% |
80 |
9.16% |
60 |
6.16% |
||||||
| 100,000 – 199,999 |
193 |
30.40% |
294 |
33.67% |
286 |
29.36% |
||||||
| 200,000 – 299,999 |
157 |
24.80% |
266 |
30.47% |
332 |
34.09% |
||||||
| 300,000 – 399,999 |
108 |
17.00% |
115 |
13.17% |
142 |
14.58% |
||||||
| 400,000 – 499,999 |
48 |
7.50% |
62 |
7.10% |
69 |
7.08% |
||||||
| 500,000 – 599,999 |
22 |
3.50% |
33 |
3.78% |
31 |
3.18% |
||||||
| 600,000 – 699,999 |
17 |
2.70% |
8 |
0.91% |
27 |
2.77% |
||||||
| 700,000 – 799,999 |
8 |
1.30% |
4 |
0.45% |
10 |
1.03% |
||||||
| 800,000 – 899,999 |
5 |
0.77% |
1 |
0.11% |
5 |
0.51% |
||||||
| 900,000 – 999,999 |
0 |
0.00% |
3 |
0.34% |
3 |
0.31% |
||||||
| 1 Million plus |
4 |
0.63% |
7 |
0.80% |
9 |
0.92% |
||||||
| Total Sales/Pct. |
634 |
100.00% |
873 |
100.00% |
974 |
100.00% |
||||||
| YTD thru July |
2010 |
2009 |
2008 |
|||||||||
| Price Range |
# of Sales |
% of Ttl Sales |
# of Sales |
% of Ttl Sales |
# of Sales |
% of Ttl Sales |
||||||
| 0 – 99,999 |
549 |
11.19% |
437 |
9.67% |
255 |
4.75% |
||||||
| 100,000 – 199,999 |
1812 |
36.91% |
1509 |
33.40% |
1505 |
28.04% |
||||||
| 200,000 – 299,999 |
1346 |
27.42% |
1448 |
32.10% |
1886 |
35.13% |
||||||
| 300,000 – 399,999 |
650 |
13.24% |
577 |
12.77% |
832 |
15.50% |
||||||
| 400,000 – 499,999 |
242 |
4.93% |
257 |
5.68% |
403 |
7.51% |
||||||
| 500,000 – 599,999 |
118 |
2.41% |
134 |
2.96% |
189 |
3.52% |
||||||
| 600,000 – 699,999 |
88 |
1.79% |
62 |
1.37% |
116 |
2.16% |
||||||
| 700,000 – 799,999 |
43 |
0.88% |
38 |
0.84% |
66 |
1.23% |
||||||
| 800,000 – 899,999 |
24 |
0.48% |
18 |
0.39% |
42 |
0.78% |
||||||
| 900,000 – 999,999 |
8 |
0.16% |
12 |
0.27% |
14 |
0.26% |
||||||
| 1 Million plus |
28 |
0.59% |
25 |
0.55% |
60 |
1.12% |
||||||
| Total Sales/Pct. |
4908 |
100.00% |
4517 |
100.00% |
5368 |
100.00% |