As promised, here is the updated homes sales figures through March and compared to the same period of 2007. While 2008 is showing almost a 40 % decline in units sold year to year, I don’t anticipate this trend to continue. The 1st quarter of 2007 was one of the best quarters in Richmond real estate history. It exceeded the 1st quarter of 2006 (2nd best year ever) and rivaled the record year of 2005. As we progress through the year, this decline will moderate. In the next day or two, I will post my observations on the market activity in March. Believe it or not, it is not as gloomy as one would think.      

 

March YTD 2008 2007
Price Range  # of Sales % of Ttl Sales # of Sales % of Ttl Sales
0 - 99,999 76 4.26% 166 5.79%
100,000 - 199,999 550 30.85% 899 31.37%
200,000 - 299,999 620 34.77% 942 32.87%
300,000 - 399,999 266 14.92% 438 15.28%
400,000 - 499,999 119 6.67% 207 7.22%
500,000 - 599,999 69 3.87% 85 2.97%
600,000 - 699,999 32 1.79% 49 1.71%
700,000 - 799,999 12 0.67% 27 0.94%
800,000 - 899,999 15 0.84% 17 0.59%
900,000 - 999,999 1 0.06% 19 0.66%
1 Million plus 23 1.29% 17 0.59%
Total Sales/Pct. 1783 100.00% 2866 100.00%