November 2, 2008. Richmond Times Dispatch:
The average house for sale in the sale in the city of Richmond and the counties of Chesterfield, Henrico, Hanover, Goochland and Powhatan sits on the market for 66 days, twice as long as the area’s average in 2005, according to data provided by Joyner Fine Properties.
Sales of modestly priced homes helped lift sales 1.6 percent in this year’s third quarter over the same quarter last year in Richmond and the counties of Chesterfield, Hanover and Henrico, according to the Richmond Association of Realtors.
But in central Virginia, which includes Richmond and 15 surrounding localities, sales fell 3.8 percent in the third quarter from a year ago.
“Some corridors sell quicker than others and at a higher price,” White said. “The near West End of the city, for example, has moved a little faster with less inventory than other areas of the market.”
Houses in Richmond’s West End sell on average in 49 days compared with 35 days in 2006. By comparison, houses in Goochland County, which has seen significant new house construction, currently stay on the market an average of 80 days, up from 58 in 2006.
But central Virginia’s real estate market has not seen the highs and lows that Northern Virginia has, and the Richmond area’s house prices have remained flat.
Joyner’s White expects that the next few months will see a continuation of the current market. “We won’t see a large increase in sales per month,” he said. “We’ll see a stabilization in prices, but we won’t see an increase for 12 to 18 months.”
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