The Richmond Virginia Filipino Festival kicked off on Friday at Our Lady of Lourdes Catholic Church. We had some great food and music. Things start back up on Saturday August 13th at 10:00 am and go to 10:00 pm. Click here for the Festival Website.

Market Trend Analysis for April, May and June (2nd Quarter) 2011 as reported by the Richmond Association of Realtors®.

National and Local Economic Overview

The national economy hit a soft patch in late spring and early summer, primarily due to high gasoline prices and disruptions in the manufacturing sector related to the disaster in Japan that sapped momentum from several elements of the economy. However, those events are likely temporary and at mid-summer they already appear to be fading. Economic forecasters predict better growth in the second half of the year, as oil prices continue to fall and other temporary blips are put behind us. Job growth has been sluggish in the Central Virginia region and other economic measures have not yet begun accelerating, but it is likely that the area will begin to move out of the soft patch as the economy gains more traction in late summer and fall.
The soft spot in the region’s economy was seen in the cyclical sectors having job losses (Construction, Retail, Financial, Leisure and Hospitality.) Additional job losses were seen this quarter in the government sector, while the Professional and Business Services Sector continues to show signs of solid growth throughout the slow-down. The unemployment rate in the region has remained significantly below the national rate, although the region’s rate has risen above the statewide rate. The good sign is that the unemployment rate in the region in April was the lowest since December 2008, and it is much lower than its peak in January of 2010.

Central Virginia Area Housing Market
While prices are still down from last year, they’ve improved late in the second quarter, particularly in the Richmond Metro area. Pending sales were up for the first time in more than a year, which foreshadows improved sales figures this summer. Finally, inventories are being drawn down as more transactions are completed. There are still some weak parts of the region’s housing market and the region’s current economic uncertainties are a drag on sales activity. However, most of the economic indicators and housing market trends suggest the end of 2011 will be brighter than the first half of the year.
Home Sales and Prices
3,161 homes were sold in the Central Virginia area in the second quarter of 2011, including 2,690 in the Richmond metro area and 214 in the Tri Cities living there. The point of sales activity was lower than the second of 2010 because of the ending of the Federal Tax credit program last June. The average price of a home sold in the second quarter of 2011 was $223,97 (-10% from the second quarter of 2010.) The average price of the 214 homes sold in the Tri-Cities area was $118,603, down 14 percent from the same period provided a year ago. The bright spot is the city of Richmond, with the average sales price up 10 percent over the last year (although the median price is down 2 percent.)

Pending Sales
Pending sales are typically a locator of final sales. In the Central Virginia region, the number of pending sales was down significantly in 2010 compared to 2009. In the first quarter of 2011, the number of pending sales was about four percent lower than in the first quarter of 2010. In the second quarter of 2011, however, there is modest improvement in the number of pending sales. Compared with the second quarter of 2010, the number of pending sales is up two percent across the Central Virginia market, excluding the Tri Cities area, where the number of pending sales was down ten percent compared with the second quarter of 2010. These trends offer support for improvement in the Richmond Metro market and continued uncertainty in the Tri Cities market.

Active Listings
Inventories in the Central Virginia market are being drawn down. The number of active listings at the end of the second quarter of 2011 was down 12 percent compared to a year ago. At the end of the second quarter, there were 8,431 active listings (including single-family and condominiums), down from 9,599 active listings at this time last year. This includes 6,405 in the Richmond Metro Area (down 11 percent from a year ago) and 925 in the Tri Cities area (down 14 percent from second quarter 2010.) Outlook for 2011
The drawdown of inventories, coupled with the uptick in pending sales, means activity is picking up in the Central Virginia region. Foreclosures are likely still a damper in some neighborhoods, particularly in the Tri Cities area. In addition, it is still difficult for some buyers to get financing, which continues to keep demand relatively low.
However, there are some potentially bright signs on the horizon. It is likely that the nation’s economy will improve in the second half of the year, as job growth restarts. There is significant pent-up demand for housing and prices may be on the rise in some parts of the region. Therefore, an improving regional economy, continued with low interest rates, simple population and household growth, and increasing consumer confidence should make for a more normal re-sale market at the end of 2011 and into 2012.

Just off the I-295 outer belt at the Pole Green exit in Hanover County, Virginia lies The Reserve at Bell Creek town home development by Ryan Homes. These townhomes start in the high $170s to the $220s and offer 1600 sq. ft to 2100 sq ft and come with a great set of standard features. Hanover County is a beautiful mix of new an old, from convenient shopping at the Bell Creek shopping center to historic sites, great parks and a quiet laid back atmosphere. It’s location just off of I-295 makes getting anywhere in the metro Richmond region a snap. If you’re looking for a great townhome with convenient shopping without the congestion found in the west end of Richmond then The Reserve at Bell Creek is a great community. For more information please contact me.

The Oakley’s Chase neighborhood in Henrico County Virginia is convenient to one of Richmond’s newest shopping districts, White Oak, but also downtown (about 15 minutes away) and the airport. This 146 lot wooded development has six floor plans to choose from with an average square footage of approximately 2100 square feet. As of this blog post pricing starts in the $190,000 range which is a great value!

If you’re interested in getting better acquainted with Oakley’s Chase please let me know! We can schedule time to tour the neighborhood, model home and near by shopping amenities. In the meantime take a few moments to take a virtual tour of the Florence model.

The Rutland neighborhood in Hanover, County Virginia is steeped in not only history but in amenities. This 202 acre mixed use development has the pedestrian in mind, with a grocery store, bank, office space, restaurants, pool, playground, daycare and the like all within walking distance. It’s one of the few developments in the metro Richmond area that makes convenience a number one priority. Schools include Pearson’s Corner Elementary, Chickohominy Middle School and Atlee High School, all highly ranked. Opening in November 2011 is the highly anticipated and newest YMCA of Greater Richmond, the Atlee Station Family YMCA!

There are two developers in the neighborhood, Ryan Homes, offering the Rutland Townes (townhomes) and HHHunt, offering single family homes. If you’re interested in getting better acquainted with Rutland please let me know! We can schedule time to tour the neighborhood, clubhouse, all three model homes and amenities. In the meantime take a few moments to take a virtual tour of the Ryan Homes Odessa plan as well as the neighborhood itself.

In early Spring I decided I wanted to capture one of Richmond’s most unique streets, Monument Ave. With that in mind I decided to create views of each monument from each corner and from the central tree lined grassy area in the middle. All in all, it ended up as 6 panoramas of each of the 6 monuments or 37 panoramic images (Yes, my math is wrong, I created one extra – a close up of the Robert E. Lee monument).

I hope you enjoy and remember these virtual tours are a standard feature of my listing package AND I create FREE virtual tours of local Richmond businesses so if you own a restaurant, retail store, car dealership or any other type of business that has a website and you want a tour like this please contact me at Evan@RichmondDreamHomes.com.

Calling all Richmond area restaurants, stores, Churches, businesses and area attractions. I’d like to create a FREE 360 degree panoramic virtual tours for your website! If you’re interested please fill out the form below, contact me at Evan@RichmondDreamHomes.com or by phone at (804) 306-6107.

One of the hidden gems in Glen Allen, VA at the intersection of I-295 and I-95 is the Wyndham Virginia Crossings Hotel, Conference Center and Golf Course.  This 20 acre resort is more a quiet getaway than your typical hotel and a real treat for anyone looking for real estate on the north side of Richmond.  The 18-hole golf course in managed by Traditional Golf Properties and is considered one of the top ten public courses in the commonwealth.  I hope you enjoy this 360 degree panoramic of the gardens and hotel lobby.  I’m planning to go back mid-spring to shoot a panoramic of two of the golf course so stay tuned!

Make sure to view the panoramic full screen (see button in top left corner) to get the maximum effect and remember that 360 degree panoramic tours are a standard feature with my listing package!

Welcome to Richmond Dream Homes! My name is Evan D. Owen and I’m a REALTOR® located in Hanover County. I have lived in Richmond since 2001 and have fallen in love with the city and its surrounding communities. My unique background of traditional, internet, experiential and social media marketing as well as an extensive background in home construction and remodeling truly sets me apart from other REALTORS®. Feel free to contact me in regards to selling your existing home or buying your next dream home!