I hope you are enjoying your real estate class. If you visit my website, http://www.YourRichmondHome.com,
I have a separate page for Chesterfield County, Short Pump and Henrico County, in which I track the single family closings for the year. Feel free to visit that as I have information on the first 3 quarters sales informations for those areas (January to June 2008) vs. the first 3 quarters sales informations for these areas (January to June 2007). I have also added the same information for October. I do not separately track the condo closings, as well as the city of Richmond and Hanover County and the other outlying counties, but could easily pull that information together for you.
As for what next year holds, I would not want to predict with any type of certainty. A few months ago I would have said that our sales should be steady, but with recent layoffs at Circuit City and Quimonda, as well as uncertainty with Genworth, and the still high inventory figure that we have in the area, I am not sure if sales will continue to be at this level or if sales will drop even further next year. Richmond still continues to do better than many other areas, so it is hard to predict what will happen next year. Of course, much will depend upon which segment of the market you are talking about. The first time buyer market and those buyers who are relocating into the area who do not have a home to sell still seem to be the strongest market and the market that continues to purchase. Investors are still out there buying up properties because there are many that they can get a good deal on. I know that this is not a good answer as to what will happen next year - I feel that next year will also be a bit tougher but the good news is that buyers are still out there buying - but sellers need to have their homes in the best show condition and priced well to sell, even if the price is considerably lower than they feel they should be getting for their home.
Again, please feel free to visit my website in order to get statistics on this years sales and to email me if you would like me to pull the sales for condos, city of Richmond and Hanover County. Good luck to you.