This report is to advise about where our Greater Richmond-Area market stands. Currently, we have 8337 homes actively for sale under $500,000 in the Central Virginia Regional MLS. 1374 homes have sold in our MLS since August 1st of this year, meaning that our market is absorbing an average of 458 homes per month.
For the month of October, Chesterfield and Henrico, the 2 largest suburban counties in the area, had a total of 359 sales with an average sales price of $234,788, an average price/square foot of $115.33, an average sales/list price ratio of 98% and average Days on Market of 69 days. The sales/list ratio is up from a low of 95% earlier in the year and the average DOM is down from an earlier high 84 days - all good news for the market.
With the expiration of the 1st time home buyer tax credit, my expectation is that the inventory will increase due mostly to seasonal factors and prices will continue to decline. There's also a significant number of "shadow inventory" homes currently owned by the banks but not yet listed for sale that will potentially further increase inventory.
In my humble opinion, Spring of 2010 promises to be our hope for the start of better things for our real estate market, but the worst is already behind us!
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