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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 2nd Quarter Market Report: Home Sales Stall but Prices Rise

The 2nd quarter of 2017 ended on a down note with pending home sales dropping for three straight months. However home prices continue to rise at a rapid pace with median home prices up 6.2% year over year. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was how fast the homes were selling. Our survey showed that in 70% of the markets surveyed homes sold in under 60 days compared to 53% in 2nd quarter 2016, resulting in a whopping 17% increase. Additionally we found that 84% of the markets reported a tight to very tight supply of homes compared to 66% last year...another whopping 18% increase. The tight supply of inventory is causing homes prices to rise with 91% of all markets surveyed reported price appreciation. 34% of the markets reported appreciation over 5% and another 27% reported appreciation in excess of 10%.

According the National association of Realtors (NAR) existing home prices were up 6.2% over last year. The inventory of unsold homes is at a 4.6 month supply and 54% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

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 buyer activity is significantly higher than seller activity. Our Realtors reported increasing buyer activity in 89% of the markets - up 15% from last quarter and 5% over last year. However seller activity increased in only 49% of the markets - down 9% from last year and up 5% over last quarter.

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Fall 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

Contact Information
Allen Price
804-837-1307
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Mortgage Rates for Sep 24th, 2017
30 year fixed rate: 3.77%
15 year fixed rate: 2.97%
30 year jumbo rate: 4.16%
15 year jumbo rate: 3.83%
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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
804-837-1307
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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