Summer Market Lingers....

The Summer market or late arriving Spring market continues to tick along!
To prove it, we have updated our month -to-month analysis for the months of May through July 2009 of pending and sold statistics for Metro Richmond and surrounding counties. You will see below, houses are SELLING! In latter 2008 and early 2009 ,the local market was stagnant. Consumers are jumping back into the real estate market as prices continue to decline and come more in line with incomes and competitve inventory. Plus, interest rates are still at an ALL TIME LOW !
We are seeing a behavioral shift in Buyers - No more purchasing for appreciation, rather they are purchasing what they can afford. The affordability index is key to buyers - so again, pricing is critical!
In addition, we now have to sell a house twice - first to a willing purchaser and second, to an able BANK!

Sales Activity Up for 2nd Quarter 2009...
Metro Richmond sales activity for the second quarter of 2009 is trending upward year over year. The number of sales transactions for April - June of 2009 versus same period 2008 is up 3%. Transactions for May and June are up 5-7%. And July is trending flat year over year to date. Price affordability and LOW interest rates are stilll driving this movement of Buyers.

January 539
February 633
March 825
April 1028
May 1033
June 1003
July to date 412


Keep in mind, an increase in sales activity does not necessarily equate to higher sales prices. The key to selling your house is pricing it at fair market value based on recently sold comparable properties. Feel free to call us for a realistic and honest analysis about the value of your home.

Thoroughly Modern Millie

We're very fortunate to have a thriving performing arts community in Richmond which is certain to become even better with the opening of CenterStage in September. I am a big fan of Broadway musicals but, sadly, I can't make it to the Great White Way as often as I would like. Even so, I can often get my "fix" by attending a local theatre production whether it is Theatre IV's Annie, or more recently, the Barksdale Theatre's production of Thoroughly Modern Millie. I never cease to be amazed by the talent in Richmond and this toe-tapping musical certainly does not disappoint. So if you are looking for a change of pace this summer, go out and catch a show...

Richmond's Shakespeare Festival at Agecroft Hall, Hamlet
Barksdale Theatre's Driving Miss Daisy, Thoroughly Modern Millie or Fully Committed
Swift Creek Mill Theatre's Arsenic and Old Lace