Sunday, November 8, 2009

What's happening in Colonial Heights?

Since I am showing a home in Colonial Heights in a few hours, I thought that I'd spend some time with that section of town here today.

For 2009 there have been 95 listings that have closed thus far. On those 95 sales, the average sales price is $168,950 for $105.80/sf with 3 bedrooms and 1624 sf, after having been on the market for 89 days. That contrasts with market stats from the last 30 days that are as follows: 9 closed sales, average sales price $175,538 at $107.85/sf, 3 bedrooms, 1665 sf and 76 days on market.

Now, turning to what's currently active and for sale, the numbers are as follows: 121 homes available (13.4 months of inventory) with a high of $620,000 (Zip listing by the way) and a low of $70,000, averaging list price at $202,080, 3 bedrooms 1814 sf, $115.15/sf, and 94 days on market. So, its a little slower going with Colonial Heights sales compared to the rest of the Greater Richmond-area market.

So, it seems that the homeowners of larger homes are gaining confidence to put their homes up for sale but are still a bit resistant on their pricing. The market should benefit from the continued expansion at Ft. Lee, as we're seeing at Zip Realty a healthy influx of military relocation buyers. The overall economy in Colonial Heights seems fairly stable, with mostly retail and service-oriented businesses and many homeowners commuting to Ft. Lee and/or Richmond for jobs.

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