Home foreclosures down, sales prices increase

Currently, there are just short of 125 properties in Chesterfield County that are in the process of foreclosure, while the number of homes listed for sale on RealtyTrac.com is 780.

“In July, the number of properties that received a foreclosure filing in Chesterfield County, was 1 percent lower than June and 36 percent lower than the same time last year,” According to the real estate data collector.

The drop in the foreclosure rate across the county was 73.7 percent compared with last year, meaning the real estate market is turning around. According to some experts, we’re not quite back to normal rates, but we’re getting there. The average sales price of a home in Metro Richmond was just over $255,000 while the sales price dipped about 3 percent under the asking price according Richmond MLS.

Realtytrac also indicates that home sales for July, this year, rose 23 percent compared with June, and 59 percent compared with a year ago. The median sales price of a recently purchased home was $193,850. The cost of a foreclosed home was $164,617, or 15 percent lower than a normal sale.

In the Chester sales data area 24 homes were sold last month; 56.4 percent higher than last year with a median price of $183,283 or up 6.2 percent over last year.

Midlothian sales increased at about the same rate as Chester, and with both, the number of sales and the price of the homes were somewhat higher. A Midlo home sold for about $229,000 last month, a 3.6 percent increase over last year.

Home sales are looking good across the county, although deals can be found in the southeastern part of the county. Similar house; lower price.

Selling? In the mid-Atlantic, the average for-sale home is on the market for 55 days.


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