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."
Richmonders Jim Morgan and Dan Stackhouse were married at Lewis Ginter Botanical Garden in Lakeside Mar. 7 month after winning the Say I Do! With OutRVA wedding contest in February. The contest was open to LGBT couples in recognition of Virginia’s marriage equality law, which took effect last fall. The wedding included a package valued at $25,000.
Morgan and Stackhouse, who became engaged last fall on the day marriage equality became the law in Virginia, have been together for 16 years. They were selected from among 40 couples who registered for the contest. The winners were announced at the Say I Do! Dessert Soiree at the Renaissance in Richmond in February. > Read more.
The Fourth Annual Healy Gala will be held Saturday, Apr. 11, at The Cultural Arts Center at Glen Allen from 7 p.m. to 11 p.m.
The event was created to honor Michael Healy, a local businessman and community leader who died suddenly in June 2011, and to endow the Mike Healy Scholarship (through the Glen Allen Ruritan Club), which benefits students of Glen Allen High School.
Healy served as the chairman of Glen Allen Day for several years and helped raise thousands of dollars for local charities and organizations. > Read more.
The Richmond Battlefield Ruritan Club is holding a Brunswick stew sale, with orders accepted through March 13 and pick-up available March 14. The cost is $8 per quart.
Pick-up will be at noon, March 14, at the Richmond Heights Civic Center, 7440 Wilton Road in Varina.
To place an order, call Mike at (804) 795- 7327 or Jim at (804) 795-9116. > Read more.
Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.
A wide variety of events are taking place within Henrico County this weekend! Whether you’re a newcomer or veteran to homeschooling, the 2015 VaHomeschoolers Conference and Resource Fair is the place for you. Theater buffs will enjoy CAT Theatre’s production of “Now Then Again” and 5th Wall Theatre’s presentation of “The Human Terrain.” Other performances include Bolshoi Ballet’s “Romeo and Juliet” and Abraham.In.Motion’s dual performance of “The Watershed” and “When the Wolves Come In” – all taking place at the University of Richmond. For all our top picks this weekend, click here! > Read more.
The Cultural Arts Center at Glen Allen will celebrate its 16th anniversary this weekend with “A Date with Frank & Marilyn,” an evening of fun and entertainment designed to raise funds for the center's three outreach programs. Another celebration, Halligan’s Hooligan’s Annual St. Paddy’s Day Bash, starts tonight and continues for five days! If you’re in the mood for some music, Lynne Mackey will give a piano recital at River Road Church Baptist; the Westminster Schola Cantorum will be at St. Michael Catholic Church; and Junior Sisk and Rambler’s Choice will perform at the Shady Grove Coffeehouse. For all our top picks this weekend, click here! > Read more.
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Calendar5th Wall Theatre will present “The Human Terrain” by Jennifer Blackmer March 19 to April 11 at HATTheatre, 1124 Westbriar Dr. In this compelling military thriller, Mabry Hoffman, an anthropologist… Full text