15 03 rht

Slides Produced by Lacy Williams, Joyner Fine Properties

www.RichmondHousingToday.com

The Greater Richmond Real

Estate MarketLacy Williams

Joyner Fine Properties

March 2015

11



Background

• This report is designed to provide information on the Richmond VA housing Market as well as the National Market.

• Graphs in this report on the National Market are obtained from Keeping Current Matters and from the National Association of Realtors (NAR). For additional information on Keeping Current Matters, or to subscribe to this service, please go to www.KeepingCurrentMatters.com. For additional information on the National Association of Realtors, go to www.realtor.org.

• The graphs and analysis of the Richmond area are produced by Lacy Williams of Joyner Fine Properties using the Central Virginia Regional Multiple Listing Service (CVRMLS) data. Data was extracted in March 2015for most of the graphs. The Greater Richmond area is defined as the city of Richmond and the counties of Henrico, Chesterfield, Hanover, Goochland and Powhatan.

22

http://www.realtor.org/

http://www.realtor.org/



National

Economic Data

33



8 Million Lost, 10 Million Gained

44

Jobs, Jobs, Jobs

During the recession, we lost 8 million jobs. We have gained 10 million back in 6 years since the start of the recession in 2008.

However, because our population is growing, we need to add about 1 million jobs to stay even. So we should have gained an

additional 6 million jobs during this period so there is still job recovery needed. In addition, some of the new jobs are not equivalent to

the jobs that were lost-there are more jobs in the service industry and fewer professional jobs.

12400

13400

13200

13000

12800

12600

13800

13600

14000

Job

s in

Th

ou

san

ds

Source: National Association of Realtors 11/14



55

Employment Rate


The Employment Rate is the number of people working. It is a better indicator of the economy than the Unemployment Rate

which has to do with the number of people actually looking for a job. The Unemployment Rate does not include unemployed

people who have quit looking for jobs. The Employment Rate is significantly down since before the 2008 Recession.



66

Employment by State




77

Household Formation

There has been a decrease of 1 million households since 2007.

Number of Households




1.147M

973K

-205K

2.001M

Long Term Average December 2012 December 2013 December 2014

HOUSEHOLD FORMATIONS

Source: Keeping Current Matters 2/15



99

US Oil Prices



50

55

60

65

70

75

80

85

90

95

100

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Michigan’s Surveys of Consumers

Consumer Optimism Hits 11-Year High




National

Number of Sales

1111



NAR 1/2015

Home Sales By YearSource: NAR 2/15

National Home Sales By Year



-4.4%

8.9%

16% 15.7%

10.4%

5.2%

$0-100K $100-250K $250-500K $500-750K $750K-1M $1M+

% -4.4% 8.9% 16.0% 15.7% 10.4% 5.2%

% Change in Sales from last year

by Price Range




Jan2012

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan2013

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan2014

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Percentage of Distressed Property Sales35%

11%

NAR 1/2015

January 2012 - Today

35%

14%




Foreclosures by Stateas a percentage of all homes with a mortgage




1616

Single Family Housing Starts

Housing Starts

200

1400

1200

1000

800

600

400

1600

Ho

usi

ng

Sta

rts

in T

ho

usa

nd

s


New Construction is still significantly down. The

Construction industry creates many jobs. This is an

area that is expected to improve in 2015.



1717

Multi Family Housing

Multi-Family Housing Starts

Ho

usi

ng

Sta

rts

in T

ho

usa

nd

s Source: National Association of Realtors 11/14

There has been improvement in multi-family construction.



5.4

5.35.33

5.92

5.65.66

NAR Freddie Mac MBA

2014 2015

2014 Home Sales & 2015 Projections

(Existing & New Construction in millions)


The National Association of Realtors, Freddie Mac and the Mortgage Bankers Associations are all projecting

an increase in the number of sales in 2015.



1919

Homeownership Rate

Lowest in 30+ years!.

US Homeownership Rate




2020

Rentals Have Had Huge Increases

Number of Rental Units


There has been an increase in rental households since 2004. Once these people start buying houses,

the real estate market will greatly improve..



2121

First Time Homebuyer Share

Lowest rate since 1987!


Percentage of Sales that are First Time Homebuyers

The percentage of First Time homebuyers has remained constant

since 2010 but it is expected to start to increase.




31%

47%58%

Age 18-24 Age 25-34 Age 35-44

Renters Planning on Buying a Home

Freddie Mac

in the next 3 years by age group




4

5

6

7

8

9

10

11

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Historically, number of years home sellers lived in their homes

Pent Up Seller Demand

Pent Up

Seller Demand




Inventory of Homes

2424



The Impact of Monthly Housing

Inventory on Home Prices

LESS THAN

6 MONTHS

BETWEEN

6 MONTHS

GREATER THAN

7 MONTHS

SELLERS

MARKETHomes prices

will appreciate

NEUTRAL

MARKETHomes prices

will only

appreciate with

inflation

BUYERS

MARKETHomes prices

will depreciate


Inventory is the average mount of time it takes to sell a house. A balanced market is an inventory of about 6 months. If inventory is

less than 6 months, A Sellers market occurs with appreciating prices. If inventory is above 7 months, A Buyers market occurs with

depreciating prices. .



Lawrence Yun, NAR’s Chief Economist

Months supply (Inventory) is

already low at 4.4 months.

More inventories are needed,

not less. Or else, home prices

could re-accelerate.”

Inventory and Home Prices




Prices

2727



2828

Median Home Price

realtor.org 5/2014

*projected


Nationwide, prices have risen for three straight years.



-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

App/Dep 4.2% 4.5% 3.6% 7.4% 7.1% 1.9% -1.6% -8.9% -7.0% 0.4% -1.8% 1.9% 6.8% 3.0%

Annual Home Price Gains

Wall Street Journal

Source: Keeping Current Matters 8 /14

This graph shows the yearly change in prices. There was increased activity and prices in 2010 due to a

Homeowners tax credit. We did not see this increase in the Richmond Market.



12-Month Home Price Change

CoreLogic Market Pulse 8.2014




Prices Back to 2005 1Q Prices

Case Shiller 8/2014

100

110

120

130

140

150

160

170

180

190

200

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Nationwide, prices are at 1Q 2005 prices..




Prices & Time Since The Peak

CoreLogic Market Pulse 8.2014


In some states, prices are still significantly down from

peak prices.



3333 Home Price Expectation Survey 2014 2Q

PROJECTED Percentage Appreciation


A panel of 100 leading housing experts has projected normal price rises for the next five years.



The Interest Rate

3434



QuarterFannie

Mae

Freddie

MacMBA NAR

Average of all four

2015 1Q 3.9% 3.9% 3.9% 3.8% 3.88%

2015 2Q 4.0% 4.1% 4.3% 4.0% 4.10%

2015 3Q 4.1% 4.3% 4.7% 4.3% 4.35%

2015 4Q 4.2% 4.5% 4.8% 4.7% 4.55%

Mortgage Rate Projections

1/2015




4.1

4.3

4.5

4.7

Where Are They

GOING?2015 Projections

Q1

Q2

Q3

Q4

Where Have They

Been?2014

Mortgage Rates

Freddie Mac 30 Year Fixed Rate




6.00 $ 1,199 $ 1,169 $ 1,139 $ 1,109 $ 1,079

5.75 $ 1,167 $ 1,138 $ 1,109 $ 1,080 $ 1,050

5.50 $ 1,136 $ 1,107 $ 1,079 $ 1,050 $ 1,022

5.25 $ 1,104 $ 1,077 $ 1,049 $ 1,022 $ 994

5.00 $ 1,074 $ 1,047 $ 1,020 $ 993 $ 966

4.75 $ 1,043 $ 1,017 $ 991 $ 965 $ 939

4.50 $ 1,013 $ 988 $ 963 $ 937 $ 912

$ 200,000 $ 195,000 $ 190,000 $ 185,000 $ 180,000

-2.5% -5% -7.5% -10%

Buyer’s Purchasing PowerR

AT

E

Principal and Interest Payments rounded to the nearest dollar amount.

The projected increase in the interest rate will cause

the cost of a house to grow. A buyer who can afford

an $200,000 house today will only be able to afford a

$180,000 house if the interest rate rises one percent.Source: Keeping Current Matters 8/14



38

All-Cash Buyers Have Stayed High … even when mortgages are cheap

38

(Cash share as % of total home sales) Source: National Association of Realtors

Even though the interest rate is historically low, the number of cash buyers has stayed well above the historical average.


www.RichmondHousingToday.comQ: When do most listingscome on the market?

A: The 2nd Quarter of each Year

Source: Keeping Current Matters 2/15 and NAR



Greater Richmond

Housing Market

4040

Note: All Greater Richmond graphs include the city of

Richmond and the counties of Henrico, Hanover, Chesterfield,

Goochland and Powhatan. All data is taken from the Central

Virginia Regional Multiple List Service (CVRMLS)



Market Indicator #1:

Sales are Up!!!

4141



12737

15262 15533

16450

15074

12644

94829069

85749051

1017710545

11400

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

No

of

Clo

sed

Sale

s

Year

Greater Richmond Single Family Sales by Year

Number of Single Family House Sales by Year

4242

The number of single sales dropped every year from 2005 to 2010. The number of sales in 2010 was approximately half

of the number of sales in 2005. After 5 straight years of declining sales, the number of sales in 2011 was 5.5% higher than

2010 and 2012 sales were 12.5 % higher than 2011 sales. Between 2010 and 2013, sales increased 23%. And Sales in

2014 were 8% higher than 2013!!

Source: CVRMLS data 1/15/15



Greater Richmond Single Family Sales

2014 sales have been slightly more than 2013 sales with monthly variations. Note: the sharp drop in sales in July 2010 was

when the Federal Homebuyers tax credit expired. The tax credit was in effect in the first half of 2010.

Source: CVRMLS data

400

500

600

700

800

900

1000

1100

1200

1300

1400

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

Greater Richmond Single Family Sales by Month and Year

2012

2013

2014

2015



4444

The first quarter of 2014 was

virtually even with the number

of sales than the first quarter of

2013 in spite of unusually cold

and snowy weather.

Greater Richmond First and Second

Quarter Single Family Sales

2014 second quarter sales were higher than

2010 second quarter sales when there was a

Federal Homebuyers tax credit.

Source: CVRMLS data

31612892

2088

1487 16121801 1924

2057 2047

0

500

1000

1500

2000

2500

3000

3500

2006 2007 2008 2009 2010 2011 2012 2013 2014

Greater Richmond Single Family Sales in First Quarter

4567

3919

29102533

30132657

31353390 3407

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

2006 2007 2008 2009 2010 2011 2012 2013 2014

Greater Richmond Single Family Second Quarter Sales



Greater Richmond Single Family Third

and Fourth Quarter Sales

4545

Sales in the third quarter of 2014

were slightly lower than 2013

sales but are 60% higher than

2010 third quarter sales.

Sales in the fourth quarter of

2014 were higher than the past

seven years and 8% higher than

2012 fourth quarter sales.

Source: CVRMLS data

3222

2362

1707

2357

18472134

23472547 2672

0

500

1000

1500

2000

2500

3000

3500

2006 2007 2008 2009 2010 2011 2012 2013 2014

Greater Richmond Single Family Fourth Quarter Sales

4111

3421

25262692

1999

25082793

3304 3274

0

500

1000

1500

2000

2500

3000

3500

4000

4500

2006 2007 2008 2009 2010 2011 2012 2013 2014

Clo

sed

Sale

s

Year

Greater Richmond Single Family Third Quarter Sales



Condominium Sales in Greater Richmond

4646

In the condominium/townhouse market, after 4 years of dropping sales, sales have increased

for three years and 2014 sales were just under 2013 sales.


914

1147

1383

1761

2035

1757

1382

11541093

1201

1420

1623 1587

0

500

1000

1500

2000

2500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Greater Richmond Condominium/Townhouse Sales by Year



Condominium Sales:

First and Second Quarters

4747

Condominium sales in the first quarter

of 2014 were down from the first

quarter of 2013 but still higher than

2009, 2010 and 2011. The first quarter

of 2014 had very cold and snowy

weather that affected the real estate

market.

Condominium sales in the second

quarter of 2014 were higher than the

past 6 years including 2010 when there

was a Federal homebuyers tax credit.

Source: CVRMLS data

428

376

310

190 189

242275

298280

0

50

100

150

200

250

300

350

400

450

2006 2007 2008 2009 2010 2011 2012 2013 2014

Greater Richmond First Quarter Condominium Sales

601

529

420

324

431

344

402

464 478

0

100

200

300

400

500

600

700

2006 2007 2008 2009 2010 2011 2012 2013 2014

Greater Richmond Townhouse/Condominium Sales for Second Quarter



4848

Source: CVRMLS data

Third quarter sales in 2014 were slightly

lower than 2013 third quarter sales.. Third

quarter sales in 2013 were 103% higher

than third quarter sales in 2010.

Sales in the fourth quarter of 2014 were

23 less than the fourth quarter of 2013

and 65% more sales than the fourth

quarter of 2010. Note that there was a

Homebuyers tax credit in the later part of

2009

Condominium Sales – Third and Fourth Quarters

578499

355 345

219

325393

466 457

0

100

200

300

400

500

600

700

2006 2007 2008 2009 2010 2011 2012 2013 2014

Greater Richmond Third Quarter Condominium/Townhouse Sales

424

339

233288

225

287338

395 372

0

50

100

150

200

250

300

350

400

450

2006 2007 2008 2009 2010 2011 2012 2013 2014

No

of

Clo

sed

Sale

s

Year

Fourth Quarter Greater Richmond Condominium Sales



Year Over Year Change in Number of Sales

4949

Source: CVRMLS 1/15/15

Greater Richmond Year Over Year Sales By

Price Range

1/13-

12/13

1/14-

12-14 Change

0-$249,000 7048 6710 -4.80%

$250,000-$499,000 3508 3801 8.35%

$500,000-$749,000 623 617 -0.96%

$750,000-$999,999 125 164 31.20%

$1,000,000+ 49 73 48.98%

Single Family and Condominium/Townhouse

sales by price range show that there was a

decline in the number of sales at the lower

price points. This is thought to be due to the

decline of Distressed Sales. Note that in both

Single Family and Townhouse.Condo sales,

there is a dramatic increase in sales at the

highest price points.

Greater Richmond Year Over Year

Condo/Townhouse Sales By Price Range

1/13-

12/13

1/14-

12/14 Change

0-249,000 1102 1049 -4.81%

$250,000-$499,000 447 451 0.89%

$500,000+ 68 83 22.06%



0

1000

2000

3000

4000

5000

6000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

43854694

3917

2913

20951624 1428 1380 1537

2022 1981

757

1062

1183

1419

1079

655675 573

591

741606

No

of

Clo

sin

gs

(Jan

-Ju

n)

Year

New Home Closings in Richmond Area Market Condo/Townhouse

Single Family

2437

2054

New Home Price 7%

New Home Sales

5050

Source: HBAR

No of Closings 6%

No of Permits 8%



The Odds of Selling in Greater Richmond in 2014

5151

66.3

3% 76.8

6%

72.8

1%

52.2

3%

56.7

8%

60.8

1%

67.1

3%

61.

85%

57.2

0% 68.0

3%

60.0

4%

46.6

4% 6

0.6

6%

61.

14%

65.3

8%

64.2

3%

63.7

5%

51.

85% 62.7

6%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

Th

e O

dd

s o

f S

ell

ing

Yo

ur

Ho

use

Area

The Odds of Selling Your Single Family House in 2014


The odds of selling your house are determined by all properties that were listed during 2014 and

all properties that were sold in 2014. The odds of selling a condo in 2014 was 55.43%




Inventory is Low!!!

5252



Inventory of Single Family Houses by Month in Greater Richmond

5353

The supply (inventory) of houses is determined by the number of active listings divided by the monthly sales rate for the

past year. After 2+ years of inventory between 8 and 10 months, inventory began to drop in the later months of 2011 and

has continued to drop in 2012 and 2013. Inventory now is less than half of what it was three years ago. 2013, 2014 and

2015 have had very similar inventory levels.

Source: CVRMLS data

0.0

2.0

4.0

6.0

8.0

10.0

12.0


Mo

nth

s o

f In

ven

tory

Month

Inventory of Greater Richmond Single Family Houses

2010

2012

2014

2015



2.8 2.7

3.74.2

5.0

3.63.3

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Richmond Henrico Chesterfield Hanover Goochland Powhatan AllRichmond

Mo

nth

s o

f In

ven

tory

Area

Greater Richmond Single Family Inventory By Area

Single Family Inventory by Area

5454


The inventory of single family homes in the city of Richmond, Henrico, and Chesterfield are indicative of a Seller’s

market. We have a shortage of inventory in all areas. The red line represents a normal market.



5555

Townhouse/Condominium Inventory by Month

The inventory of townhouses and condominiums started dropping in the second half of 2011 and continued to drop

through 2013. 2014 inventory was very close to 2013 inventory.

Source: CVRMLS data

0.0

2.0

4.0

6.0

8.0

10.0

12.0


Inventory of Townhouse/Condominiums

2010

2011

2012

2013

2014

2015



Single Family Inventory by Price Range

Condominium Inventory By Price

Range

Price Range Inventory

0-249,000 3.6

$250,000-$499,000

3.2

$500,000+ 4.4

Single Family Inventory by Price

Range

Price Range Inventory

0-$249,000 2.7

$250,000-$499,000 3.6

$500,000-$749,000 6.0

$750,000-$999,999 7.5

$1,000,000+ 9.7

5656


Inventory is low at all price points but increases at the higher price points.




Prices are rising!!!

5757



5858

The average sales price fluctuates monthly and has a yearly cycle. The average price can be influenced by a few very

large sales. But there is clearly an upward trend since 2012.

Single Family Average Sales Price


$150,000

$170,000

$190,000

$210,000

$230,000

$250,000

$270,000

$290,000

$310,000

$330,000

Jan

-06

Ap

r-06

Jul-

06

Oct-

06

Jan

-07

Ap

r-07

Jul-

07

Oct-

07

Jan

-08

Ap

r-08

Jul-

08

Oct-

08

Jan

-09

Ap

r-09

Jul-

09

Oct-

09

Jan

-10

Ap

r-10

Jul-

10

Oct-

10

Jan

-11

Ap

r-11

Jul-

11

Oct-

11

Jan

-12

Ap

r-12

Jul-

12

Oct-

12

Jan

-13

Ap

r-13

Jul-

13

Oct-

13

Jan

-14

Ap

r-14

Jul-

14

Oct-

14

Jan

-15

Greater Richmond Single Family Average Sales Price



Single Family Price Per Square Foot

5959

Price per square foot is a better indication of what is really happening. Note that the trend is definitely upward since 2012.

There are always seasonal variations with lower prices during the winter months.


$80.00

$90.00

$100.00

$110.00

$120.00

$130.00

$140.00

$150.00

Jan

-06

Ap

r-06

Jul-

06

Oct

-06

Jan

-07

Ap

r-07

Jul-

07

Oct

-07

Jan

-08

Ap

r-08

Jul-

08

Oct

-08

Jan

-09

Ap

r-09

Jul-

09

Oct

-09

Jan

-10

Ap

r-10

Jul-

10

Oct

-10

Jan

-11

Ap

r-11

Jul-

11

Oct

-11

Jan

-12

Ap

r-12

Jul-

12

Oct

-12

Jan

-13

Ap

r-13

Jul-

13

Oct

-13

Jan

-14

Ap

r-14

Jul-

14

Oct

-14

Jan

-15

Greater Richmond Single Family Average Price Per Square Foot



$92.3

7

$99.6

5 $10

7.6

0

$12

3.3

8 $13

5.8

2

$13

9.6

4

$13

2.4

3

$11

7.8

2

$11

2.2

4

$10

4.9

8

$10

6.1

6

$11

3.0

2

$11

4.5

8

$11

4.5

8

$60.00

$70.00

$80.00

$90.00

$100.00

$110.00

$120.00

$130.00

$140.00

$150.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015(Thru3/2)

Greater Richmond Single Family Price by Year

Single Family Price by Year

6060

Greater Richmond 2014 prices are 11.6% higher than 2011 prices and 3.6% higher than 2013 prices. With a 25%

decrease in prices between 2007 and 2011, prices are still between 2004 and 2005 levels as indicated in the red line on

this graph. 2014 prices are 16%% below 2007 prices.

Source: CVRMLS data



Single Family Year over Year Price Change

6161

Year over year price change shows that after 4 years of declines, prices started to increase in 2012 and have continued to

increase in 2013 and 2014.. In this graph, the 7.9% increase in 2003 is the increase in prices between 2002 and 2003 etc.

In 2014, prices were up 3.7%.


7.9% 8.0%

14.7%

10.1%

2.8%

-5.2%

-11.0%

-4.7%-6.5%

1.1%

6.5%

3.7%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Greater Richmond Single Family Percent Change in Price Per Sq Ft Year to Year


www.RichmondHousingToday.comPrices for Condominiums

6262

Condominiums and townhouse are showing a similar trend as single family homes with prices trending up for the past

three years.


$80.00

$90.00

$100.00

$110.00

$120.00

$130.00

$140.00

$150.00

$160.00

$170.00

$180.00

Jan

-06

Ap

r-06

Jul-

06

Oct

-06

Jan

-07

Ap

r-07

Jul-

07

Oct

-07

Jan

-08

Ap

r-08

Jul-

08

Oct

-08

Jan

-09

Ap

r-09

Jul-

09

Oct

-09

Jan

-10

Ap

r-10

Jul-

10

Oct

-10

Jan

-11

Ap

r-11

Jul-

11

Oct

-11

Jan

-12

Ap

r-12

Jul-

12

Oct

-12

Jan

-13

Ap

r-13

Jul-

13

Oct

-13

Jan

-14

Ap

r-14

Jul-

14

Oct

-14

Jan

-15

Pri

ce P

er

Sq

Ft

for

Clo

sed

Sale

s

Month

Price Per Square Foot for Condominium/Townhouse Sales



$91

$100

$113

$133

$149$154 $153

$136$132

$119 $121

$130

$139$134

$60.00

$70.00

$80.00

$90.00

$100.00

$110.00

$120.00

$130.00

$140.00

$150.00

$160.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015(thru3/2)

Pri

ce P

er

Sq

uare

Fo

ot

Year

Condominium/Townhouse Prices

Condominium/Townhouse Prices

6363

Condominium prices in 2014 were 6.2% higher than 2013 and 15.8% higher than 2011 prices. There was a 23%

decrease in prices between 2007 and 2011. Current prices are above 2005 prices as shown in the red line..

Source: CVRMLS data 11/414


www.RichmondHousingToday.comRichmond Real Estate Areas

6464

The Richmond Association of

Realtors (RAR) uses Real estate areas

as shown in the graph. The following

analysis covers areas 10, 20, 22, 24,

30, 32, 34, 40, 42, 44, 50, 52, 54, 60,

62, 64 and 66 shown on the map.



134

36

170

11185 86

209228

142

98

216

112

343

439

133

347

148175

0

50

100

150

200

250

300

350

400

450

500

10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 66

No

of

Acti

ve L

isti

ng

s

Area

Single Family Active Listings By Area (3/2/15)

Active Single Family Listings By Area

6565

The number of active listings by area as shown. Inventory varies by area with area 54 having the highest number of

homes for sale and Area 20 having the lowest.




$270,8

71

$439,4

28

$346,0

88

$425,4

13

$17

5,1

16

$15

8,6

40

$336,2

98

$304,9

78

$15

5,0

11

$11

7,2

45

$244,5

70

$67,8

44

$18

6,3

30

$227,0

52

$208,2

93

$274,7

76

$349,3

54

$278,0

67

$259,6

42

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

10 20

22

24

30

32

34

36

40

42

44

50

52

54

60

62

64

66

All

Ric

hm

on

d

Ave

rag

e S

ale

s P

rice

Area

Average Sales Price By Area (3/14-2/15)

Single Family Greater Richmond

Sales Price by Area

6666

Average sales price varies considerably by area with area 20 having the highest and area 50 having the

lowest. The average single family house sale in greater Richmond for 2014 through June 10th is $248,641

shown by the red line.




Greater Richmond Single Family Price per

Square Foot 3/14-2/15)

6767Source: CVRMLS data 3/2/15

$14

3.7

7

$19

4.3

5

$14

1.09

$15

1.23

$98.3

2

$94.6

0 $13

2.0

4

$12

3.1

7

$89.5

5

$76.6

8 $11

5.5

8

$51.

16

$91.

25

$10

2.7

4

$10

8.7

1

$11

2.1

1

$12

2.7

1

$12

5.6

5

$11

8.0

7

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

Pri

ce p

er

Sq

uare

Fo

ot

Area

Price per Square Foot By Area (3/14-2/15)



3.2

2.02.8

7.5

4.5 4.43.9

6.0 5.7

4.2

5.3

8.3

5.0 5.34.3 4.3 4.3

8.1

4.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Mo

nth

s o

f In

ven

tory

Area

Greater Richmond Single Family Inventory by Area

Inventory of Single Family Houses

6868

As shown above, the supply of houses varies greatly in Greater Richmond. Generally, the areas that are further out have the largest supply of

houses while those that are closer in have lower inventories of houses. Goochland (Area 24) and Powhatan (Area 66) have the higher

supplies of houses. Area 50 had a lot of foreclosures and it still has a higher inventory. The average inventory in Greater Richmond is 4.4

months which is better than an normal market.




Top 10 Greater Richmond 2014 Single

Family Sales

Address Area Sales Price Sq Ft

Price/

Square/

Foot

1 5901 River Rd 22 $3,622,506 9023 $401.47

2 12671 River Rd 22 $3,450,000 10113 $341.15

3 1000 Huguenot Trail 66 $3,045,000 6242 $487.82

4 12001 N Enon Church Rd 52 $2,000,000 9971 $200.58

5 210 Virginia Ave 20 $1,950,000 5946 $327.95

6 745 River Rd West 24 $1,900,000 6225 $305.22

7 455 Rivergate Dr 24 $1,895,000 6900 $274.64

8 12830 River Rd 54 $1,870,000 6000 $311.67

9 745 River Rd 24 $1,845,000 6300 $292.86

10 1180 Yellow Gate Ln 24 $1,765,975 7898 $223.60

6969




Top Condominium/Townhouse Sales in 2014

Address Area Subdivision Sale Price

Square

Ft

Price/Sq/

ft

1 1 Bankside Mews 40 Rocketts Landing $1,324,173 4260 $310.84

2 5225 Monument Ave 22 Monument Square $1,226,548 3378 $363.10

3 5217 Monument Ave 22 Monument Square $1,216,190 3378 $360.03



6 9505 Tatton Park 22 Grayson Hill $816,914 3200 $255.29

7 707 Southwark Ln 22 Grayson Hill $722,142 3700 $195.17

8 1119 Marney Ct 22 Grayson Hill $715,424 3500 $204.41

9 1121 Marney Ct 22 Grayson Hill $689,096 3500 $196.88

10 701 Southwark Ln 22 Grayson Hill $685,754 3700 $185.34

7070

Top 10 Greater Richmond 2014

Condominium/Townhouse Sales




Summary

7171



NAR Economic Forecast

7272Source: National Association of Realtors11/14

2013 2014

Likely

2015

Forecast

2016

Forecast

GDP Growth 2.2% 2.2% 2.7% 2.9%

Job Growth +2.3 M +2.5 M +2.5 M +2.6 M

CPI Inflation 1.5% 1.6% 2.7% 3.3%

Consumer

Confidence

73 87 95 98

10-year

Treasury

2.5% 2.6% 3.2% 4.3%



NAR Housing Forecast

7373




2000 vs 2014

7474


+12%



Summary

• Sales are up

• Inventory is low

• Prices are rising

• The interest rate is rising

7575



For all Your Real

Estate Needs:[email protected]

Lacy Williams

Joyner Fine Properties

804-864-0316

7676

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