Bankruptcy Homes and Other Residential Property Sales Up in Richmond
Sales of foreclosed and bankruptcy homes and regular dwellings surged in the west side area of Richmond, Virginia in February 2011. According to realtors, the housing market of the area, along with the adjacent west side of Vancouver, has become a seller's market as demand for residential properties continues to increase rapidly at the start of the current year.
Reports from the Fraser Valley Real Estate Board and the Real Estate Board of Greater Vancouver (REBGV) showed that demand for non-foreclosed and distressed homes in Richmond and in Vancouver has risen in the past few months, with detached dwellings becoming the hottest commodity in the areas' housing industry. Data from the REBGV revealed that for February, the region posted housing sales total of 3,097, higher than the monthly average of 2,742 recorded in the past 10 years.
Despite the competition posed by low-priced distressed homes in Virginia, house prices in the west side part of Richmond posted an increase in February. Statistics from REBGV showed that between November of last year and February 2011, the price of a detached house in Richmond has risen by $190,739 to reach over $1.09 million. In the west side of Vancouver on the other hand, the price of a detached residence has reached more than $1.8 million, up by $222,185 over the same period.
Realtors also reported that majority of buyers of bankruptcy homes and regular dwellings in the two areas were foreign investors and homebuyers. A report from Fraser Valley showed that detached houses in the region had a benchmark price of a little over $514,000 in February of this year, up by 1.2% compared with February 2010 when the price was at $508,000.
According to housing market observers, sales are likely to continue to be high in both markets for the rest of the year. Although lists of fixer upper homes and supply of foreclosed houses are expected to increase this year in Richmond and in the rest of the U.S., analysts are optimistic that the metro area's housing price will remain strong and sales will continue to outpace the rest of Virginia.
More bankruptcy homes and regular houses are projected to be purchased by investors and homebuyers this year in the west side of Richmond as the national economy continues to improve and the job market attains some stability. The metro area is also being hailed as one of the top housing markets in the U.S. in terms of potential for growth in 2011.
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