The Central Virginia Area Housing Market 2008 Annual Report

The Richmond Association of Realtors released their annual report for the central Virginia area housing market. It was prepared by Lisa A. Fowler, PhD & John McClain, AICP at the George Mason University Center for Regional Analysis using dated collected by the Central Virginia Regional Multiple Listing Service (CVRMLS). The report states:

The Central Virginia region ended 2008 with overall home sales down 23 percent but average home prices down just three percent. The region fared better than other parts of the state in 2008, particularly Northern Virginia. The number of pending sales at the end of 2008, while down from 2007, was not down by as much as sales, indicating a potential for improvement in the first quarter of 2009.

I found the report interesting as it seems to point towards a brighter 2009 while remaining cautious in its optimism. Any thoughts?

Central Virginia Area Housing Market 2008 Annual Report - Synopsis
Central Virginia Area Housing Market 2008 Annual Report - Full Report