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News for Short Pump, VA - August 27th, 2015 12:23pm
The popularity of Short Pump continues at full speed! It's hard to believe that just 15 years ago, Short Pump was made up of a Walmart, a few stores and acres of farm land with cattle, horses and cows. Today, we actually have a "Short Pump Downtown" with hundreds of upscale shops, department stores and restaurants! Wegman's makes it's Short Pump debut in the summer of 2016 and people are really excited. "Cabellos" will also open in the same center on Broad about 1/2 mile from the Goochland County border. It's impressive how Short Pump has kept up with the infrastructure such as road and thoroughfares! Broad Street can be quite busy on the weekends and at rush hour but there are many ways to avoid that.

The housing market continues to thrive as well. New construction starts at about 450k just north of Broad Street on Pouncey Tract! You can spend over 1 million if you like as you wind up Pouncey Tract toward Goochland and Hanover County. With it's many...
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News for Short Pump, VA - March 1st, 2013 3:16pm
West End/Short Pump, Virginia has made a real turn around from a year ago! Over the past few months (Sep '12 through March '13) buyers have been outnumbering sellers and as a result, the return of the multiple offers. When confronted with the possibility of having to compete with other buyers for a home I always tell my buyer, "let's write it up and submit asap". Most people don't like to compete and it's human nature not to want to get involved in a "bidding war", so if you're the 1st one in, it's possible you'll scare the others away.

Condition, Location and Price are the 3 main ingredients for a successful sale and if those 3 are in line, you're ready to list. I enjoy going to people's houses and being asked what I would do to help sell the home as quickly as possible. I always keep the sellers budget in mind when talking about paint and repairs and I love it when they make the changes and the house sells as a result! It's not always necessary to change anything. With spring just around the corner and interest rates at historic lows, I expect to be very busy over the next few months!
National Market Conditions
2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

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Summer 2018 Market Update
If you can qualify, now is an exceptional time to buy a home in Short Pump. Call now for more information at 804-837-1307
Average Sold Home Price: $275,000

Average Time on Market: 60-90 days

Best Selling Price Range: $250,000 - $299,000

Existing Home Prices for the past 90 days: No Change

Market Trend: Increasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Decreasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? No

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Good Supply

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Richmond

Housing Hot Spots: Most cities within the Henrico County area are considered ’Housing Hotspots’

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Allen Price
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Mortgage Rates for Jul 22nd, 2018
30 year fixed rate: 4.63%
15 year fixed rate: 4.25%
30 year jumbo rate: 4.63%
15 year jumbo rate: 4.38%
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Real Estate Professional, Allen Price Allen Price
Neumann & Dunn Real Estate and Development, LLC
Specializing in Short Pump Real Estate
2044 John Rolfe Pkwy.
Richmond, Virginia 23238
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Allen Price for current Short Pump, VA market conditions before acting on this information.)
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