As you should know by now, I report market conditions monthly for the Greater Richmond area to Realty Times. Here are my comments for October:

            Hooray. Finally, some encouraging numbers for October. No, we didn’t reverse the declining number of sales that the Richmond market has been experiencing since April. In fact, October ’07 versus October ’06 will show about a 10 % decline bringing the aggregate decline in total sales for the year to approximately 7.6 %. My encouragement is that the inventory level remained constant in October despite the declining sales number. The Richmond market began 2007 with slightly more than 9,000 properties on the market. While October showed an inventory level in excess of 12,700 properties, it was the first month this year that inventory did not increase from the previous month. For the year, the monthly inventory increase over the preceding month has been averaging 3 %, so holding the inventory level constant is heartening news. Now, don’t anticipate me to break into a rendition of “Happy Days Are Here Again”, but I am optimistic that we will begin to eat away at our inflated inventory level.  
 
The greater Richmond area is still in a bottom driven market. Once again, almost 70 % of sales for October occurred at under $300,000. For the year, this number has been averaging closer to 66 %, so October marked the second consecutive month that this  figure was closer to 70 %. Despite fewer sales and more of those sales occurring at lower prices, the average sales price for 2007 is up 4.2 % over 2006.  
 
For buyers, either entering the market for the first time or who have their existing home under contract, welcome to a true BUYERS’ MARKET. The selection of properties is simply UNBELIEVABLE. “MUST SELL” situations are increasing and some of the best deals in years will be had over the next few months. There are so many good buys out there, but they’re lost among all the inventory.  
 
If you’re not CRYSTAL CLEAR on what I am saying, I want you to envision me standing on top of my desk and jumping up and down, because I want you to heed this advice. Come the first of the year, I will be beginning my 24th year of real estates sales in the Richmond market. Whenever Richmond has experienced a slow market in the past, the recovery has been marked by substantial increase in prices. Richmond plateaus in slow markets with steep price increases when it turns. That turn should be soon.               
 
     So call me, let’s go find one of those incredible bargains while we can. You don’t want to be “an I wish I had.”
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. (Please note that I have been blogging many of these statistics as I compile them each month, so you may want to check previous posts for that information.)