The snapshot this month is in many ways deceptive. The number of homes sold in the various submarkets makes it look like we have a robust market. The same applies to the months of inventory figures. You’d think we were in an equilibrium, if not seller’s, market. We’re not. These inflated numbers are “the last hurrah” of the effects of the $8,000 1st Time Homebuyer Credit. Next month we’ll get back to reality. Expect about about a 1/3 drop in units sales. Months of inventory will skyrocket and put most markets in a 9 month plus number for inventories.
Here’s the snapshot:
For the 24 single family homes sold in
Fan & Museum District of the City of Richmond
(Fox and John B. Cary School Districts)
Average Sales Price in June $ 341,020
Median Sales Price ………….. $ 309,500
Sales Price/List Price Ratio …….. 99 %
Days on Market …………………….. 37
Months of Inventory ………….. 5.5
Average Size 3 bedrooms 2.5 baths of 1,984 sq ft
Average $ per square foot ……….$ 166.86
For the 42 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in June $ 430,125
Median Price ……………………… $ 341,750
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 60
Months of Inventory ………….. 3.1
Average Size 3 bedrooms, 2.5 baths of 2,204 sq ft
Average $ per square foot…….. $ 185.54
For the 21 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in June $ 240,514
Median Price ……………………… $ 235,000
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 63
Months of Inventory …………. 3.8
Average Size 3 bedrooms, 2.5 baths of 1,818 sq ft
Average $ per square foot…….. $ 133.25
For the 45 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in June $ 213,402
Median Price ………………….. $ 206,000
Sales Price/List Price Ratio ……. 97 %
Days on Market ……………………. 53
Months of Inventory …………. 4.6
Average Size 3 bedrooms, 2.5 baths of 1,853 sq ft
Average $ per square foot…….. $ 109.99
For the 105 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in June $ 322,226
Median Sales Price …………… $ 249,950
Sales Price/List Price Ratio ………. 97 %
Days on Market ……………………. 52
Months of Inventory …………. 4.7
Average Size 4 bedrooms 2.5 baths of 2,390 sq ft
Average $ per square foot ………. $ 133.86
For the 139 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for June $ 251,388
Median Sales Price …………… $ 220,000
Sales Price/List Price Ratio …….. 97 %
Average Days on Market……………. 86
Months of Inventory …………….. 6.0
Average Size 4 bedroom, 2.5 baths of 2,307 square ft
Average $ per square foot ………..$ 107.80
For the 83 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for June $ 361,429
Median Sales Price……………… $ 319,000
Sales Price/List Price Ratio ……… 97 %
Average Days on Market …………. 71
Months of Inventory …………… 4.7
Average Size 4 bedrooms, 3.5 baths of 2,904 sq ft
Average $ per square foot……… $ 124.89
For the 47 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for June $ 254,091
Median Price …………………… $ 240,000
Sales Price/List Price Ratio ……… 96 %
Average Days on Market ………….. 67
Months of Inventory …………… 11.9
Average Size 4 bedrooms, 2.5 baths 2,132 sq ft
Average $ per square foot ……….. $ 122.54
For 128 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for June $ 299,116
Median Price …………………….. $ 270,475
Sales Price List Price Ratio ……. 96 %
Average Days on Market ………….. 72
Months of Inventory ……………. 5.9
Average Size 4 bedrooms, 2.5 baths of 2,550 sq ft
Average $ per square foot……….. $ 116.42
