For you number junkies, here are the charts:

     October sales, I think, are indicative of why the credit got extended. While the number of sales for October was slightly higher than September, the majority of these sales also took place at price points below September’s marks.  Over 80 % of October sales occurred at a price point below $300,000. We have flirted with this 80 % mark several times this year, but October’s 81.37 % blew through the old ‘09 mark of 79.36% established in January. In January this year, we had just over 400 total sales, while in October we had just under 800 total sales; so there is no question that the “sweet spot” in the market is under the $300,000 price point. I’ll have more to say on the market later this week, when I publish my West End comparisons.

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 October $ 293,011
Median Sales Price …………… $ 280,000
Sales Price/List Price Ratio …….. 95 %
Days on Market …………………….. 57
Months of Inventory ………….. 6.9
Average Size 3 bedrooms 1.5 baths of 2,152 sq ft
Average $ per square foot ……….$ 147.68

For the 30 homes sold in West End of the City of Richmond
(Zips 23221, 23226 and 23230)
Average Sales Price in October $ 317,312
Median Price ……………………… $ 261,750
Sales Price/List Price Ratio ……. 96 %
Days on Market ……………………. 70
Months of Inventory ………….. 3.7
Average Size 3 bedrooms, 2.5 baths of 1,892 sq ft
Average $ per square foot…….. $ 167.76

For the 5 homes sold on the Northside of the City of Richmond
(Zip 23227 Holton School District)
Average Sales Price in October $ 229,200
Median Price ……………………… $ 232,000
Sales Price/List Price Ratio ……. 93 %
Days on Market ……………………. 78
Months of Inventory …………. 9.6
Average Size 3 bedrooms, 1.5 baths of 1,682 sq ft
Average $ per square foot…….. $ 147.67

For the 26 homes sold on the Southside of the City of Richmond
(Zip 23225)
Average Sales Price in October $ 177,550
Median Price ……………………… $ 163,475
Sales Price/List Price Ratio ……. 97 %
Days on Market ……………………. 62
Months of Inventory …………. 7.1
Average Size 3 bedrooms, 1.5 baths of 1,468 sq ft
Average $ per square foot…….. $ 123.94

For the 88 single family homes sold in West End of Henrico County
(Zips 23226, 23229, 23230, 23233, 23238)
Average Sales Price in October $ 275,367
Median Sales Price …………… $ 250,000
Sales Price/List Price Ratio ………. 97 %
Days on Market ……………………. 65
Months of Inventory …………. 4.8
Average Size 3 bedrooms 2.5 baths of 2,057 sq ft
Average $ per square foot ………. $ 135.17

For the 88 single family homes sold in Chesterfield
(Zips 23831, 23832, 23834, 23836, and 23838)
Average Sales Price for October $ 228,795
Median Sales Price …………… $ 206,617
Sales Price/List Price Ratio …….. 97 %
Average Days on Market……………. 80
Months of Inventory …………….. 11.7
Average Size 3 bedroom, 2.5 baths of 2,127 square ft
Average $ per square foot ………..$ 110.12

For the 49 single family homes sold in Glen Allen
(Zips 23059 and 23060)
Average Sales Price for October $ 284,020
Median Sales Price……………… $ 245,650
Sales Price/List Price Ratio ……… 96 %
Average Days on Market …………. 61
Months of Inventory …………… 8.4
Average Size 3 bedrooms, 2.5 baths of 2,312 sq ft
Average $ per square foot……… $ 126.44

For the 67 single family homes sold in Mechanicsville
(Zips 23111 and 23116)
Average Sales Price for October $ 254,905
Median Price …………………… $ 240,500
Sales Price/List Price Ratio ……… 97 %
Average Days on Market ………….. 71
Months of Inventory …………… 6.8
Average Size 3 bedrooms, 2.5 baths 2,105 sq ft
Average $ per square foot ……….. $ 125.03

For 82 single family homes sold in Midlothian
(Zips 23112, 23113, and 23114)
Average Sales Price for October $ 264,801
Median Price …………………….. $ 221,500
Sales Price List Price Ratio ……. 97 %
Average Days on Market ………….. 56
Months of Inventory ……………. 7.5
Average Size 3 bedrooms, 2.5 baths of 2,250 sq ft
Average $ per square foot……….. $ 117.76

     I’ve got 2 great picks this week. One is a townhouse on Jahnke Road just down the street from CJW Hospital. The 2nd is a West End property that is getting in the “kill” zone. What I mean by the “kill” zone is a property that has been on the market for at least 60 days, has had a couple of price reductions, and will attract a ton of activity with the next price reduction. See for yourself with this week’s episode of  Foreclosure Friday Flash. Don’t forget my Hollywood contest – name the actor, role, and movie – and win a Starbucks gift card. Congrats to last week’s winner, Kimberly Spencer.

     If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian.

     If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian.

     The first occurred out near Wyndham when I saw a darling green commercial pick up emblazoned with Doody Calls logos. If you’re not familiar with Doody Calls this is a service like lawn care that will purge your dog’s droppings from your yard. This just brings to mind a Seinfeld episode where I believe Jerry comments that if aliens were watching from outer space and saw humans picking up after their pets who would the aliens think was the superior creature? Personally, I can’t ever imagine using this service, since I am a firm believer in “shit happens” and nothing proves that quicker than stepping into a pile of it.  

     My 2nd moment was over the weekend. There is no place I detest more than Short Pump Town Center. The traffic is unbearable, the commercialism despicable, and driving civility/politeness is non existent. Fortunately, I was on one of my stealth marketing early morning outings and no one was out and about, so I was cutting through SPTC with no impediments. As I was motoring along the backside near Dick’s, I thought I saw a neon sign advertising a hotel. Nah, I thought that can’t be right, but just to satisfy my ever curious mind I did a u-turn. Sure enough, there is something called the Sierra Hotel adjacent to Dick’s. Now, I have been to the Galleria at Tyson’s Corner with its connecting Ritz Carlton, but SPTC as a destination location? Gimme a break.

     If you’re interested in receiving Bank Owned Weekly, then click on the appropriate link – West End, Glen Allen, or Midlothian.

And if you’d be interested in attending my Home Buyer Seminar this Wednesday, October 28th, please register here. A ticket is required.

     No video this week other than my video apology, but you can still play our name the actor Starbucks contest. The reason for no video this week was the lack of anything exciting that I felt I needed to share with you.

     If I see anything exciting in the next few days, I will share them in my Sunday update. If you want to received the updates for Bank Owned Weekly; click here for the West End, click here for Glen Allen, and click here for Midlothian. Until next week.

Oh, yeah and if you forgot, I have a Home Buyer Seminar scheduled for Wednesday, October 28th at 7 p.m. Sign up here for this, and you will need a ticket.