Friday, February 4, 2011

January contracts up over last year

The Richmond area saw an increase of 34 new contracts for single family homes in January of 2011 over 2010. The 743 new contracts represents an increase of 4.8% over last year.

Though there are details concerning pricing that we will not know until after they close, the average size of the homes appears to be approximately 100 square feet larger.
The price they were listed for is only $1,300 more than the closed sales from last year. Based on our list to sales price ratio, I would expect to see about a 3 - 3.5% decline in average prices. I expect the average price per square foot to come in about 4.5% less than for the same period last year.
What does this mixed bag of info mean? Maybe nothing. What I suspect is that the prices have caught up with (lower) demand, and we may be seeing what the bottom of the market looks like.
I would love to hear your thoughts.

No comments:

Post a Comment