December 14, 2009
West End Home Sales for November ‘09 and Year to Date
As we go further into the year, the absence of competitive jumbo mortgage money rates really reveals itself. How else could you explain the dearth of upper end sales in the ever fashionable West End in the graph below? As you well know, any conventional loan above $417,000 is considered a “jumbo” loan. Although the FHA maximum loan limit for our area is $535,900, due to mortgage insurance requirements for FHA loans, a FHA loan used as jumbos need to be properly structured in the initial offer. Did the West End, Richmond or the country in general lose all its high end earners? What no doctors, no lawyers, no Indian chiefs? Did these folks’ credit suddenly fall off the table. Did they lose all their other assets? On a risk basis compared to other borrowers are these folks worse loan candidates? Maybe Obamacare (doctors) and Barney Frank CEO compensation legislation (Indian chiefs) are forego conclusions. And since tort reform can’t gain any ground anywhere, I think I’ll go look for some attorney clients. Anyway here are the numbers for the West End in November and year to date.
| November |
Zone 20 |
Zone 22 | Zone 34 | |||||||||
| Price Range |
# of Sales |
% of Ttl Sales |
# of Sales |
% of Ttl Sales |
# of Sales |
% of Ttl Sales |
||||||
| 0 – 99,999 |
0 |
0.00% |
1 |
1.12% |
1 |
3.51% |
||||||
| 100,000 – 199,999 |
7 |
38.89% |
21 |
25.84% |
11 |
31.58% |
||||||
| 200,000 – 299,999 |
5 |
27.78% |
27 |
44.94% |
24 |
40.35% |
||||||
| 300,000 – 399,999 |
2 |
11.11% |
7 |
17.98% |
18 |
10.52% |
||||||
| 400,000 – 499,999 |
3 |
16.67% |
0 |
4.49% |
8 |
|
7.02% |
|||||
| 500,000 – 599,999 |
1 |
5.56% |
0 |
1.12% |
3 |
|
7.02% |
|||||
| 600,000 – 699,999 |
0 |
0.00% |
4 |
2.25% |
|
0 |
0.00% |
|||||
| 700,000 – 799,999 |
0 |
0.00% |
3 |
2.25% |
|
0 |
0.00% |
|||||
| 800,000 – 899,999 |
0 |
0.00% |
1 |
0.00% |
1 |
0.00% |
||||||
| 900,000 – 999,999 |
0 |
0.00% |
0 |
0.00% |
0 |
0.00% |
||||||
| 1 Million plus |
0 |
0.00% |
0 |
0.00% |
0 |
0.00% |
||||||
|
|
|
|
|
|
|
|||||||
| Total Sales/Pct. |
18 |
100.00% |
64 |
100.00% |
66 |
100.00% |
||||||
| YTD thru November |
Zone 20 |
Zone 22 | Zone 34 | |||||||||
| \ |
# of Sales |
% of Ttl Sales |
# of Sales |
% of Ttl Sales |
# of Sales | % of Ttl Sales | ||||||
| 0 – 99,999 |
2 |
0.91% |
5 |
0.68% |
7 |
1.10% |
||||||
| 100,000 – 199,999 |
21 |
6.36% |
165 |
22.57% |
129 |
20.19% |
||||||
| 200,000 – 299,999 |
111 |
48.18% |
313 |
42.82% |
242 |
37.87% |
||||||
| 300,000 – 399,999 |
39 |
16.82% |
116 |
15.87% |
124 |
19.41% |
||||||
| 400,000 – 499,999 |
31 |
12.73% |
49 |
6.70% |
74 |
|
11.58% |
|||||
| 500,000 – 599,999 |
17 |
7.27% |
29 |
3.97% |
46 |
|
7.20% |
|||||
| 600,000 – 699,999 |
5 |
2.27% |
27 |
3.69% |
|
7 |
1.10% |
|||||
| 700,000 – 799,999 |
2 |
0.91% |
14 |
1.92% |
|
5 |
0.78% |
|||||
| 800,000 – 899,999 |
2 |
0.91% |
9 |
1.23% |
1 |
0.16% |
||||||
| 900,000 – 999,999 |
2 |
0.91% |
1 |
0.14% |
2 |
0.31% |
||||||
| 1 Million plus |
6 |
2.73% |
3 |
0.41% |
2 |
0.31% |
||||||
|
|
|
|
|
|
||||||||
| Total Sales/Pct. |
238 |
100.00% |
731 |
100.00% |
639 |
100.00% |