J. Van Rose, Jr. MIRM President Rose and Womble New Homes Residential Market Review
Aug 04, 2015
J. Van Rose, Jr. MIRM President
Rose and Womble New Homes
ResidentialMarket Review
Hampton Roads Housing Market
Inventory 1.0%
Existing Home Closings 10.8%
Existing Home Avg Price 3.8%
New Home Closings 5.9%
New Home Avg Price 4.8%
Building Permits 4.7%
Interest Rates 1.0%
New Home Traffic -9.7%
Hampton Roads Foreclosure & Short Sales
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
0
100
200
300
400
500
600
700
Ju
l-07
Sep
-07
No
v-0
7Jan
-08
Mar-
08M
ay
-08
Ju
l-08
Sep
-08
No
v-0
8Jan
-09
Mar-
09M
ay
-09
Ju
l-09
Sep
-09
No
v-0
9Jan
-10
Mar-
10M
ay
-10
Ju
l-10
Sep
-10
No
v-1
0Jan
-11
Mar-
11M
ay
-11
Ju
l-11
Sep
-11
No
v-1
1Jan
-12
Mar-
12M
ay
-12
Ju
l-12
Sep
-12
No
v-1
2Jan
-13
Mar-
13M
ay
-13
Ju
l-13
Sep
-13
No
v-1
3
Total Short Sale/ Foreclosure Closings % Market Share
36
642
378
Hampton RoadsAverage Closing Prices
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Existing Homes New Construction
2003
2,562 sf. $105/sf 2,758 sf. $155/sf 2,501 sf. $138/sf
2007 2013New Detached Homes are Smaller
GREAT!KIND
OF
THE GOOD
Interest Rates are Still Low!
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
30-Yr Fixed R...
THE BADKIND
OF
THE GREAT
'Renter Nation' Just A Myth:93% of Millennial Renters Plan To
Buy A Home Someday *Trulia
Percent of renters planning to buy a home
in the next 2 Years!
Jan '11
May '12
Nov '12
Dec '13
0% 5% 10% 15% 20% 25% 30% 35%
*Trulia
THE CHALLE
NGE
2013 Top Community in Hampton Roads
Permits: 109 Closings: 104 Avg Price: $288,983 Revenue: $30,054,227
Cavalier on the Hill