Market Conditions - April 25, 2006 by Carla L. Davis
One eastern U.S. city has seen a strong sellers market disappear over the last several months. But where inventories are up and price appreciation slowed -- buyers are happy. Richmond, Virginia, has sellers coming to terms with the fact that they can't throw as much weight at the negotiating tables as they used to. On the west end of Richmond, the average sales price is $417,000, with homes taking around 43 days to sell. Much more affordably priced is the Northside of the city, where homes average $242,000. Homes here are selling in a matter of 20 days. It is in this under $250,000 range that homes are selling the most quickly, say local experts. Are all eastern cities experiencing theses conditions? While in fact many are -- some are experiencing still strong sellers markets -- due partly to booming local economies. Fairfield, Maine, is just one of those cities. One expert writes, "Fairfield is known to many as the "Sleeping Giant," due to it's enormous commercial potential and continual growth. It is located in southern Somerset County. ... The town has been gaining population at a rate of 1 percent per year for over 20 years." As residents migrate into the city, "the demand for Fairfield properties has increased along with price values. Fairfield is high demand due to its easy commute location and country size lots." Our experts report that "residential properties range from a single starter home at $44,900 to a newly constructed home for $389,900." | 
