The Skinny on Richmond Real Estate - Coldwell Banker Johnson & Thomas

Richmond Metropolitan Area Experiences Accelerated Home Sales in Q2

Richmond, Va. – Due in large part to the Federal homebuyer tax credits, the second quarter of 2010 saw a significant acceleration of home sales in the Central Virginia, Richmond Metro and Tri Cities regions. For the entire central Virginia region (sixteen jurisdictions), home sales were up 22% for the second quarter of 2010 compared with the same time period in 2009. In metropolitan Richmond (City of Richmond and counties of Chesterfield, Hanover, Henrico), sales were up 23% from the second quarter of 2009, with the largest jump in Henrico County at a 28% increase. The Tri Cities Area saw a 16% increase in sales compared to this period last year but the pending sale numbers in both the Richmond Metro and Tri Cities areas were down 7% from a year earlier.

“The increase in sales activity during this quarter was fueled by the sense of urgency to purchase a home in the spring, rather than waiting until the summer, in order to take advantage of the Federal homebuyer tax credit,” stated Karen Smith, 2010 President of the

Richmond Association of REALTORS® and Central Virginia Regional MLS. “We are hopeful that low interest rates and favorable inventory will continue to spur sales during the third quarter of this year,” said Smith.

“The first half of 2010 showed clear improvement in the market. There has been a 16.3% increase in homes sales compared to the first half of 2009. While sale prices will be slower to recover and the third quarter may be less robust than is typically the case, we’re on the right track,” concluded Smith. To read more click here.

Richmond Metropolitan Area Experiences Accelerated Home Sales in Q2