I report monthly to Realty Times the market conditions for Richmond area. Below are this month’s comments for September:

     Ready for what’s happening in the Richmond Real Estate market? If I were to report like the national media, there would be nothing positive to say. Inventory levels are as high as they have been in ten years. Days on market have doubled since the first of the year. Jimmy Carter has been re-elected President. That last one is not true. I threw it in to really scare you and make sure you were paying attention. If it was true, I would be Chicken Little with the sky is falling, because I was selling Real Estate when Carter was President and that was a tough market.
    In case you hadn’t noticed in all the important news like the paternity suit over Anna Nichole’s lovechild, the Dow Jones is at an all time high. This nearly 7 year progression has been lead by the housing market, despite some significant events like 911, the war in Iraq, Hurricane Katrina, and most recently who shagged Anna Nichole. It is time for the housing market to take a little rest, while the rest of the economy carries water for awhile. The housing market is not going to collapse; and if you have ridden the home ownership wave over the last seven years, all I can say is “ka’ching ka’ching.” 
      Now let’s get down to some specifics about Richmond. The Richmond Association of Realtors and other realtor boards throughout the Commonwealth report monthly via the Virginia Home Sales Survey the total single family units sold and their average sales price to the Virginia Association of Realtors (VAR). The VAR in turn compiles its totals and report them to the National Association of Realtors. While we have heard plenty discouraging news on the national scene and much less dire news on the state level, the regional picture has
been totally overlooked. Well, let’s rectify that right now.
     Total local units sold between January and August in 2006 has been 11,032. In 2005, this same time period had 11,299. Whoop-de-do, so we have had a 2.4 % decline in total units sold. For 2006, the average sales price has been $264,716. In 2005, it was $233,673. That’s a 13.9 % increase in sales price. Looks like there’s still plenty of “ka’ching” in the Richmond market and especially with interest rates dropping as the Dow rises.
     So buyers, what are you waiting for? Don’t be an I-Wish-I-Had. The home you buy today could be worth 14 % more next year. There is excellent inventory on the market and a relaxed environment in which to make an informed and unrushed decision. For sellers, you’re discovering these buyers want "perfection." Homes is prime condition are the ones selling at the higher price ranges. So give those buyers their money’s worth. For agents, quit griping and start selling.
 I also report statistics (i.e., average 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.