Matheny Construction, Inc. Buys Houses Fast!
2010 Richmond Real Estate Stats
- Richmond Area home sales were down 8% in 2010 vs. 2009.
- Henrico County sales were down 7%.
- Chesterfield County sales were down 8%.
- City of Richmond sales were down 8%.
- Homes sales priced under $250,000 were down
- Homes sales priced from $250,000 to
$500,000 were down 15%.
- Homes sales priced from $500,000 to
$750,000 were up
- Homes sales priced over $750,000 were up 24%.
- First Quarter 2011 sales projections are for sales
25% from 4Q 2010.
- Interest rates have eased yet again increasing the
affordability for purchasers.
- Supply vs. Demand Ratios, (Sellers:Buyers), indicate
a significant "firming" of the market.
Richmond Metro Area 3Q Real Estate
- Half of all sales continue to be to first-time home
- Home sales were down in the 3Q 2010 by 26%
compared to 3Q 2009.
- The average price of a home in the 3Q was $239,059, up by 3%.
- Improved prices reflect increased buyer confidence.
- "Pending" sales (under contract but not
closed) were also down
- The local housing market is expected to continue to
improve, albeit slowly.
Summary: It is still an excellent time
to buy. Sellers should consider putting their homes on the market ahead
of the spring market to have a competitive advantage over competing properties.
Time to Buy!
- Your “dream
home” is for sale now, it won’t always be.
- Interest rates are at an all-time low.
- Sellers are motivated
and have priced their houses accordingly.
- Most homes being sold are in pristine condition.
- Don’t wait
until spring or you’ll be competing with the rest of the herd.
Summary: If you buy now you get your
pick of the litter at very competitive prices and the
best interest rates ever. Sure
if you have to sell to buy you may end up with less equity on
your home but
you’ll surely make it up when you buy.
Richmond Area Home
- August, 2010 vs. July, 2010 home sales were down 6%, (a
difference of only 34 sales).
- August, 2010 vs. August, 2009 home sales are down 31.6%,
(a difference of 248 sales).
- YTD 2010 vs. YTD 2009 home sales are down
4/10th's of 1%, (a difference of only 23 sales).
- The tax incentive for home buyers was effective,
just not as effective
as was hoped.
- Any hoped for recover for housing has stalled.
- Job creation continues to be the key to recovery of
the housing sector.
- Mortgage rates are at historic lows; 15 year fixed
rate = 3.875%,
30 year fixed rate = 4.375%.
Richmond Real Estate Update July
- 2010 1st half home sales up 10%
- 6,855 single family homes currently for sale.
- Ratio of sellers to buyers going down,
now stands at 6:1, (more in balance) this means:
Prices are firming up.
Days on Market are getting shorter.
Still a buyers market but not in every neighborhood.
- Thirty year fixed rate loans are under 5%
- Fifteen year fixed rate loans are 4.25%
- RealtyTrac reports that 25% of all homes sold in the
Richmond area this year were foreclosure properties.
- Short Sales, foreclosures, bank-owned
properties and distressed sales are still having an effect on local
- No major change in market conditions is
predicted for the remainder of 2010.
Richmond Real Estate Update June 2010
- 30 year fixed rate loans are now under 5%, no points!
- 15 year fixed rate loans are now 4.25%, no points!
- Perfect time to buy or re-finance - do one or the other, now!
- Sales are UP YTD 11% vs. 2009.
- Sales are UP 14% month to month for 2010.
- Prices are firming up.
- Days on market are shortening.
- The number of inventory homes for sale is shrinking.
- All signs indicate a small, but certain, move towards a sellers market.