richmond housing today august 2013

Property of Lacy Williams, Joyner Fine Properties

www.RichmondHousingToday.com

1 1

The Greater Richmond Real Estate Market

Lacy Williams Joyner Fine Properties

August 2013



2 2

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 Joyner Fine Properties using the Central Virginia Regional Multiple Listing Service (CVRMLS) data. Data was extracted in August 2013 for 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.

http://www.realtor.org/



3 3

The National Market



4 4

80

90

100

110

120

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

2013 2012 2011

January 2012 – December 2012

100 = Historically Healthy Level

National Pending Home Sales

NAR 7/2013

Source: Keeping Current Matters 8/13

Nationwide, pending home sales have been rising for the past 2 ½ years. This is similar to the trend in Richmond.

Presenter

Presentation Notes

http://www.realtor.org



5 5

Nationwide Months Inventory of Homes for Sale

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May

NAR 7/2013

5-6 Months = Normal Market Inventory

Nationwide inventory has dropped dramatically in the past 2 years and has gone up slightly over the past few months. This is similar to the Richmond market.


Presenter

Presentation Notes

http://www.realtor.org



6 6

Projected Percentage Increase

Home Price Expectation Survey

Home Price Expectation Survey 7/2013

The Home Price Expectation Survey is a yearly survey of over 100 leading real estate experts, economists, and financial analysts. This graph is the average of their predictions on price increases.


Presenter

Presentation Notes

https://pulsenomics.com/Q2_2013_HPE_Survey.php



7 7

Distressed Property Numbers Diving

Distressed inventories have fallen 14.4% so far this year

Completed foreclosures are down 20% from last year

National foreclosure inventory is down 28% from last year

Seriously delinquent loans are down 23.7% from a year ago

-14.4 % -20 %

-28 % -23.7 %

CoreLogic 7/2013


Presenter

Presentation Notes

http://www.corelogic.com/research/foreclosure-report/national-foreclosure-report-june-2013.pdf



8 8

Mortgage Rate Projections

Analyst Projected Rate 3Q 2014

Fannie Mae 5.0% National Assoc of Realtors 4.8% Freddie Mac 5.1% Mortgage Bankers Assoc 4.9%

7/2013


Mortgage rates have gone from approximately 3.5% to 4.5%. Mortgage rates are projected to go higher during the next 12 months as shown in this graph.

Presenter

Presentation Notes

http://www.mortgagebankers.org/files/Bulletin/InternalResource/84813_.pdf http://www.freddiemac.com/news/finance/docs/Jun_2013_public_outlook.pdf http://www.realtor.org/sites/default/files/reports/2013/embargoes/phs-6-27-hgbfjnv/july-2013-outlook-2013-6-27.pdf http://www.fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_061313.pdf



9 9

Date Price Interest Rate P&I

Last Year $400,000 3.5% $1,796.18

This Year $420,000 4.5% $2,128.08

Difference in Payment - $331.90

The Cost of Waiting a Year

Waiting to buy a house is not a good strategy as the cost of the house is going to continue to rise with price appreciation and higher interest rates. The same house will cost you more next year.




10 10

“The housing market has bottomed. It's not

too late to get involved. I still think

buying a home is the best investment any individual can make. Affordability is still at

an all-time high. Buy a home and, if you can, buy a second home.”

John Paulson


Presenter

Presentation Notes

http://www.cnbc.com/id/100893817

http://www.google.com/url?sa=i&rct=j&q=John+Paulson&source=images&cd=&cad=rja&docid=ONUgXflSvhFeyM&tbnid=MXDqb8ITzVnVVM:&ved=0CAUQjRw&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052748704483004575524312198244500.html&ei=_D_oUaGqK8fj4AO-8oCICQ&bvm=bv.49478099,d.dmg&psig=AFQjCNF8P30SexBqIhuw3QuiveWkaxdejQ&ust=1374261619165661





11 11

Greater Richmond Housing Market

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)



12 12

Market Indicator #1: The Number of Sales is Up!!!



13 13

Greater Richmond Single Family Closed Sales

1273715262 15533 16450 15074

126449482 9069 8574 9051 10177

6773

05000

100001500020000

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

(Thru

8/9)

Year

No o

f Clo

sed

Sale

s

Number of Single Family House Sales by Year

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 2012, sales increased 18.7%.

Source: CVRMLS data 8/9/13



14 14

Single Family Sales By Year and Quarter

Second quarter sales have risen for the past three years. 2013 second quarter sales were higher than 2010 sales when there was a Federal tax credit and were higher than the past five years. 2013 second quarter sales were 38% higher than in 2009.

Source: CVRMLS Data 8/9/13

The first Quarter of 2013 is 7% higher than 2012 and 26% higher than 2010.

Sales in the first quarter have risen for three straight years and are higher than the past 5 years.

Single Family Sales By Year in First Quarter

31612892

2088

1487 1612 1801 1924 2057

0500

100015002000250030003500

2006 2007 2008 2009 2010 2011 2012 2013

Year

No o

f Clo

sed

Firs

t Q

uarte

r Sal

es

Greater Richmond Singld Family Sales for Second Quarter

45673919

29102533

3013 26573069 3387

0

1000

2000

3000

4000

5000

2006 2007 2008 2009 2010 2011 2012 2013

Year

No o

f Clo

sed

Sale

s



15 15

Greater Richmond Single Family Third Quarter Sales by Year

41113421

2526 26921999

2496 2772

0

1000

20003000

4000

5000

2006 2007 2008 2009 2010 2011 2012

Year

Num

ber o

f Clo

sed

Sale

sThird and Fourth Quarter Sales

2012 is 11% higher than 2011.

Source: CVRMLS Data 8/9/13

Sales in the third quarter of 2012 were higher than sales for the past 4 years!! 2012 fourth quarter sales are 10.6% higher than 2011 fourth quarter sales. Note that 2009 had a tax credit during the fourth quarter.

Greater Richmond Single Family House Sales in Fourth Quarter by Year

3222

2362

1707

23571847

2123 2347

0500

100015002000250030003500

2006 2007 2008 2009 2010 2011 2012

Year

Num

ber o

f Sal

es



16 16

Greater Richmond Condominium/Townhouse Sales

17612035

17571382

1154 1093 12011420

947

0

500

10001500

2000

2500

2005 2006 2007 2008 2009 2010 2011 2012 2013(Thru8/8/13)

Year

Num

ber o

f Con

dom

iniu

m

Sale

s

Condominium Sales in Greater Richmond

In the condominium/townhouse market, after 4 years of dropping sales, 2011 sales (shown in light green) were 10% higher than 2010 and higher than 2009. And 2012 sales (shown in green) 18% higher than 2011 sales!!!




17 17

Condominium Sales - First and Second Quarter

Greater Richmond First Quarter Condominium Sales by Year

428376

310

190 189242 275 294

0

100

200

300

400

500

2006 2007 2008 2009 2010 2011 2012 2013

Year

No o

f Firs

t Qua

rter

Sale

s

The second quarter of 2013 had more sales than the previous 5 years including 2010 when there was a federal tax credit. 2013 second quarter sales were 40% higher than 2009 second quarter sales.

Source: CVRMLS data

The first quarter of 2013 had more sales than the first quarter of the previous 4 years. 2013 first quarter sales were 4% higher than 2012 sales and 52% higher than 2008 sales..

2012 sales were 13% higher than 2011 sales.

Greater Richmond Townhouse/Condominium Sales for Second Quarter

601529

420324

431344

402456

0100200300400500600700

2006 2007 2008 2009 2010 2011 2012 2013

Year

Num

ber o

f Clo

sed

Cond

omin

ium

Sal

es



18 18


Source: CVRMLS data

Greater Richmond Third Quarter Condminium Sales by Year

578499

355 345219

325393

0

200

400

600

800

2006 2007 2008 2009 2010 2011 2012

Year

Num

ber o

f Sal

es

Third quarter sales in 2012 were higher than third quarter sales of the previous 4 years!!. The fourth quarter of 2012 had 18% more sales than the fourth quarter of 2011.



Condominium Sales – Third and Fourth Quarters

Greater Richmond Condominium and Townhouse Sales in Fourth Quarter

424

339

233288

225287

338

0

100

200

300

400

500

2006 2007 2008 2009 2010 2011 2012

Year

Four

th Q

uarte

r Sal

es



19 19

Year Over Year Change in Number of Sales

In the Condominium market, Year over Year number of sales by price point have

increased in all price points with dramatic increases in the higher price points..


In the single family market, Year over Year number of sales by price point have increased in all price points

Number of Single Family House Sales in Greater Richmond

Price Range 8/11-7/12 8/12-7/13 Change

$0-$250,000 6648 6917 4.05%

$250,001-$500,000 2649 3230 21.93%

$500,001-$750,000 439 545 24.15%

$750,001-$1,000,000 97 128 31.96%

$1,000,001+ 44 56 27.27%

Number of Condominium Sales in Greater Richmond

Price Range 8/11-7/12 8/12-7/13 Change

$0-$250,000 1060 1160 9.43%

$250,001-$500,000 313 388 23.96%

$500,001+ 15 49 226.67%



20 20

Market Indicator #2: Inventory is Down!!!



21 21

Months Market Pricing

1-4 Sellers Appreciation

5-6 Even The Norm

7+ Buyers Depreciation

Months Supply’s Impact on Price


As shown on the graph, the amount of inventory determines if it is a Sellers or a Buyers market. In most areas of Richmond, we are now in a Buyer’s market.



22 22

Inventory of Single Family Houses By Month

0.0

2.0

4.0

6.0

8.0

10.0

12.0

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

Month

Inve

ntor

y of

Hou

ses

2010

2011

2012

2013

Inventory of Single Family Houses by Month in Greater Richmond

The supply 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 has had a slight rise in the past few months as the market is returning to a normal market of 5-6 months of inventory. Inventory now is less than half of what it was three years ago.

Source: CVRMLS data



23 23

Single Family Inventory by Price Range


The inventory of houses is lowest at the lower price points. As lower priced houses sell, the Sellers will move up to higher priced houses and the inventory of higher priced houses should start going down. There are clearly still challenges for Sellers at the higher price points. However, the number of sales at the higher price points is increasing. Houses in the higher price points must be competitively priced to sell.

Price Range Active Sold 8/12-

7/13 Inventory (Months)

$0-$250,000 2497 6848.0 4.4

$250,001-$500,000 1294 3194.0 4.9

$500,001-$750,000 306 537.0 6.8

$750,001-$1,000,000 110 125.0 10.6

$1,000,001+ 72 55.0 15.7



24 24

Inventory of Single Family Houses in Greater Richmond (August 2013)

4.4 4.05.7

9.8

4.87.2

4.7

0.02.04.06.08.0

10.012.0

City

of

Ric

hmon

d

Hen

rico

Han

over

Goo

chla

nd

Che

ster

field

Pow

hata

n

All

Ric

hmon

d

Area

Inve

ntor

y (M

onth

s)

Single Family Inventory by Area


The inventory of single family homes in the city of Richmond, Henrico, and Chesterfield are indicative of a normal market or even a Seller’s market. Areas that are further out (Goochland, Powhatan) have higher inventories and fewer sales and are still Buyer’s markets..



25 25

Inventory of Townhouse/Condominiums by Year and Month in Greater Richmond

0.02.04.06.08.0

10.012.0

Jan

Feb

Mar

Apr

May Ju

n

Jul

Aug

Sep Oct

Nov

Dec

Month

Mon

ths

of In

vent

ory

2010201120122013

Inventory of Condominiums

The inventory of condominiums (determined by the active listing and the sales rate) began dropping in the second half of 2011 and has continued to drop in 2012 and 2013. In April 2011, there were 966 active condominium listings in Greater Richmond and today there are 512.. The inventory in August 2013 is more than 6 months less than in December of 2010.

Source: CVRMLS data



26 26

Market Indicator #3: Prices have bottomed out and are rising!!!



27 27

Average Sales Price By Month

$150,000$170,000$190,000$210,000$230,000$250,000$270,000$290,000$310,000$330,000

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Month

Ave

rage

Sal

es P

rice

Single Family Average Sales Price By Month

The average sales price in Greater Richmond is rising. Note that the spring peak in prices in 2012 was higher than 2011 and the low points during the winter are also higher.




28 28

Average Price Per Square Foot By Month For Closed House Sales in Greater Richmond

$80.00$90.00

$100.00$110.00$120.00$130.00$140.00$150.00

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Month

Pric

e Pe

r Squ

are

Foot

For

C

lose

d Sa

les

Greater Richmond Single Family Price Per Square Foot by Month

Price per square foot is a good indication of what is really happening. Note that the spring high in 2013 already higher than in 2012 year and the winter low did not occur in 2013..




29 29

Greater Richmond Single Family Price Per Square Foot For Closed House Sales By Year

$92.37$99.65

$107.60

$123.38$135.82$139.64

$132.43

$117.82$112.24

$104.98$106.16$113.16

$80$90

$100$110$120$130$140$150

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

(Thru

8/9)

Year

Pric

e Pe

r Squ

are

Foot

Average Price Per Square Foot By Year for Single Family House Sales in Greater Richmond

Prices have started to rise in Greater Richmond with 2013 prices being approximately 6.5% higher than 2012 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.




30 30

Percent Change in Price Per Square Foot From Previous Year for Closed Sales in Greater Richmond

7.9% 8.0%

14.7%

10.1%

2.8%

-5.2%

-11.0%

-4.7%-6.5%

1.1%

6.6%

-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(Thru8/9)

Single Family Year over Year Price Change

Year over year price change shows that as 2012 and 2013 prices increasing after 4 years of declines. In this graph, the 7.9% increase in 2003 is the increase in prices between 2002 and 2003 etc. In 2013, prices are up 6.6%.




31 31

Greater Richmond Single Family Price Per Square Foot by Quarter

$75.00$85.00$95.00

$105.00$115.00$125.00$135.00$145.00

2007

-01

2007

-02

2007

-03

2007

-04

2008

-01

2008

-02

2008

-03

2008

-04

2009

-01

2009

-02

2009

-03

2009

-04

2010

-01

2010

-02

2010

-03

2010

-04

2011

-01

2011

-02

2011

-03

2011

-04

2012

-01

2012

-02

2012

-03

2012

-04

2013

-01

2013

-02

Quarter

Pric

e pe

r Squ

are

Foot

31

Single Family Price Per Square Foot By Quarter

First Quarter Sales

Second Quarter Sales

Fourth Quarter Sales

Third Quarter Sales

Source: CVRMLS data

When looking at this graph, look at one color at a time. First look at the first quarter prices in pink: dropping in 2008, 09, 10 and 11. 2013 is higher than the previous two years. Likewise, the second quarter sales in yellow dropped from 2007 to 2011 and 2012 is equal to 2011 and 2013 is a huge increase from 2012.. The third quarter is in blue and 2012 third quarter 2012 prices are higher than 2011 third quarter prices. The fourth quarter is in green and 2012 fourth quarter prices are significantly higher than 2011 fourth quarter prices.


The turn in the market!!!

Presenter

Presentation Notes

When looking at this graph, look at one color at a time. First look at the first quarter prices in pink: dropping in 2008, 09, 10 and 11. 12 is virtually equal to 11. Likewise, the second quarter sales in yellow dropped from 2007 to 2011 and 2012 is equal to 2011.



32 32

Change in Single Family Price Per Square Foot Between 8/11-7/12 and 8/12-7/13

14.29%

4.41%2.00%

6.66% 5.23%3.07%

0.00%2.00%4.00%6.00%8.00%

10.00%12.00%14.00%16.00%

City

of

Ric

hmon

d

Hen

rico

Han

over

Goo

chla

nd

Che

ster

field

Pow

hata

n

Area

Cha

nge

in P

rice

Per

Squa

re F

oot

2011 vs 2012 Prices By County

Prices have risen year over year in all areas with dramatic rises in the city of Richmond.




33 33

Monthly Change in Prices Source: CVRMLS data 8/26/13

This graph shows the change in price per square foot from one month to the same month a year later. For example on the right of the graph, July of 2013 price per square foot was 7.64% higher than in July of 2012. There are a normal monthly fluctuation but the trend in prices is significantly up.

Change in Prices from Previous Year-5

.79%

4.74

%

-2.8

1%

-2.2

4%

1.16

% 3.71

%

1.64

%

1.16

% 3.08

%

10.4

6%

6.21

%

2.73

%

8.74

%

7.88

%

8.33

%

7.79

%

9.56

%

3.18

%

7.64

%

-8.00%-6.00%-4.00%-2.00%0.00%2.00%4.00%6.00%8.00%

10.00%12.00%

Jan

11-J

an 1

2

Feb

11-F

eb 1

2

Mar

11-

Mar

12

Apr

11-

Apr

12

May

11-

May

12

Jun

11-J

un12

Jul 1

1-Ju

l 12

Aug

11-

Aug

12

Sep

11-S

ep 1

2

Oct

11-

Oct

12

Nov

11-

Nov

12

Dec

11-

Dec

12

Jan

12-J

an 1

3

Feb

12-F

eb 1

3

Mar

12-

Mar

13

Apr

il 12

- Apr

il 13

May

12-

May

13

Jun

12-J

un 1

3

Jul 1

2- J

ul 1

3

Change in Price Per Square Foot



34 34

Price Per Square Foot For Closed Condominium Sales in Greater Richmond

$100.00$110.00$120.00$130.00$140.00$150.00$160.00$170.00

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Month

Pric

e Pe

r Squ

are

Foot

Condominium Price Per Square Foot

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




35 35

Price Per Square Foot for Condominium Sales By Year

$90.84$100.03

$113.32$133.49

$149.49$154.00$152.70$135.62$131.55

$119.16$121.13$129.05

$70$80$90

$100$110$120$130$140$150$160

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

(Thru 8/

8/13)

Year

Pric

e pe

r Squ

are

Foot

Price Per Square Foot for Greater Richmond Condominium Sales By Year

The price per square foot for condominium sales is almost at 2005 levels. But more significantly, prices in 2013 are 6.5% higher than 2012. Prices are expected to continue rising for 2013 and 2014. There was a 23% decrease in prices between 2007 and 2011.




36 36

Greater Richmond Year over Year Price Per Square Foot Change By Price Range

In the single family market, prices have increased in all price points except the highest price points. Remember that the highest inventory is also at the highest price points causing price pressure..


In the condominium market, price per square foot is increasing in the lower and middle price points. There is still price pressure at the higher price points.

Single Family Condominium/Townhouse

Price per Square Foot Change in Greater Richmond

Price Range 8/11-7/12

8/12-7/13 Change

$0-$250,000 $86.04 $90.66 5.37%

$250,001-$500,000 $120.63 $125.45 4.00%

$500,001-$750,000 $149.05 $153.72 3.13%

$750,001-$1,000,000 $171.42 $178.67 4.23%

$1,000,001+ $219.99 $219.91 -0.04%

Condominium Price per Square Foot Change in Greater Richmond

Price Range 8/11-7/12

8/12-7/13

Change

$0-$250,000 $105.59 $108.58 2.83%

$250,001-$500,000 $148.70 $155.24 4.40%

$500,001+ $202.08 $199.56 -1.25%



37 37

Richmond Real Estate Areas

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.



38 38

Active Listings By Area (As of 8/26/13)

220

61

251187

125 132

247 261195 200

269

145

444

552

203

428

157201

0100200300400500600

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

Area

Num

ber o

f Act

ive

Sing

le

Fam

ily L

istin

gs

Active Single Family Listings By Area

The number of active listings by area is shown. There are approximately 3560 fewer homes on the market than two years age. Inventory varies by area with area 54 having the highest number of homes for sale and Area 20 having the lowest.




39 39

Average Sales Price By Area For Single Family House Sales (8/1/12-7/31/13)

$237

,350

$445

,082

$312

,598 $414

,809

$148

,906

$147

,404

$329

,099

$276

,745

$143

,620

$109

,375 $2

28,4

75

$60,

445 $1

68,9

80

$210

,845

$202

,469

$243

,078 $3

54,9

85

$263

,446

$242

,148

$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

hmon

d

Area

Ave

rage

Sal

es P

rice

Single Family Average Sales Price By Area

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 the past year is $242,148




40 40

Average Price Per Square Foot For Single Family House Closed Sales By Area (8/1/12-7/31/13)

$119

.21 $1

84.3

4

$129

.27

$129

.79

$82.

05

$93.

63 $123

.05

$114

.34

$81.

84

$68.

32 $109

.74

$43.

70 $85.

16

$95.

05

$102

.96

$102

.44

$114

.27

$111

.86

$105

.85

$0.00

$50.00

$100.00

$150.00

$200.00

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

l Ric

hmon

d

Area

Pric

e Pe

r Squ

are

Foot

Single Family Price Per Square Foot By Area

Price per square foot also varies by Area with Area 20 (West end of the city) having the highest price per square foot. The average across greater Richmond is $105.85.




41 41

Supply of Houses by Area in Months

4.5

2.1 2.8

9.8

4.0 4.0 3.5

6.1 5.56.7

5.47.1

5.8 5.3 4.94.0 3.8

7.2

4.7

0.02.04.06.08.0

10.012.0

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

All R

ichm

ond

Area

Mon

ths

of S

uppl

yInventory of Single Family Houses

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 at 9.8 and 7.2 months. Area 50 had a lot of foreclosures and it has a higher inventory at 7.1 months. The average inventory in Greater Richmond is 4.7 months which is better than an normal market.


Red Line represents a normal market.



42 42

Summary



43 43

Existing Home Sales 14,767 US Homes Sell Every Day

and 10,631 Buyers Receive a Mortgage Every Day

NAR 12/2011

In spite of the recent downturn, home ownership continues to be the best long-term investment in the US!!!

Source: Keeping Current Matters



44 44

Summary • Sales are up • Inventory is down • Prices are rising. • The interest rate is rising • DO NOT WAIT TO BUY A

HOUSE!!! IT WILL COST YOU A LOT MORE NEXT YEAR!!

richmond housing today august 2013

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