Market Looking Better in North East Richmond
February 25, 2010 Market Trends
Richmond was hit very badly by the market downturn starting in the autumn of 2006. It continued to fall until around June in 2009 and now shows signs of improvement as of February 2010. North and East Richmond shows this upward trend.
Click on Chart to Enlarge
If you look at the tend of the cost per square foot on the chart on the right you’ll see that market bottomed out in North and East at about $155 sq ft of gross living area and has since risen to about $175 per square foot. The average cost of a house here was about$173,000 from February 2009 to August of 2009. Since then it has risen to $186,000 average in the last three months.
The market is still dominated by distressed sales which includes REO’s which are foreclosures and short sales where the seller is attempting to sell the house for less than is owed. Of the 26 sales in the last 3 months 69% were distressed sales.
