Thursday, March 11, 2010
Tuesday, July 7, 2009
Tuesday, February 3, 2009
Richmond Association of Realtors release Central Virginia Area Housing Market 2008 Annual Report
George Mason studies released for 2008!
Synopsis: Central Virginia Area Housing Market 2008 Annual Report
Key Points:
Virginia and the Central Virginia region have fared much better than the U.S. thus far, and are expected to do so going forward.
The Central Virginia region ended 2008 with overall home sales down 23%, but average home prices down just 3%.
The number of pending sales at the end of 2008, while down from 2007, was not down by as much as sales, indicating a potential for improvement in the first quarter of 2009.
As of the end of the third quarter, the U.S. foreclosure rate was 1.84% of housing units, and in Richmond metro it was 1.03%. Of the 100 largest metro areas, Richmond metro ranked 73rd in foreclosures.
Central Virginia Housing Market Trends - Fourth Quarter
• Fourth quarter 2008 sales were down 33% in the CVR MLS compared with the fourth quarter of 2007. In the Richmond Metro Area, sales were down 21%. In the Tri Cities area, sales were down 31%.
• Prices were down by much less than sales in the fourth quarter. Across the CVR MLS, the average sold price was $246,637, down 8% from the fourth quarter of 2007. Prices were down 14% in the Richmond Metro Area and down 5% in the somewhat lower-priced Tri Cities Area.
Central Virginia Housing Market Trends – Annual
In 2008, over 11,200 homes were sold in the CVR MLS, with more than 80% of home sales occurring in the Richmond Metro Area.
Overall home sales in 2008 were down 23% compared to 2007. Home sales were down fairly uniformly across the region.
The average price of a home sold in the CVR MLS in 2008 was $264,467; down just 3% from the 2007 average price of $273,032.
Prices were down 3% in both the Richmond Metro and Tri Cities Areas. Some local markets experienced flat prices or even slight increases in 2008.
Nearly three-quarters of homes sold in the CVR MLS had a sold price below $300,000. Only 7% of homes in the CVR MLS sold for $500,000 or more.
Synopsis: Central Virginia Area Housing Market 2008 Annual Report
Key Points:
Virginia and the Central Virginia region have fared much better than the U.S. thus far, and are expected to do so going forward.
The Central Virginia region ended 2008 with overall home sales down 23%, but average home prices down just 3%.
The number of pending sales at the end of 2008, while down from 2007, was not down by as much as sales, indicating a potential for improvement in the first quarter of 2009.
As of the end of the third quarter, the U.S. foreclosure rate was 1.84% of housing units, and in Richmond metro it was 1.03%. Of the 100 largest metro areas, Richmond metro ranked 73rd in foreclosures.
Central Virginia Housing Market Trends - Fourth Quarter
• Fourth quarter 2008 sales were down 33% in the CVR MLS compared with the fourth quarter of 2007. In the Richmond Metro Area, sales were down 21%. In the Tri Cities area, sales were down 31%.
• Prices were down by much less than sales in the fourth quarter. Across the CVR MLS, the average sold price was $246,637, down 8% from the fourth quarter of 2007. Prices were down 14% in the Richmond Metro Area and down 5% in the somewhat lower-priced Tri Cities Area.
Central Virginia Housing Market Trends – Annual
In 2008, over 11,200 homes were sold in the CVR MLS, with more than 80% of home sales occurring in the Richmond Metro Area.
Overall home sales in 2008 were down 23% compared to 2007. Home sales were down fairly uniformly across the region.
The average price of a home sold in the CVR MLS in 2008 was $264,467; down just 3% from the 2007 average price of $273,032.
Prices were down 3% in both the Richmond Metro and Tri Cities Areas. Some local markets experienced flat prices or even slight increases in 2008.
Nearly three-quarters of homes sold in the CVR MLS had a sold price below $300,000. Only 7% of homes in the CVR MLS sold for $500,000 or more.
Monday, January 26, 2009
Finally, a postive Today Show real estate feature..... "5 most popular real estate myths"
Barbara Corcoran makes a great case for why one should not wait for the "bottom of the market" (more details)
Wednesday, January 21, 2009
Tuesday, January 20, 2009
Some banks foreclose on builders who are current on their mortgages
This NY Times article decribes a new practice among some new home lenders (more details)
What goes around comes around.... Is the 80 year cycle real?
There are similarities between conditions, both socially and economically, in the period know as the "roaring twenties" and the last decade. More details
Thursday, January 15, 2009
OK, This one isn't about Richmond or real estate.. but it is a must see!
A dog named Bella and an elephant are best friends and inseparable. click here to see the video
Bob Holsworth's Virginia Tomorrow has intresting real estate post
The "Virginia Tomorrow" blog posted an interesting proposal by Delegate Chris Peace for helping the housing industry....more details
A plea to Congress to include housing in the stimulus plan
The Home builders have a nice web site stating the case for congress to include "housing" in the new stimulus plan. more details
Can a 5% mortgage rate really be a 3.6% rate?
The effects of being able to deduct interest payments on your primary residence can reduce your effective interest rate substantially. Read more about this post...
Sunday, January 11, 2009
Education Week ranks Virginia Schools 4th. in the nation!
Virginia is a leader is education our youth. This link demonstrates how we are leading the nation in this area:
Saturday, January 10, 2009
Interesting Article on the Economy and Interest rates
I found this article online which ties interest rates to the overall economy. As of this week, we are looking at rates that are getting close to the all time low rate referred to in the article.. Click here to read more
Friday, January 9, 2009
Joyner Fine Property Video and Power Point presentation on Richmond Market Trends, 2008
Bill White, our president, explains the current real estate market in Richmond, Virginia at our second annual market update. Click here for a link to a video presentation and power point slide show
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