Friday is finally here after a HOT week in the Capital City! As I wrap up the week I am looking over the Richmond area sales figures for May. The numbers are quite interesting. In May 971 homes sold in the area compared with 1522 a year ago. In comparison May was a slow month. On the other hand, the average price of a home in May '08 was around $258,000 compared with an average sale price of 250,000 in May a year ago. Also of note, the average days on the market increased by 13 days, from 60 days in '07 to 73 days this year.
What do all these numbers mean? In short, home prices rose from a year ago, but it is taking longer to sell them.
We are still in what I would call a "buyers market". There are some pretty good deals out there if you are looking to buy a home.
As the June numbers start to come in we will take a look at the first six months sales figures for 2008. In the mean time have a safe, cool weekend!
Sales information from the Central Virginia Regional MLS. All information believed to be accurate but not guaranteed.
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