It’s not like I don’t have better things to do, but I thought I’d add another statistic to my monthly reporting on the Richmond Real Estate market. This is actually a very easy statistic to report monthly, since I am already compiling most of this information in other formats.  Please remember that these statisitics are based on the sale of single family homes in Richmond’s urban and suburban areas and compiled from activity in the Real Estate Zones of 10, 20, 22, 24, 30, 32, 34, 36, 40, 42, 44, 50, 52, 54, 60, 62, 64, and 66. These particular Real Estate Zones make up over seventy percent of the overall market activity.  

     The following information shows the number of active listings in each price range and the number of sales in those specific price ranges during September. Going forward this monthly report will provide a feel for the absorption rate each month. Currently, 1 in 11 single family homes presently listed is selling each month. September figures indicate an 8 – 11 month supply of housing at prices under $ 400,000. At levels above $ 400,000, the over supply is telling.  

September 2008
Price Range  # Active Listings % of Ttl Listings # of Sales for September % of Absorpion for Price Range
0 – 99,999 307 4.32% 31 10.10%
100,000 – 199,999 1709 24.04% 218 12.76%
200,000 – 299,999 2288 32.18% 220 9.62%
300,000 – 399,999 1180 16.60% 106 8.98%
400,000 – 499,999 642 9.03% 36 5.61%
500,000 – 599,999 320 4.50% 18 5.63%
600,000 – 699,999 212 2.98% 10 4.72%
700,000 – 799,999 142 2.00% 4 2.82%
800,000 – 899,999 88 1.24% 3 3.41%
900,000 – 999,999 71 1.00% 2 2.82%
1 Million plus 151 2.12% 2 1.32%
Total Sales/Pct. 7110 100.00% 650 9.14%