Richmond Real Estate Market Report

Blog by Arnold Shuchat | June 13th, 2014

I constantly get calls from builders and builder-wanna-bees who are looking for large building lots in Seafair.  I rarely get calls for the houses that some of these folks have built!  Just what is going on?

Between May 1, 2014 until June 12, 2014, there were 93 single family homes for sale in Seafair, of which only 9 sold, or about 10%.  Of the 9 that sold,7 sales ranged in proce from $819,000 to $1,138,000 and those were for building lots.  The remaining 2 were for relatively new homes and averaged $1,668,000.  Here's where it gets interesting!

Of the 84 remaining SFDs for sale in Seafair:

17 are priced under $1,000,000 and are predominantly building lots with old stock on them;
14 are priced above $1,000,000 and less than $1,348,000 and are still building lots;
From $1,398,000 though to $3,288,000 lie 38 more units the class and price of property from which only 2 sold in the last 42 days.

My guess is that unless these sellers get a little more realistic and take a  haricut of a couple of hundred thousand dollars these are going to sit on the market.