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Final 2009 Richmond Real Estate Report
2009 was a real mixed bag in the Richmond area real estate market. While the number of homes sold in the area in 2008 and 2009 were about the same the market continued to get stronger as the year went on. There was continued price degradation throughout the Richmond region and it’s questionable if the market has bottomed out with regards to pricing.
Here are the highlights from the Central Virginia Multiple Listing Service:
2009 Central Virginia Home Sales Activity
In 2009, there were 11,162 existing homes sold in the Central Virginia region, which was virtually unchanged from 2008. In the 4th quarter of 2009, there were nearly 3,000 homes sold, an increase in sales of 29% over the 4th quarter of 2008.
In the Richmond Metro Area, there were 2,392 home sales, up 38% over the 4th quarter of 2008.
In the Tri Cities Area, there were 242 home sales in the 4th quarter of 2009, an increase of 17% over the 4th quarter of 2008.
In the 4th quarter of 2009, there were 2,466 pending sales in the CVR MLS, an increase of 17% over 4th quarter 2008 sales. Many of these pending sales will translate into closed sales in early 2010.
2009 Central Virginia Home Prices
Existing home prices in the Central Virginia Region were down about 13% in 2009 compared with 2008. Prices were down in every quarter of 2009 and there is little evidence that they have reached a turnaround point.
In 2009, the strongest sales in the region were in the under $200,000 range. In the 4th quarter of 2009 more than half of all homes sold were priced below $200,000. By contrast, in the 4th quarter of 2008, only 40% of sales were in the under $200,000 range.
While there were fewer homes in the $200,000 – 299,999 price range sold in the 4th quarter of 2009 compared with 2008, pending sales were up in this price category – which may indicate a stabilization of prices in early 2010.
Want to know the detailed statistics for your neighborhood or area of Richmond? Skye Bruce Properties can help with custom real estate reports. Contact Skye Bruce Properties for your complimentary real estate report!
