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Multifamily market share is growing amid slowdown
In Chesterfield County, all types of housing sold declined for the 12-month period ending Sept. 30 compared to the corresponding period in 2006, but condos dropped the least - from 157 units sold to 138. Metro Richmond condo sales were aided by brisk sales in the city. For 2003-2007 metro-wide in 12-month periods ending June 30, the condo share of closings grew from 3 percent to 10 percent; townhouses/duplexes climbed from 6 percent to 15 percent; and single-family declined from 91 percent to 75 percent. "There are several demographics buying in the condo market," said Tom Tyler, senior analyst of Integra Realty Resources. "Emptynesters want no maintenance and typically put down a bunch of cash from the sale of their single-family home. They move to the more expensive condos. Young, urban professionals want to be downtown with no maintenance. Condo conversions tend to attract younger people with their lower prices." Though not age-restricted, Centex Homes targeted empty-nesters when it opened StoneBridge Gardens last summer. The development features one-level, maintenance-free living on Route 10 at Chalkley Road. Early next year, the company will open SpringRidge at Swift Creek offering threestory townhouses with 2-4 bedrooms priced in the low $200,000 range near Commonwealth Centre. "It'll be a great purchase for the firsttime homebuyer," said Jennifer Chisholm of Centex Homes. While single-family homes are selling more slowly, the other good news for county homeowners is that values are still increasing. The average new home in Chesterfield increased 8 percent this year to $414,790. According to County Demographer Bill Handley, through the first 11 months of this year, 903 new homes have sold while 1,182 homes were built in the county. That's down compared to the full year of 2006 when 1,617 new homes were sold. Sales of existing homes also declined to 4,505 (11 months) as compared to 5,982 sold in 2006.
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