Just to prove how resilient the Richmond Real Estate Market is, I thought you might find the following comparison interesting. I have been compiling similar monthly statistics now for over 2 years. Below is a comparison of December 2006 with December 2007.

Comparison December ‘07 December ‘06
Chesterfield (23831,32,36,38)
Average Sales Price 294,309 267,161
Sales Price/List Price Ratio 98.0 98.3
Days on Market 64 63
Average $ per square foot  131.21 123.40
Glen Allen (23059,23060)
Average Sales Price 365,427 359,617
Sales Price/List Price Ratio 97.4 98.8
Days on Market 78 60
Average $ per square foot  147.05 146.36
Mechanicsville (23111,23116)
Average Sales Price 301,704 305,550
Sales Price/List Price Ratio 97.4 98.8
Days on Market 77 45
Average $ per square foot  138.08 135.20
Midlothian (23112,13,14)
Average Sales Price 376,522 353,383
Sales Price/List Price Ratio 96.4 98.7
Days on Market 79 59
Average $ per square foot  133.14 142.26
West End Henrico (23229,33,38)
Average Sales Price 353,163 321,167
Sales Price/List Price Ratio 97.5 97.7
Days on Market 71 72
Average $ per square foot  153.22 146.58

What one can glean from the above is: 1.) Average sales price increased for the year. This was true throughout the year. Price increased each month. 2.) Days on market also increased. This was more a product of inventory. Inventory levels soared throughout 2007. Almost 40 % more properties were available at the end of the year as opposed to the end of the year. With that much choice, obviously marketing time increases. 3.) Since average price increased, so did dollar per square foot cost. (The decline in the Midlothian $ per s.f. was more a composite of the sales from December ‘06. In ‘06, a disproportional number of sales settled in new home upper end product found in Midlothian.) So next time someone bemoans the Real Estate market, you’ll be ready to dispute them when it comes to Richmond!