Henrico County VA

Housing market shows positive signs

The housing market in Central Virginia showed signs of improvement during the third quarter of the year, according to the Richmond Association of Realtors.

Home sales in the region rose 23 percent from the same period in 2010, and pending sales (a strong indicator of final sales) were up 11 percent as compared to the third quarter of 2010.

“The fact that the housing market in 2011 has outperformed the 2010 housing market through the first nine months of the year is amazing, considering that buyers had the inducement of a tax credit to spur their decision making last year and no such inducement exists this year,” said Cheryl Hamm, president of the Richmond Association of Realtors and Central Virginia Regional MLS. “Of course, sales prices continue to lag, but we've known all along that sale price would be the last indicator to turn around."

The main factors dampening the resurgence of home prices are the foreclosure inventory and the economic uncertainty of buyers and sellers, Hamm said.

“The continued presence of foreclosures in the market makes it difficult for sale prices to rebound when the region is viewed as a whole,” she said. “We are seeing some modest price increases in certain neighborhoods; we've even seen some multiple offer situations. In many instances, whether a home is selling and for what price is dependent upon the factors that have always been most important – location, the condition of the home, and the sale price.”

As major banks have resumed with processing foreclosures, an initial foreclosure uptick may be in store, but in the long run this will help promote the movement of foreclosure inventory.

"If positive economic indicators continue to show promise, consumer confidence should also improve, Hamm said.

“Can I predict what the fourth quarter will look like or how 2012 will shake out? No. The fourth quarter is typically seasonally slow, so I would not be surprised if that held true for this year as well," she said. "As for 2012, there are just too many variables abroad and here in the U.S. for me to make a prediction."
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Community

The Pemberton at University Park to host ‘Wall of Honor’ ceremony June 9


The Pemberton at University Park senior community will host a dedication ceremony for its Veterans Wall of Honor June 9 at 10:30 a.m. The ceremony will honor residents who have served in the military.

Deep Run High School Cadets will provide a color guard for the event.

Community members have taken photos of residents in uniform, as well as residents with pictures of their military units from their days of service that will be on display the day of the event. > Read more.

19th Annual Asian American Celebration planned May 21

The Asian American Society of Central Virginia will hold its 19th Annual Asian American Celebration on Saturday, May 21 at the Greater Richmond Convention Center, 403 N. 3rd St. in Richmond, from 11 a.m. to 7 p.m. Admission is free.

The theme for this year’s celebration will be “Our Heritage," in recognition of May as the Asian Pacific American Heritage month, designated by the U.S. Congress in 1992. > Read more.
Entertainment

Cultural Arts Center announces 2016-17 schedules


Returning favorites, new acts and new dining options highlight the 2016-17 Center Season and 2nd Stage schedules at The Cultural Arts Center at Glen Allen.

CACGA's Center Season performance series will return Sept. 10 with Capitol Steps (pictured), an audience favorite that brings a unique blend of music and political comedy to the Sara Belle November Stage. The Acrobats of Cirque-tacular will perform Oct. 22, showcasing their troupe of aerialists, acrobats and contortionists. > Read more.






 

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Henrico County will hold a community celebration in honor of the opening of the new Varina Area Library from 6 p.m. to 9 p.m. The new library is located at… Full text

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