richmond housing today june 2013

Property of Lacy Williams, Joyner Fine Properties

www.RichmondHousingToday.com

1 1

The Greater Richmond Real

Estate Market Lacy Williams

Joyner Fine Properties

June 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 June 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

January 2012 – December 2012

January 2011 – December 2011 80

90

100

110

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

2013 2012 2011

100 = Historically Healthy Level

National Pending Home Sales

NAR 4/2013

The number of sales has been rising (with monthly fluctuation) since June of 2010. You can see that the past year in dark

green has been significantly higher than the previous two years shown in lighter green.

Source: Keeping Current Matters 5/13



5 5

National New Home SALES

Compared to

December 2012

Compared to

January 2012

January 2013 Sales

+15.6%

+28.9%

Census 3/1/2013


New home construction is up

significantly.



6 6

Nationwide Month’s Inventory of

Homes for Sale

4.0

5.0

6.0

7.0

8.0

9.0

10.0

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

NAR 4/2013

5-6 Months = Normal Market Inventory

As the number of sales has gone up, the inventory of available houses for sale has been dropping. The national market is

below a 6 month inventory which is considered to be a normal market. Nationwide, we have a shortage of inventory as we

do in parts of the Greater Richmond area.




7 7 Calculated Risk 2/2013


The inventory in 2012 was the lowest it has been at any time since 2001. Even the boom years of 2005-2007 had higher

inventory than today.

National Number of Homes for Sale



8 8

1st Quarter 2012

2nd Quarter 2012

3rd Quarter 2012

4th Quarter 2012




9 9 FHFA 2/2013

FHFA State Home Prices (year-over-year)


Year over Year change in home prices show that prices in Virginia were up 4.4% in 2012 over 2011 prices.



10 10

-3.9%-3.5%

-2.5%

-1.7%

-0.5%

0.6%1.1%

2.0%

3.6%4.3%

5.5%

6.8%

8.1%

9.3%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Jun Jul Aug Sep Oct Nov Dec Jan Feb

Year-over-Year Change in Prices

Jan Feb Mar Apr May

S&P Case Shiller 4/2013

Case-Shiller National Home Price Indices

This graph shows year over year changes in home prices

by month. January 2012 prices were 3.9% lower than

January 2011 prices. By February of 2013, prices were

9.3% higher than the previous year.


2012

2013



11 11

Metropolitan Area Year-over-Year

Atlanta 16.5%

Boston 5.2%

Charlotte 6.2%

Chicago 5.1%

Cleveland 5.3%

Dallas 7.1%

Denver 9.9%

Detroit 15.2%

Las Vegas 17.6%

Los Angeles 14.1%

Metropolitan Area Year-over-Year

Miami 10.4%

Minneapolis 12%

New York 1.9%

Phoenix 23%

Portland 9.4%

San Diego 10.2%

San Francisco 18.9%

Seattle 9.3%

Tampa 10%

Washington 6.9%

S&P Case-Shiller Home Price Indices

S&P Case Shiller 4/2013


Year over year prices are up in all 20 of the US major markets!!!



12 12

U. S. Negative Equity Decreasing

Negative Equity Loan Count (millions of mortgages – left axis) Negative Equity Share (percentage– right axis)

2009 2010 2011 2012

Fannie Mae 4/2013

Negative equity occurs when the homeowner owes more on the house than the house is worth. Negative equity can cause

foreclosures and short sales. As you can see, negative equity has decreased dramatically.




13 13

20%

25%

30%

35%

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

U. S. Percentage of Distressed Property Sales

35%

21%

NAR 4/2013

Distressed properties include Short Sales and Foreclosures. The percentage of Distressed Property sales has dropped

significantly. Foreclosures and short sales tend to drag down prices so this reduction has a positive impact on prices.




14 14

USA Foreclosure Inventory

RealtyTrac 4/2013

Overall, national foreclosure inventory has declined but the following slides will show that some states are doing better than

others.




15 15

USA Foreclosure Inventory Non-Judicial

RealtyTrac 4/2013


In non-judicial states such as Virginia, you do not have to go through the court system to do a foreclosures so foreclosures

have happened quickly and these states have been working through their foreclosure inventory and there has been a

significant decline in the number of active foreclosures.



16 16

USA Foreclosure Inventory Judicial

RealtyTrac 4/2013


In judicial states such as New Jersey, you have to go through the court system to do a foreclosures so foreclosures have

been backed up in the courts for years and these states have large inventories of foreclosure properties and it will take

several more years to work through this inventory.



17 17

Foreclosure Inventory by State

Percentage of mortgages that have been

placed in the process of foreclosure. CoreLogic Foreclosure Report 3/2013


As shown above, Virginia has a low inventory of homes in foreclosures because it is a non-judicial state and has already

worked through most of the foreclosures.



18 18

Impact of Increasing Rates

Price Rate P&I

200,000 3.4 886.96

200,000 4.4 1,001.52

Monthly Savings $114.56


The interest rate has already jumped up from 3.5% to 4% and it is expected to rise even more this year. This graph shows

the impact of the interest rate on the cost of a house.



19 19

What are the Experts Saying?

“Americans are as bullish on the housing market as they have been at any time since before the housing bubble burst several years ago. This surely reflects the stabilization of the housing market, and the fact that home prices are generally heading up in most parts of the country.” “Gallup data on homeownership provide strong support for the idea that the American Dream of owning a home continues to be alive and well. The majority of Americans who own a home plan on continuing to do so in the future, and most of those who don't own a home plan on buying one.” (Gallup.com) “If, as the Federal Open Market Committee (FOMC) anticipates, the economic recovery continues at a moderate pace, with unemployment slowly declining and inflation expectations remaining near 2 percent, then long-term interest rates would be expected to rise gradually toward more normal levels over the next several years… (Ben Bernanke of Federal Reserve on interest rates).

“It’s quite possible that the next decade might bear a resemblance to the 1960s or ’70s...Homeowners did very well if they bought in 1960 or 1970, locked in low fixed-rate mortgages and saw the nominal values of their homes soar while their real mortgage balances declined. This could be an auspicious time to buy a house…for people who aren’t out to bet on the housing or mortgage markets but are instead focused on settling into a home for the long term.” (NY Times)




20 20

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)



21 21

Market Indicator #1:

The Number of Sales is

Up!!!



22 22

Greater Richmond Single Family Closed Sales

1273715262 15533 16450 15074

126449482 9069 8574 9051 10177

4089

0

5000

10000

15000

20000

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

(Thr

u 6/3)

Year

No

of

Clo

sed

Sale

sNumber 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 6/3/13



23 23

Single Family Sales By Year and Quarter

The second quarter graphs shows

that 2012 sales were up significantly

from 2011. The second quarter of

2010 was when the homebuyers tax

credit expired so sales were

artificially high during this time.

Source: CVRMLS Data 6/5/13

The first Quarter of 2013 is 7% higher than

2012 and 26% higher than 2010.

Sales in the first quarter were higher than

the past 5 years.

Single Family Sales By Year in First Quarter

31612892

2088

1487 16121786 1903 2036

0

500

1000

1500

2000

2500

3000

3500

2006 2007 2008 2009 2010 2011 2012 2013

Year

No

of

Clo

sed

Fir

st

Qu

art

er

Sale

s

Greater Richmond Single Family Second Quarter

Sales

4567

3919

29102533

30132657

3069

0

1000

2000

3000

4000

5000

2006 2007 2008 2009 2010 2011 2012

Year

Nu

mb

er

of

Sale

s



24 24

Greater Richmond Single Family Third Quarter Sales

by Year

4111

3421

2526 2692

19992496

2772

0

1000

2000

3000

4000

5000

2006 2007 2008 2009 2010 2011 2012

Year

Nu

mb

er

of

Clo

sed

Sale

s

Third and Fourth Quarter Sales

2012 is 11% higher than 2011.

Source: CVRMLS Data

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

2357

18472123

2347

0

500

1000

1500

2000

2500

3000

3500

2006 2007 2008 2009 2010 2011 2012

Year

Nu

mb

er

of

Sale

s



25 25

Greater Richmond Condominium/Townhouse Sales

17612035

1757

13821154 1093 1201

1420

587

0

500

1000

1500

2000

2500

2005 2006 2007 2008 2009 2010 2011 2012 2013

(Thru

6/4/13)

Year

Nu

mb

er

of

Co

nd

om

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!!!




26 26

Greater Richmond Second Quarter Condominium

Sales by Year

601529

420324

431344 389

0

200

400

600

800

2006 2007 2008 2009 2010 2011 2012

Year

No

of

Clo

sed

Co

nd

om

iniu

m

Sale

s

Condominium Sales - First and Second Quarter

The first quarter of 2013 had more

sales than the first quarter of the

previous 4 years. The second quarter

of 2012 had more sales than 2011 or

2009 second quarters. There was a

tax credit which ended in the second

quarter of 2010 so sales were

artificially stimulated.

Source: CVRMLS data

2013 first quarter sales were 4% higher than

2012 sales and 52% higher than 2012 sales..

2012 sales were 13% higher than 2011 sales.

Greater Richmond First Quarter Condominium

Sales by Year

428376

310

190 189242

275 287

0

100

200

300

400

500

2006 2007 2008 2009 2010 2011 2012 2013

Year

No

of

Fir

st

Qu

art

er

Sale

s



27 27


Source: CVRMLS data

Greater Richmond Third Quarter Condminium

Sales by Year

578499

355 345

219

325393

0

200

400

600

800

2006 2007 2008 2009 2010 2011 2012

Year

Nu

mb

er

of

Sale

s

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

225

287338

0

100

200

300

400

500

2006 2007 2008 2009 2010 2011 2012

Year

Fo

urt

h Q

uart

er

Sale

s



28 28

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 6/11-5/12 6/12-5/13 Change

$0-$250,000 6564 6776 3.23%

$250,001-$500,000 2438 2938 20.51%

$500,001-$750,000 417 515 23.50%

$750,001-$1,000,000 88 116 31.82%

$1,000,001+ 34 46 35.29%

Number of Condominium Sales in Greater

Richmond


$0-$250,000 983 1057 7.53%

$250,001-$500,000 293 350 19.45%

$500,001+ 19 56 194.74%



29 29


Inventory is Down!!!



30 30

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.



31 31

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

Inv

en

tory

of

Ho

us

es

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. We are following a nationwide trend of declining inventory. In May 2010, there were

7455 houses listed for sale in Greater Richmond and now there are 4045. A normal market is 5-6 months of inventory.

Source: CVRMLS data



32 32

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.

Price Range

Inventory

(Months)

$0-$250,000 4.2

$250,001-$500,000 4.9

$500,001-$750,000 8.9

$750,001-$1,000,000 12.7

$1,000,001+ 21.5




33 33

Inventory By County/City

4.63.6

4.9

8.3

4.2

8.0

4.7

0.02.04.06.08.0

10.0C

ity o

f

Ric

hm

on

d

Hen

rico

Han

over

Go

och

lan

d

Ch

este

rfie

ld

Po

wh

ata

n

All

Ric

hm

on

d

County

Inven

tory

Single Family Inventory by County


The inventory of single family homes in the city of Richmond, Henrico, Hanover 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..



34 34

Inventory of Townhouse/Condominiums by Year

and Month in Greater Richmond

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Jan

Feb Mar A

pr

May Ju

nJu

lAug

Sep O

ctNov

Dec

Month

Mo

nth

s o

f In

ven

tory

2010

2011

2012

2013

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 487.. The inventory in June 2013 is more than 7 months less than in December of 2010.

Source: CVRMLS data



35 35


Prices have bottomed out

and are rising!!!



36 36

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

Ju

l-06

Jan

-07

Ju

l-07

Jan

-08

Ju

l-08

Jan

-09

Ju

l-09

Jan

-10

Ju

l-10

Jan

-11

Ju

l-11

Jan

-12

Ju

l-12

Jan

-13

Month

Av

era

ge

Sa

les

Pri

ce

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. We have not yet hit the spring peak of 2013.




37 37

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

$150.00Jan

-06

Ju

l-06

Jan

-07

Ju

l-07

Jan

-08

Ju

l-08

Jan

-09

Ju

l-09

Jan

-10

Ju

l-10

Jan

-11

Ju

l-11

Jan

-12

Ju

l-12

Jan

-13

Month

Pri

ce P

er

Sq

uare

Fo

ot

Fo

r

Clo

sed

Sale

s

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 is already higher

than in 2012 year and the winter low did not occur in 2013..




38 38

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$110.17

$80$90

$100$110

$120$130$140$150

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

(Thru

6/3

)

Year

Pri

ce

Pe

r S

qu

are

Fo

ot

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 3.8% 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.




39 39

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 3.8%.


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%3.8%

-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

(Thru

6/3)



40 40

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

2007-0

1

2007-0

2

2007-0

3

2007-0

4

2008-0

1

2008-0

2

2008-0

3

2008-0

4

2009-0

1

2009-0

2

2009-0

3

2009-0

4

2010-0

1

2010-0

2

2010-0

3

2010-0

4

2011-0

1

2011-0

2

2011-0

3

2011-0

4

2012-0

1

2012-0

2

2012-0

3

2012-0

4

2013-0

1

Quarter

Pri

ce p

er

Sq

uare

Fo

ot

40

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. 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!!!



41 41

Change in Prices Between 2011 and 2012

6.54%

1.85%0.75%

2.29%

-0.10%

-6.70%-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

City

of Ric

hm

ond

Hen

rico

Han

over

Gooc

hlan

d

Che

ster

field

Pow

hata

n

2011 vs 2012 Prices By County

Prices have risen in some areas between 2011 and 2012 shown in green. But Chesterfield was slightly down and

Powhatan still has some challenges.




42 42

Monthly Change in Prices

Change in Price Per Square Foot in Greater Richmond

from Previous Year-5

.79

%

4.7

4%

-2.8

1%

-2.2

4%

1.1

6%

3.7

1%

1.6

4%

1.1

6%

3.0

8%

10

.46

%

6.2

1%

2.7

3%

8.7

4%

7.8

8%

8.3

3%

13

.42

%

9.5

1%

-10%

-5%

0%

5%

10%

15%

Jan

11-J

an

12

Feb

11-F

eb

12

Mar

11-M

ar

12

Ap

r 11-A

pr

12

May 1

1-M

ay 1

2

Ju

n 1

1-J

un

12

Ju

l 11-J

ul 12

Au

g 1

1-A

ug

12

Sep

11-S

ep

12

Oct

11-O

ct

12

No

v 1

1-N

ov 1

2

Dec 1

1-D

ec 1

2

Jan

12-J

an

13

Feb

12-F

eb

13

Mar

12-M

ar

13

Ap

ril 12-

Ap

ril 13

May 1

2-M

ay 1

3

Month of Comparison

Ch

an

ge in

Pri

ce P

er

Sq

uare

Fo

ot


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, May of 2013 price per square foot was 9.51% higher than in May of 2012. There are a normal monthly

fluctuation but the trend in prices is significantly up.



43 43

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.


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

Ju

l-06

Jan

-07

Ju

l-07

Jan

-08

Ju

l-08

Jan

-09

Ju

l-09

Jan

-10

Ju

l-10

Jan

-11

Ju

l-11

Jan

-12

Ju

l-12

Jan

-13

Month

Pri

ce

Pe

r S

qu

are

Fo

ot



44 44

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$126.36

$70$80$90

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

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

(Thru

6/4

/13)

Year

Pri

ce

pe

r S

qu

are

Fo

ot

Price Per Square Foot for Greater Richmond Condominium Sales By Year

The price per square foot for condominium sales is between 2004 and 2005 levels. But more significantly, prices

in 2013 are 4.3% higher than 2012. Prices are expected to continue rising for 2013 and 2014. There was a 23%

decrease in prices between 2007 and 2011.

Source: CVRMLS data `6/4/13



45 45

Year of Year Price Per Square Foot Change By Price Range

In the single family market, prices have increased in

all price points.


In the condominium market, price per square foot is

increasing in the lower and middle price point.

Single Family Condominium/Townhouse

Price per Square Foot Change in Greater Richmond


$0-$250,000 $85.71 $89.25 4.13%

$250,001-$500,000 $121.30 $124.49 2.63%

$500,001-$750,000 $151.64 $152.87 0.81%

$750,001-

$1,000,000 $178.80 $181.48 1.50%

$1,000,001+ $221.90 $235.22 6.00%

Condominium Price per Square Foot Change

in Greater Richmond

Price Range

6/11-

5/12

6/12-

5/13

Chang

e

$0-$250,000 $106.39 $111.75 5.04%

$250,001-

$500,000 $148.32 $152.98 3.14%

$500,001+ $190.33 $186.46 -2.03%



46 46

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.



47 47

Active Listings By Area (As of 6/3/13)

211

80

263

186124 108

198237 220 197 224

156

437

510

189

348

155202

0

100

200

300

400

500

600

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

Area

Nu

mb

er

of

Acti

ve S

ing

le

Fam

ily L

isti

ng

s

Active Single Family Listings By Area

The number of active listings by area is shown. Active listings are down significantly over last year. There are

approximately 3560 fewer homes on the market than two years age. Richmond is following a nationwide trend of

declining inventory. Inventory varies by area with area 54 having the highest number of homes for sale and Area 20

having the lowest.




48 48

Average Sales Price By Area For Single Family House

Sales (6/1/12-5/31/13)

$2

39

,84

7

$4

49

,54

1

$3

12

,10

2

$4

14

,06

8

$1

37

,28

1

$1

46

,40

0 $3

32

,00

0

$2

75

,66

7

$1

43

,18

0

$1

07

,80

2

$2

24

,76

9

$5

9,5

34

$1

64

,53

1

$2

11

,46

6

$1

96

,84

2

$2

39

,19

5

$3

48

,57

8

$2

58

,89

7

$2

35

,85

8

$0

$100,000

$200,000

$300,000

$400,000

$500,000

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

All

Ric

hmond

Area

Avera

ge S

ale

s 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.




49 49

Average Price Per Square Foot For Single Family House

Closed Sales By Area (6/1/12-5/31/13)

$1

15

.10 $1

81

.27

$1

25

.93

$1

31

.37

$7

5.6

6

$9

2.4

8

$1

21

.21

$1

14

.28

$8

2.3

0

$6

6.9

5

$1

09

.25

$4

2.5

0

$8

3.3

1

$9

3.5

4

$1

00

.19

$1

00

.53

$1

12

.86

$1

09

.99

$1

01

.93

$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

66

All R

ich

mon

d

Area

Pri

ce

Pe

r S

qu

are

Fo

ot

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 $101.93.




50 50

Supply of Houses by Area in Months

4.5

2.9 3.0

9.9

4.43.3 2.9

5.96.6 6.5

4.6

7.7

6.04.9 5.0

3.33.9

8.2

4.7

0.0

2.0

4.0

6.0

8.0

10.0

12.0

10

20

22

24

30

32

34

36

40

42

44

50

52

54

60

62

64

66

All

Ric

hm

ond

Area

Mo

nth

s o

f S

up

ply

Inventory 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 9.9 and 8.2 months. Area 50 had a lot of foreclosures and it has

a higher inventory at 7.7 months.


Red Line represents a normal market.



51 51

Summary



52 52

Existing Home Sales

12,109 US Homes Sell Every Day

and 8,718 Buyers Receive a Mortgage

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



53 53

Summary

• Sales are up

• Inventory is down

• Prices have started to rise in most

areas.

• This is the chance of a lifetime to

BUY!!!

richmond housing today june 2013

Real Estate

joyner fine propertieswww

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year prices

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