I report monthly (this month very late)  to Realty Times the market conditions for Richmond area. Below are this month’s comments for February:

     That it is post ides of March and I am just reporting my monthly marketing conditions for the Greater Richmond area, should be a good indication of what our market is like here. Daily I am seeing increasing activity, which should guarantee the “Spring Market” that was absent in 2006. February numbers support that conclusion with sales and pending contracts surpassing their 2006 counterparts and only slightly lagging the record 2005 pace. While our inventory levels are up slightly, pricing remains strong even though days on market have increased.

     With the increased inventory levels, Buyers continue to enjoy multiple choices and the freedom to make their decision at their own pace. For Sellers, their days on market have substantially increased, since obtaining the requisite number of showings to garner a contract takes longer due to all of the inventory options. While this condition is frustrating for Sellers, they must keep their perspective and realize the end result is still the same and their property will sell. The only difference from our recent boom market is that Sellers must keep their property in top showing condition longer due to their property showings being spread out over a longer period.

     I also report statistics (i.e., average sales price, sales price to list price ratio, median sales price, days on market, average size, and average dollar per square foot costs) for various submarkets (i.e., Chesterfield, Glen Allen, Mechanicsville, and Midlothian.) If you have an interest in these stats, you may find them here. You will need to scroll down beyond the generic introduction.