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Summer 2010 Market Update
Market Commentary Provided byLisa Sigmon-Holloway Central Virginia defies the national economic forecasts in that our job market is good, unemployment down, and the real estate market prices are stabilized; the trend in foreclosures are up statewide but in our area, foreclosures comprise just 6 1/2% of the inventory. The greatest number of sales occurring are between $200,000 - $400,000. The slight price decline allows more people to buy. The pending and sold properties are 48% higher than the 1st quarter and 18% higher than the 2nd quarter of 2007. |
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| Average Home Price | $275,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 0-5% |
| Average Time on Market | 60-90 days |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | |
| Market Trend | Increasing |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Seller Activity for the past 90 days in Richmond is? | |
| Multiple Offers? | No |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | |
| Is Financing Available For Qualified Buyers? | |
| Housing Inventory | Good supply - Some Prices |
| Greatest Activity | First Time Buyers |
| Reason to Buy/Sell | Job Growth |
| Nearest Metro Area | Richmond |
| Housing Hot Spots | The East End of Henrico offers a great area for reasonably priced new construction. The Tri-Cities area (around Fort Lee) has the greatest growth in activity. |
| Average Sold Price | $275,000 - View Graph Trend |
Richmond Local News
Repeat Buyers & Investors With Cash Boosting Home Sales & Prices In Many Markets, New HouseHunt Survey Shows
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
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Mortgage Rates
– Jul 30th, 2010 –
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30 yr. fixed rate: 4.60%---------------------------------
15 yr. fixed rate: 4.07%
30 yr. jumbo rate: 5.42%
15 yr. jumbo rate: 4.98%
Home Values
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Lisa Sigmon-Holloway
Envision Real Estate |
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