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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
2017 1st Quarter Market Report: Home Sales Start Strong in 2017

The 1st quarter of 2017 ended on a strong note with March existing home sales reaching its highest pace in 10 years despite low inventories of homes for sale.

The most notable change in the 1st quarter was another huge increase in markets where there were more buyers than sellers resulting in quick sales and low inventory. Our survey showed that in 73% of the markets surveyed there were more buyers than sellers, an increase of 15% over the 4rd quarter and an increase of 13% over the 1st quarter of 2016. Additionally, 80% of our markets survey showed a tight supply of homes, an increase of 10% over last quarter and 13% over last year. Home prices are also on the rise with 92% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were up 5.9% over last year; inventory of unsold homes is at a 3.8 month supply and 48% of all homes sold in under one month. That is a strong sellers market.

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 slightly in the 1st quarter of 2017 compared to the previous quarter. Buyer activity increased in 74% of the markets surveyed and decreased in 14% of the markets surveyed indicating a significant 8% increase since the 4th quarter o f 2016 and a 1% decline in activity from Spring 2016. Simultaneously, the trend for seller activity continued to increase in the 1st quarter with 45% of the markets indicating increased seller activity compared to 42% of the markets in the 4th quarter of 2016 and 40% of the markets this time last year. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly.

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Summer 2017 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

Average Sold Home Price: $275,000

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15 year fixed rate: 3.85%
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15 year jumbo rate: 3.69%
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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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