On a 10-block stretch on Monument Avenue yesterday, at least five open-house signs were displayed with arrows leading to fragrant and neatly organized homes for sale.

"We have too much inventory," said Long & Foster Realtor Cory Clement, who yesterday held an open house in the 4600 block of West Grace Street. "It's a very competitive market."

The high number of homes for sale may be one reason open houses seemed to be just in about every other block yesterday, said Clement, who was not surprised to hear that more than 330 open houses were advertised in yesterday's Richmond Times-Dispatch.

Home sales in the Richmond region fell 33 percent -- from 2,745 homes to 1,840 homes -- in the first three months of the year compared to the same time in 2007, according to the Virginia Association of Realtors. In the city of Richmond, the average sales price was $232,996, up 6 percent.

But yesterday, several Realtors said they are optimistic the area will see increasing sales in the coming months, particularly with low interest rates and more people moving to the Richmond area.

"I think buyers are taking the time to look at what's available and houses are in the market a little longer," said Clement, who has been selling homes for seven years. "But there's never been a better time to buy. I think we will see our sales numbers go up."

Tihomik Zelevic is one of those new buyers. He and his wife moved to Richmond last year from Eastern Europe and have been actively looking for a home.

"I would like something close to downtown, but at these prices it has been very difficult," said Zelevic, 28.

Zelevic, who was looking at the West Grace Street home listed at $299,000, said prices seem to have fallen, but he still has not been able to find a home under $200,000 in a good neighborhood near downtown.

"Everybody is talking about a real estate crisis, I just don't see it," he said. "Prices are too high."

The economy seems to be an issue with home-hunters, said homeowner Ruth Manka, who yesterday welcomed prospective buyers with balloons outside her home in the 4000 block of Monument Avenue.

Her two-story fully renovated home with four bedrooms has been in the market for five weeks and only about a dozen people have visited it. The weather has not cooperated, she said, and yesterday was no exception. But she remained upbeat.

"I am cautiously optimistic," Manka said. "Definitely hopeful."
Contact Luz Lazo at (804) 649-6058 or llazo@timesdispatch.com.