When it comes to taking a pulse of Richmond’s economic activity, leave the consumer confidence index or consumer price index to people who know how to index things.
Instead, there’s an easy-to-use alternative in Richmond. Craigslist, the online bulletin board bemoaned by newspapers for stealing classified revenue, is equally loved by those seeking a roommate or unloading a used record player. And by curious reporters.
That’s because Craigslist is the local market for almost all used goods that don’t end up at Goodwill or on eBay. The local TV news anchors should report what the Richmond Craigslist Index did at the end of the day. “Well Michelle, the Hodgepodge Average was up two points today to close at a record $240 in heavy trading.”
It is also a place to see what sort of people are hiring or looking for work—or other things.
Apts/housing tells the story of what the rental market is doing, what condos in the Fan are selling at and how much the rental market is fetching. I counted 75 posts on a recent weekday. Most listings are up for a few days.
Cars/Trucks shows who’s selling what. Like property, most are listed for a few days before a sale. With a total average sale value of $1 million a day (calculated by adding up the asking price on all the vehicles), roughly $300,000 changes hands each day in used cars. (Disclaimer: Very ball-parky figures).
It’s the sweet music of supply and demand (would that be a waltz?).
Craigslist is also a periscope into the underground economy. And safe to use from the safety of your home or office.
There’s no sales tax on Craigslist. No regulation. No enforcement.
Dozens of women (and the occasional man dressed as a woman) advertise erotic services with pictures of themselves in suggestive poses or in the buff EVERY DAY. They do it out in the open with local area codes. (They’re real, I checked). The cost varies based on the age and appearance of the vendor, but it tends to hover around $150 an hour. And, sorry gents, but some women stipulate that they will not pretend to be a girlfriend. From watching the site for a while, it seems some girls are in town for a weekend before trying another place. (BizSense tried to investigate, but most girls who answered the phone had no interest in talking with a reporter.)
Richmond police are not currently investigating Craigslist prostitution, according to an RPD spokesperson. But it’s been blown open in other cities. You can read about it here.
For more trend-related research, Craigslist is also a great way to determine what people are buying or looking for. For example, consumers must be trading their tube TVs for plasmas or LCDs, because dozens post their old sets on Craigslist every day.
The blog Freakonomics debated the economics of a woman who wanted to marry someone who earned more than $500,000 a year. Where would such a lass go to find her mate in Richmond?
And for a glimpse into the psychology of the seller, it’s fun to watch prices drop. People often overestimate the worth of their possessions. Just watch them price a 32-inch tube TV at $300 because they paid $500 six years ago. In a day or two it will drop to around $100. Sold.
Ahh, the hum of demand meeting supply. (Perhaps a jig?)
When it comes to taking a pulse of Richmond’s economic activity, leave the consumer confidence index or consumer price index to people who know how to index things.
Instead, there’s an easy-to-use alternative in Richmond. Craigslist, the online bulletin board bemoaned by newspapers for stealing classified revenue, is equally loved by those seeking a roommate or unloading a used record player. And by curious reporters.
That’s because Craigslist is the local market for almost all used goods that don’t end up at Goodwill or on eBay. The local TV news anchors should report what the Richmond Craigslist Index did at the end of the day. “Well Michelle, the Hodgepodge Average was up two points today to close at a record $240 in heavy trading.”
It is also a place to see what sort of people are hiring or looking for work—or other things.
Apts/housing tells the story of what the rental market is doing, what condos in the Fan are selling at and how much the rental market is fetching. I counted 75 posts on a recent weekday. Most listings are up for a few days.
Cars/Trucks shows who’s selling what. Like property, most are listed for a few days before a sale. With a total average sale value of $1 million a day (calculated by adding up the asking price on all the vehicles), roughly $300,000 changes hands each day in used cars. (Disclaimer: Very ball-parky figures).
It’s the sweet music of supply and demand (would that be a waltz?).
Craigslist is also a periscope into the underground economy. And safe to use from the safety of your home or office.
There’s no sales tax on Craigslist. No regulation. No enforcement.
Dozens of women (and the occasional man dressed as a woman) advertise erotic services with pictures of themselves in suggestive poses or in the buff EVERY DAY. They do it out in the open with local area codes. (They’re real, I checked). The cost varies based on the age and appearance of the vendor, but it tends to hover around $150 an hour. And, sorry gents, but some women stipulate that they will not pretend to be a girlfriend. From watching the site for a while, it seems some girls are in town for a weekend before trying another place. (BizSense tried to investigate, but most girls who answered the phone had no interest in talking with a reporter.)
Richmond police are not currently investigating Craigslist prostitution, according to an RPD spokesperson. But it’s been blown open in other cities. You can read about it here.
For more trend-related research, Craigslist is also a great way to determine what people are buying or looking for. For example, consumers must be trading their tube TVs for plasmas or LCDs, because dozens post their old sets on Craigslist every day.
The blog Freakonomics debated the economics of a woman who wanted to marry someone who earned more than $500,000 a year. Where would such a lass go to find her mate in Richmond?
And for a glimpse into the psychology of the seller, it’s fun to watch prices drop. People often overestimate the worth of their possessions. Just watch them price a 32-inch tube TV at $300 because they paid $500 six years ago. In a day or two it will drop to around $100. Sold.
Ahh, the hum of demand meeting supply. (Perhaps a jig?)