Focus On: Richmond City, Virginia March, 2010

Including:

Units Sold Active Inventory Median Sale Price Days On Market

34 414 $240,000 76

100  700  300,000  140 

600  120 
80  250,000 
500  100 
60  80 
400  200,000 
40  60 
300 
150,000  40 
20  200  20 
‐ 100  100,000  ‐

J‐08 M‐08 S‐08 J‐09 M‐09 S‐09 J‐10 J‐08 M‐08 S‐08 J‐09 M‐09 S‐09 J‐10 J‐08 M‐08 S‐08 J‐09 M‐09 S‐09 J‐10 J‐08 M‐08 S‐08 J‐09 M‐09 S‐09 J‐10

Do wn -32% Do wn -3% Up 4% Up 55%

Vs. Ye ar A go Vs. Ye ar A go Vs. Ye ar A go Vs. Ye ar A go

Units Sold*
40 Sold Detached Sold Attached Sold Condo/ Coop

35 Units Sold
30 The re was a de c re ase in total units sold in Marc h, with 34 sold
25 this m onth in Ric hm ond City ve rsus 35 last m onth, a de c re ase
of 3%. This m onth's total units sold was lowe r than at this
20
tim e last ye ar, a de c re ase of 32% ve rsus Marc h, 2009. The
15
c urre nt m onth's total is lowe r than the twe lve m onth ave rage
10
of 46.
5
-

Active Inventory*
Active Detached Active Attached Active Condo/ Coop
700

600

500
Active Inventory 400
Ve rsus last ye ar, the total num be r of hom e s available this 300
m onth is lowe r by 13 units or 3%. The total num be r of ac tive
200
inve ntory this Marc h was 414 c om pare d to 427 in Marc h,
2009. This m onth's total of 414 is highe r than the pre vious 100
m onth's total supply of available inve ntory of 349, an inc re ase -
of 19%.

Median Sale Price

245,000
240,000
235,000 Mar-10
Median Sale Price
230,000 $240,000 Last Marc h, the m e dian sale pric e in Ric hm ond City was
225,000 Mar-09 $230,875. This Marc h, the m e dian sale pric e was $240,000,
220,000 $230,875 an inc re ase of 4% or $9,125 c om pare d to last ye ar. The
215,000 c urre nt m e dian sold pric e is 14% highe r than in Fe bruary.
210,000
205,000
Median sale price is the middle sale price in a given month. The same
200,000 number of properties are above & below the median.

*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one
of Long & Foster’s knowledgeable and experienced sales associates.
Information included in this report is based on data supplied by Terradatum, CVR, and its member Association(s) of REALTORS, who are not
responsible for its accuracy. Does not reflect all activity in the marketplace. “Information contained in this report is deemed reliable but not
guaranteed, should be independently verified, and does not constitute an opinion of CVR or Long & Foster Real Estate, Inc.."
Focus On: Richmond City, Virginia March, 2010
Including:

New Lis tings Current Contracts Sold Vs . Lis t Price Months of Supply
150 49 94.5% 12.2
250  120  110% 30 
200  100  25 
100%
80  20 
150  90%
60  15 
100  80%
40  10 
50  70%
20  5 
‐ ‐ 60% ‐

J‐08 M‐08 S‐08 J‐09 M‐09 S‐09 J‐10 J‐08 M‐08 S‐08 J‐09 M‐09 S‐09 J‐10 Jan‐08 Jul‐08 Jan‐09 Jul‐09 Jan‐10 Jan‐08 Jul‐08 Jan‐09 Jul‐09 Jan‐10

Up 15% Do wn -28% Do wn -1.0% Up 43%

Vs. Ye ar A go Vs. Ye ar A go Vs. Ye ar A go Vs. Ye ar A go

Months Of Supply
Months Of Supply
25.9

30
24.0

25 In Marc h, the re was 12.2 m onths of supply available in

19.7
19.0

Ric hm ond City, c om pare d to 8.5 in Marc h, 2009. That is an

16.7

20
inc re ase of 43% ve rsus a ye ar ago.
13.0

12.2
11.9
11.3

10.6

15
10.5
10.5
10.2

10.0
9.9

9.6
9.2
9.1
8.5

8.1
7.8
7.6
6.9

6.9
6.9

10
6.3

6.0

Months of supply is calculated by dividing current inventory by current

5 sales. It indicates how many months would be needed to sell all of the
inventory available at the current rate of demand.
-

New Listings & Current Contracts

Number of New Listings Current Contracts
250

New Listings & Current Contracts 200

This m onth the re we re 150 hom e s ne wly liste d for sale in 150
Ric hm ond City c om pare d to 130 in Marc h, 2009, an inc re ase
of 15%. The re we re 49 c urre nt c ontrac ts pe nding sale this 100

Marc h c om pare d to 68 a ye ar ago. The num be r of c urre nt

50
c ontrac ts is 11% highe r than last m onth.
-

Sale Price/ List Price & DOM

Avg Sale / Avg List Average DOM
120% 140

100% 120 Sale Price to List Price Ratio

80%
100 In Marc h, the ave rage sale pric e in Ric hm ond City was 94.5%
80 pe rc e nt of the ave rage list pric e , whic h is 1.0% lowe r than at
60%
60 this tim e last ye ar.
40%
40
20% 20 Days On Market
0% - This m onth, the ave rage num be r of days on m arke t was 76,
highe r than the ave rage last ye ar, whic h was 49, an inc re ase
of 55%.

*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one
of Long & Foster’s knowledgeable and experienced sales associates.
Information included in this report is based on data supplied by Terradatum, CVR, and its member Association(s) of REALTORS, who are not
responsible for its accuracy. Does not reflect all activity in the marketplace. “Information contained in this report is deemed reliable but not
guaranteed, should be independently verified, and does not constitute an opinion of CVR or Long & Foster Real Estate, Inc.."