Anyway, here’s the market snapshot for May.  

For the 18 single family homes sold in

Fan & Museum District of the City of Richmond

(Fox and John B. Cary School Districts)

Average Sales Price in May $ 414,305

Median Sales Price ……………   $ 372,000

Sales Price/List Price Ratio …….. 94.3 %

Days on Market …………………….. 47

Average Size 3 bedrooms 2.5 baths of 2,222 sq ft

Average $ per square foot ……….$ 186.46

For the 30 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in May $ 350,973

Median Price ………………………  $ 275,500

Sales Price/List Price Ratio ……. 94.6 %

Days on Market ……………………. 71

Average Size 3 bedrooms, 2.5 baths of 1,851 sq ft

Average $ per square foot……..   $ 189.61

For the 10 homes sold on the Northside of the City of Richmond

(Zip 23227 Holton School District)

Average Sales Price in May $ 219,280

Median Price ………………………  $ 227,475

Sales Price/List Price Ratio ……. 97.0 %

Days on Market ……………………. 31

Average Size 3 bedrooms, 1.5 baths of 1,523 sq ft

Average $ per square foot……..   $ 143.98

For the 26 homes sold on the Southside of the City of Richmond

(Zip 23225)

Average Sales Price in May $ 209,653

Median Price ………………………  $ 178,000

Sales Price/List Price Ratio ……. 95.2 %

Days on Market ……………………. 75

Average Size 3 bedrooms, 1.5 baths of 1,704 sq ft

Average $ per square foot……..   $ 123.04

For the 76 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23230, 23233, 23238)

Average Sales Price in May $ 336,801

Median Sales Price ……………    $ 276,500

Sales Price/List Price Ratio ……….  95.7 %

Days on Market …………………….    64

Average Size 4 bedrooms 2.5 baths of 2,427 sq ft

Average $ per square foot ………. $ 138.77

For the 89 single family homes sold in Chesterfield

(Zips 23831, 23832, 23834, 23836, and 23838)

Average Sales Price for May $ 240,393

Median Sales Price …………… $ 220,000

Sales Price/List Price Ratio ……..  97.0 %

Average Days on Market……………. 88

Average Size 4 bedroom, 2.5 baths of 2,290 square ft

Average $ per square foot ………..$ 104.98

For the 66 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for May $ 332,283

Median Sales Price………………  $ 290,000

Sales Price/List Price Ratio ………  96.5 %

Average Days on Market ………….  57

Average Size 4 bedrooms, 2.5 baths of 2,532 sq ft

Average $ per square foot……… $ 131.23

For the 45 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for May $ 271,430

Median Price ……………………     $ 250,000

Sales Price/List Price Ratio ……… 98.0 %

Average Days on Market ………….. 62

Average Size 4 bedrooms, 2.5 baths 2,150 sq ft

Average $ per square foot ……….. $ 126.25

For 92 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for May $ 351,600

Median Price ……………………..   $ 290,000

Sales Price List Price Ratio …….    95.7 %

Average Days on Market …………..  67

Average Size 4 bedrooms, 2.5 baths of 2,769 sq ft

Average $ per square foot……….. $ 126.98

     At yesterday’s auction, there were about 20 properties sold that were in the greater Richmond area. The vast majority of these properties were in the City of Richmond. There were 4 properties sold that were located in good suburban areas. Each of these 4 properties I had shown or previewed when the property had been on the market and listed in MLS. So did the buyers on these properties “steal” something?

    I don’t think so. First, most of these properties were sold “subject to seller confirmation”, which means the auction was not an absolute one. Second, probably about 10 % - 15 % of the properties came back to  the block a second time. Don’t know why, but my guess is the folks buying didn’t have the funds for the down payment or had a glitch when they got in front of the lenders. Third, in talking with some of the old hands I met at the auction, their common complaint was title issues, which could take months to rectify with rectification being on their nickel. Oh yeah, they also mentioned how one sided the sales contract was with it all in favor of the seller.

     Com’ on, Brick, but what about the prices. Well, once you added the 5 % buyer premium to auction price, I am not so sure.  Anyway, I’ll be watching to see if any of these properties get relisted due to “seller confirmation.” If you interested in learning more about bank owned foreclosures, don’t forget my Saturday Morning Tour of Bank Owned Properties. Here’s a link if you’d like to register for the tour.

Some of the good news in April was the increased activity above the $400,000 price range. This trend appears to be continuing in May, since we are seeing a greater number of “pending” sales at the higher price points. And yes, the difference between April ‘07 and April ‘09 is 47 %  fewer sales. Tomorrow I’ll post the year to date numbers for the last 3 years.

Here’s the snapshot:

For the 17 single family homes sold in

Fan & Museum District of the City of Richmond

(Fox and John B. Cary School Districts)

Average Sales Price in April $ 403,529

Median Sales Price ……………   $ 380,000

Sales Price/List Price Ratio …….. 95.6 %

Days on Market …………………….. 93

Average Size 3 bedrooms 2.5 baths of 2,4008 sq ft

Average $ per square foot ……….$ 168.14

For the 23 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in April $ 345,776

Median Price ………………………  $ 310,000

Sales Price/List Price Ratio ……. 97.6 %

Days on Market ……………………. 47

Average Size 3 bedrooms, 2.5 baths of 1,971 sq ft

Average $ per square foot……..   $ 175.43

For the 4 homes sold on the Northside of the City of Richmond

(Zip 23227 Holton School District)

Average Sales Price in April $ 159,250

Median Price ………………………  $ 171,750

Sales Price/List Price Ratio ……. 87.2 %

Days on Market ……………………. 99

Average Size 3 bedrooms, 2.5 baths of 1,570 sq ft

Average $ per square foot……..   $ 101.43

For the 22 homes sold on the Southside of the City of Richmond

(Zip 23225)

Average Sales Price in April $ 151,170

Median Price ………………………  $ 157,000

Sales Price/List Price Ratio ……. 95.9 %

Days on Market ……………………. 70

Average Size 3 bedrooms, 1.5 baths of 1,459 sq ft

Average $ per square foot……..   $ 103.61

For the 45 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23230, 23233, 23238)

Average Sales Price in April $ 303,743

Median Sales Price ……………    $ 260,000

Sales Price/List Price Ratio ……….  96.5 %

Days on Market …………………….    55

Average Size 4 bedrooms 2.5 baths of 2,274 sq ft

Average $ per square foot ………. $ 133.57

For the 82 single family homes sold in Chesterfield

(Zips 23831, 23832, 23834, 23836, and 23838)

Average Sales Price for April $ 239,754

Median Sales Price …………… $ 200,500

Sales Price/List Price Ratio ……..  96.2 %

Average Days on Market……………. 88

Average Size 4 bedroom, 2.5 baths of 2,234 square ft

Average $ per square foot ………..$ 107.32

For the 33 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for April $ 336,017

Median Sales Price………………  $ 275,000

Sales Price/List Price Ratio ………  97.6 %

Average Days on Market ………….  51

Average Size 4 bedrooms, 2.5 baths of 2,646 sq ft

Average $ per square foot……… $ 126.99

For the 40 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for April $ 275,953

Median Price ……………………     $ 232,500

Sales Price/List Price Ratio ……… 96.7 %

Average Days on Market ………….. 98

Average Size 4 bedrooms, 2.5 baths 2,340 sq ft

Average $ per square foot ……….. $ 121.14

For 69 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for March $ 302,282

Median Price ……………………..   $ 250,500

Sales Price List Price Ratio …….    95.9 %

Average Days on Market …………..  84

Average Size 4 bedrooms, 2.5 baths of 2,437 sq ft

Average $ per square foot……….. $ 124.04

     My son, Stuart, supposedly has one duty. It’s his daily mission during the school year to deliver his sister to her school, Collegiate. As his sister, Lucy Gordon, has advanced through school, her school commitments have evolved; and with such, her need to be at school at varying hours has, too. This year Stuart has been slack in this duty among numerous other facets of his life. So goes the omniscience of a high school senior.

     Therefore, there have been numerous instances this school year where I have been compelled to drive Lucy Gordon to school in order to divert some trauma in her life by being late to school. Actually, driving Lucy Gordon to school use to be one of the true daily pleasures in my life. It allowed me to have 10 minutes or so with my daughter each day when I could bond with her during our “special time.”  At least that’s how it use to work until about two years ago or so when so many of my in route questions started getting answered with “whatevers.” Since I was on the verge of creating the scene of all scenes by exiting my car and having a heated exchange with her at the carpool line should I get just one more of these “whatevers”, I just relinquished the duty to Stuart. Besides since we live south of River Road, as Lucy Gordon has advanced through Collegiate her appropriate school has gotten farther away from our home. With her in high school now, her delivery route requires the entire length of N. Mooreland Road being navigationally negotiated.

     I have always hated the carpool lines at Collegiate. In the Lower School, they at least had staff out directing the traffic. No one got away with just stopping at the front door when you could pull ahead farther and allow others access to the sidewalk to discharge their cargo. This lesson is soon forgotten by middle school. By the time you reach high school, you’ve got to now contend with the older students driving themselves to school; and we all know how considerate teen drivers can be.

     Now I think school carpool lines, and especially Collegiate’s, should operate under a seniority program. You should receive points for how many years you’ve been enduring this nightmare. It needs to be weighted, so if you have multiple children attending the different levels of the school, you receive additional points. Your total points are clearly shown on your vehicle and this establishes who has the right of way. Lower numbered cars must always yield to the higher numbered car. Students driving themselves to school would start with a negative number like 10, but would receive a few points each year so that when they are seniors they do have some seniority but never seniority over a parent. There should also be a penalty system, too. You could lose points for not properly yielding to higher numbered car; and there would be severe penalty points for not yielding at the pedestrian walkway on Mooreland at Jacobs Gym.

     All of this will be moot to me shortly, but I think it should be enacted for those who follow. See yesterday, Lucy Gordon and I had her second driving lesson. Last night, we even looked at some used cars on line. Oh, my problems are just beginning!

     Once again, my apologies. I have had this information compiled since earlier this month. I just haven’t found the time to post. Am I busy? Yes. Am I as productive as I would like? No. Do I need to get busier and more productive? You betcha and the numbers below will clearly explain why.

     I have added another column this month to my report and it’s for ‘07. The slide in the Richmond Real Estate market began in September ‘06. Nothing brings this more into perspective than by looking at the last 3 years. To say, the number of home sales for the 1st Quarter of ‘09 trails the 1st Quarter of ‘08 by 24.5 % doesn’t sound that bad, but let’s add the ‘07 column and the number becomes horrific. How’s 53 % fewer home sales from ‘07 to ‘09 sound? 

     Last week, Central Virginia Regional Multiple Listing Service was out with its 1st Quarter Report on the area’s housing market. (If you’d like a copy of this report, please let me know.) This reporting is done by 2 economists at George Mason University. One of the most frightening numbers in their synopsis was that the average sales price was down approximately 15 % for the 1st Quarter of ‘09 versus ‘08. Well, you know what they say about lies - “there are lies, damned lies and statistics.”

     Yes, we have had some deterioration in prices, but let’s remember the sample. We’ve got a smaller sample (fewer home sales) with more of the activity occurring at lower prices (almost 80 % of the activity is happening at under $300,000 - compared with 70 % in ‘08 and ‘07). Now don’t you think it would be natural if the average sales price was lower? And what if the average home price has dropped 15 % …. I’ve got 5 words for you ….. California, Arizona, Colorado, Texas and Florida …. now there are 5 places that would love to have only a 15 % drop in value. And if you really want to wallow in your misery, you could always move to Michigan. Anyway, I’ll let you interpret the numbers below.

Here’s the snapshot:

For the 18 single family homes sold in

Fan & Museum District of the City of Richmond

(Fox and John B. Cary School Districts)

Average Sales Price in March $ 344,791

Median Sales Price ……………   $ 291,250

Sales Price/List Price Ratio …….. 95.0 %

Days on Market …………………….. 45

Average Size 3 bedrooms 2.5 baths of 2,218 sq ft

Average $ per square foot ……….$ 155.45

For the 16 homes sold in West End of the City of Richmond

(Zips 23221, 23226 and 23230)

Average Sales Price in March $ 329,091

Median Price ………………………  $ 270,000

Sales Price/List Price Ratio ……. 97.4 %

Days on Market ……………………. 49

Average Size 3 bedrooms, 2.5 baths of 1,921 sq ft

Average $ per square foot……..   $ 171.31

For the 7 homes sold on the Northside of the City of Richmond

(Zip 23227 Holton School District)

Average Sales Price in March $ 258,871

Median Price ………………………  $ 235,000

Sales Price/List Price Ratio ……. 94.4 %

Days on Market ……………………. 55

Average Size 3 bedrooms, 1.5 baths of 1,768 sq ft

Average $ per square foot……..   $ 146.42

For the 14 homes sold on the Southside of the City of Richmond

(Zip 23225)

Average Sales Price in March $ 146,126

Median Price ………………………  $ 170,000

Sales Price/List Price Ratio ……. 95.4 %

Days on Market ……………………. 59

Average Size 3 bedrooms, 1.5 baths of 1,302 sq ft

Average $ per square foot……..   $ 112.23

For the 39 single family homes sold in West End of Henrico County

(Zips 23226, 23229, 23230, 23233, 23238)

Average Sales Price in March $ 289,848

Median Sales Price ……………    $ 255,000

Sales Price/List Price Ratio ……….  97.2 %

Days on Market …………………….    63

Average Size 4 bedrooms 2.5 baths of 2,145 sq ft

Average $ per square foot ………. $ 135.13

For the 86 single family homes sold in Chesterfield

(Zips 23831, 23832, 23834, 23836, and 23838)

Average Sales Price for March $ 255,467

Median Sales Price …………… $ 232,000

Sales Price/List Price Ratio ……..  96.7 %

Average Days on Market……………. 71

Average Size 4 bedroom, 2.5 baths of 2,320 square ft

Average $ per square foot ………..$ 110.12

For the 41 single family homes sold in Glen Allen

(Zips 23059 and 23060)

Average Sales Price for March $ 336,409

Median Sales Price………………  $ 284,950

Sales Price/List Price Ratio ………  96.4 %

Average Days on Market ………….  62

Average Size 4 bedrooms, 2.5 baths of 2,633 sq ft

Average $ per square foot……… $ 127.77

For the 36 single family homes sold in Mechanicsville

(Zips 23111 and 23116)

Average Sales Price for March $ 272,576

Median Price ……………………     $ 272,750

Sales Price/List Price Ratio ……… 96.0 %

Average Days on Market ………….. 96

Average Size 4 bedrooms, 2.5 baths 2,340 sq ft

Average $ per square foot ……….. $ 116.49

For 54 single family homes sold in Midlothian

(Zips 23112, 23113, and 23114)

Average Sales Price for March $ 277,585

Median Price ……………………..   $ 243,000

Sales Price List Price Ratio …….    95.6 %

Average Days on Market …………..  83

Average Size 4 bedrooms, 2.5 baths of 2,351 sq ft
Average $ per square foot ………. $ 118.07

     You know I’ve only had about 5 barbers in my lifetime. For my early years, Sam Vanlandingham in Warsaw was my barber. Sam probably cut my hair until my late teens or early twenties. Of course, in those late teens and early twenties, there weren’t many haircuts, since everyone was growing their hair long and “letting it all hang out.” I still let it “all hang out”, but these days that applies to my belly over my beltline, but I am working on correcting that.

     When I entered the workaday world and was working downtown in Richmond for Wheat, First Securities, I started using the John Marshall Hotel’s barbershop. One of the Hicks, father, Herman or son, W.C. (I think they were his initials), cut my hair. The John Marshall Barbershop was the power shop in those days. All the pols used it, including the Governor. Little did I know when I started using the John Marshall’s shop that within 5 years I’d be the Executive Assistant Manager of the hotel with oversight of the barbershop. Ironically, the barber shop at the Marshall stayed open long after the Hotel closed, but by that time I had moved west to barbershop at the William Byrd Hotel.

     When I first started patronizing the William Byrd, Willie Carlton, was my barber. Willie, like the Hicks at the Marshall, is an institution in Richmond. You never want to play the name game with Willie. He’ll best you every time. In those days in the 80’s, I only had to worry about not being able to get a haircut on Wednesday, since that was Willie’s day off. By the time my son, Stuart, was born in 1989, I think Willie was down to a 4 day week, but that didn’t matter since we were living on Monument Avenue and the William Byrd was just 13 blocks away. During those years, my haircut routine was any Saturday morning when I needed one. Being the early riser, I always wanted to be the first one in Willie’s chair when the William Byrd opened at 8 a.m.

     When Stuart started needing haircuts, I transitioned to Pete Lindsey at the Byrd and Stuart started using Willie. This was no disloyalty to Willie, more of a father son thing, with me presenting my son to Willie for his tonsorial needs. Stuart became known as “Elvis” by Pete and Willie; and it’s a friendly rejoinder that lasts until today. My old pal, Pete, died last Spring and I have returned to Willie. This timing was perfect, since Stuart is now a man in his late teens who has been through his long hair phase and has found his own “styling” shop. Hair stylists, I just can’t do it.

     Since 1999 when we moved out to County, I have needed more planning to get a haircut. I still try to make it Saturdays, but that doesn’t always work. Last Thursday, I assumed my old friend, Willie, would be available, but Willie, who is in his 80’s, is now just available only on Fridays and Saturday morning. I should have known that. Anyway, I let one of the woman barber (yeah, the Byrd been co-ed now for about 10 years) cut my hair and it’s a disaster. Thankfully, I still have hair on top so it’s not  a complete disaster.

     I don’t know what I am going to do when Willie is not longer available. It almost makes me wish I was bald. Sam, Herman, W.C., Pete and Willie, many thanks.