richmond va real estate market january 2016
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The Greater Richmond Real Estate Market
Lacy WilliamsJoyner Fine Properties
January 2016
11
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• 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 January 2016 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.
22
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National Economic Data
33
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44
8 Million
lost
12 Milli
on
gained
8 Million
lost
12 Milli
on
gained
Between 2008 and 2010, 8 million jobs were lost. Since 2010, 12 million jobs have been gained. But since our population is growing, we need to gain 1 million jobs each year to keep the same employment rate. So since 2008, we need 7 million additional jobs to have the same employment rate so we are still 3 million jobs down.
Jobs
in
Thou
sand
sSource: National Association of Realtors 11/15
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Annual Gross Domestic Product (GDP)
55
Gross Domestic Product should grow by 3% per year. We have had 10 straight years of lackluster growth or contraction.
Source: National Association of Realtors 11/15
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Sluggish Growth + Gap after Recession
3% Growth Line
2.2% Growth Line
($1.7 trillion gap … $5,000 per person)
Since the recession, GDP has grown sluggishly at 2.2% per year rather than the historic average of 3%.
Source: National Association of Realtors 11/15
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Employment Rate
Source: National Association of Realtors 11/14
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.
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(seasonally adjusted … 50-year low)
Source: National Association of Realtors 11/14
Homeownership is at the lowest rate in 50 years.
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Young People: Under 35 years oldHistoric Low Homeownership Rate
Source: National Association of Realtors 11/15
One reason for the low homeownership rate is the Millennials who have not been buying houses. One reason for this is the large amount of student debt in this age group. As the number of jobs increase, There should be more millennials buying houses..
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1010
Perc
enta
ge R
ate
of R
enta
l In
crea
ses
Source: National Association of Realtors
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Economic Impact of Every Home SoldState-by-State
Source: NAR
Source: Keeping Current Matters 10/15
Every home that is sold generates an economic impact which is the total of the impact on Gross Domestic product. A house sale generates income for moving companies, painters, carpenters, etc..
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1212
US Oil Prices
The recent drop in oil prices is a huge boom for the economy as it makes the cost of goods and services cheaper and gives households more discretionary income.
Source: National Association of Realtors 11/14
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NationalNumber of Sales
1313
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14
Although the number of sales has been increasing for 6 years, the number of nationwide sales is still below the year 2000. The red line shows the current level of sales vs other years.
Source: National Association of Realtors 11/15
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Y-O-Y by region
NAR 10/2015
Existing Home Sales By Region
Source: Keeping Current Matters 10/15
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by Price Range
NAR 1/2016
Change in Sales By Price Range
There has been a drop in sales at the lower price points. This is because there are fewer foreclosures and thus fewer investors buying these homes. There is a real shortage of homes at the lower price points.
Source: Keeping Current Matters 1/16
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Freddie Mac
Source: Keeping Current Matters 1/16
Sales in 2015 were up over 2014 in almost all months.
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35%
9%9%
NAR 1/2016
January 2012 - Today
Percentage of Distressed Property Sales
Source: Keeping Current Matters 1/16
Distressed properties include short sales and foreclosures and they have been dropping.
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CoreLogic
Foreclosure Inventory by State
Source: Keeping Current Matters 1/16
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Thousand units
Source: National Association of Realtors 11/14
There has been in increase in multi-family housing starts primarily due to building of apartments. However, single family new homes are still significantly down and are not recovering very quickly.
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Inventory of Homes
2121
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The Impact of Monthly Housing Inventory on Home Prices
LESS THAN 6 MONTHS
BETWEEN6 MONTHS
GREATER THAN7 MONTHS
SELLERS MARKETHomes prices will appreciate
NEUTRAL MARKETHomes prices
will only appreciate with
inflation
BUYERS MARKETHomes prices will depreciate
Source: Keeping Current Matters 7/14
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. .
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NAR 1/2016
2015 Source: Keeping Current Matters 1/16
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Average Days on the Market
Source: NAR
Source: Keeping Current Matters 1/16
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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 PricesSource: National Association of Realtors
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Prices
2626
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Y-O-Y by region
NAR 1/2016
Home Prices by RegionSource: Keeping Current Matters 1/16
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Mean Percentage Appreciation
Home Price Expectation Survey 2015 4Q
PROJECTED Mean Percentage Appreciation
This graph is a summary of price predictions by a panel of 100 US housing experts.
Source: Keeping Current Matters 1/16
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CoreLogic 12/2015
Forecasted Year-Over-Year % Change in Price
Source: Keeping Current Matters 1/16
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Source: CoreLogic
Price & Time Since The Peak
Source: Keeping Current Matters 1/16
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The Interest Rate
3131
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A Look Back at Mortgage Rates
Record Date Average 30 year fixed rate mortgage
Approximate Payment on a $200K Mortgage*
All-Time
LOW 11/21/12 3.31% $877
All Time
HIGH 10/9/81 18.63% $3,177
*Monthly mortgage payments are principal and interest only, based on a $200,000 fully amortizing mortgage.
Freddie Mac
Source: Keeping Current Matters 5/15
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Quarter Fannie Mae
Freddie Mac MBA NAR Average
of all four
2016 1Q 4.0% 4.1% 4.2% 4.1% 4.10%
2016 2Q 4.0% 4.3% 4.4% 4.3% 4.25%
2016 3Q 4.1% 4.5% 4.6% 4.6% 4.45%
2016 4Q 4.1% 4.7% 4.8% 4.9% 4.63%
Mortgage Rate Projections
1/2016
Source: Keeping Current Matters 1/16
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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
ATE
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. As shown in green, A buyer who can afford an $200,000 house today will only be able to afford a $180,000 house with the same mortgage payment if the interest rate rises one percent.
Source: Keeping Current Matters 8/14
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Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association
Mortgage Credit Availability
Source: Keeping Current Matters 10/15
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www.RichmondHousingToday.com Q: When do most listingscome on the market?
A: The 2nd Quarter of each Year
Source: Keeping Current Matters 2/15 and NAR
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Greater Richmond Housing Market
3737
Note: All Greater Richmond graphs include the city of Richmond and the counties of Henrico, Hanover, Chesterfield, Goochland and Powhatan. Data for most graphs is taken from the Central Virginia Regional Multiple List Service (CVRMLS)
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Number of Jobs in Richmond
3838
Source: National Association of Realtors
1000
s of
Ful
l Tim
e Jo
bs
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Market Indicator #1:Sales are Up!!!
3939
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Number of Single Family House Sales by Year
4040
Sales in 2015 were higher than 2014 sales in almost all months.
Source: CVRMLS data 1/5/16
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec0
200400600800
10001200140016001800
Greater Richmond Single Family Sales by Month and Year
201020112012201320142015
Month
Mon
thly
Sal
es
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4141
The first quarter of 2015 was up significantly from the first quarter of 2014.
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
2006 2007 2008 2009 2010 2011 2012 2013 20140
500100015002000250030003500400045005000 4567
3919
29102533
30132657313533903407
Greater Richmond Single Fam-ily Second Quarter Sales
2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
500
1000
1500
2000
2500
3000
3500 31612892
2088
1487161218011924205720472360
Greater Richmond Single Fam-ily Sales in First Quarter
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Greater Richmond Single Family Third and Fourth Quarter Sales
4242
Sales in the third quarter of 2015 were higher than any year except 2006.
Sales in the fourth quarter of 2015 were higher than 2007 sales!
Source: CVRMLS data
2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
50010001500200025003000350040004500 4111
3421
2526 2692
19992508
27933304 3274
3760
Greater Richmond Single Fam-ily Third Quarter Sales
Year
Clos
ed S
ales
20062007200820092010201120122013201420150
500
1000
1500
2000
2500
3000
3500 3222
2362
1707
23571847
21342347254726722835
Greater Richmond Single Fam-ily Fourth Quarter Sales
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Condominium Sales in Greater Richmond
4343
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.
Source: CVRMLS data 1/6/16
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
500
1000
1500
2000
2500
9141147
1383
17612035
1757
13821154 1093 1201
14201623 1587
1844
Greater Richmond Condominium/Townhouse Sales by Year
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Condominium Sales: First and Second Quarters
4444
Condominium sales in the first quarter of 2015 were higher than the past 7 years.
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
2006 2007 2008 2009 2010 2011 2012 2013 20140
100
200
300
400
500
600
700601
529
420
324
431344
402464 478
Greater Richmond Townhouse/Condominium Sales for Second
Quarter
2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
50100150200250300350400450 428
376
310
190 189242
275 298 280316
Greater Richmond First Quarter Condominium Sales
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4545
Source: CVRMLS data
Third quarter sales in 2015 were higher than any year other than 2006.
Sales in the fourth quarter of 2015 were higher than any previous year!
Condominium Sales – Third and Fourth Quarters
2006 2007 2008 2009 2010 2011 2012 2013 2014 20150
100200300400500600700
578499
355 345219
325393
466 457530
Greater Richmond Third Quarter Condominium/Townhouse Sales
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
0100200300400500 424
339233
288225
287 338395 372
447
Fourth Quarter Greater Richmond Condominium Sales
Year
No
of C
lose
d Sa
les
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Year Over Year Change in Number of Sales
4646Source: CVRMLS 1/5/16
There has been large year-over-year increase in Single family sales at all but the highest price points.
Greater Richmond Year Over Year Single Family Sales By Price Range
1/14-12/14 1/15-12/15 Change0-$249,000 6736 7260 7.78%
$250,000-$499,000 3804 4517 18.74%
$500,000-$749,000 619 787 27.14%
$750,000+ 236 238 0.85%$1,000,000+ 72 59 -18.06%
Greater Richmond Year Over Year Condo/Townhouse Sales By Price Range
1/14-12/14 1/15-12/15 Change0-249,000 1055 1278 21.14%$250,000-$499,000 452 497 9.96%$500,000+ 83 61 -26.51%
Condo sales have had large increases at the lower price points and have declined at the higher price points.
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New Home Price 3%
New Home Sales
4747
Source: HBAR No of Closings 2%No of Permits 13%
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The Odds of Selling in Greater Richmond in 2015
4848
Source: CVRMLS 1/14/16
The odds of selling your house are determined by all properties that were listed during 2015 and all properties that were sold in 2015. The odds of selling a condo in 2015 were 75%
10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 66
All Rich
mond
0.00%
20.00%
40.00%
60.00%
80.00% 71.9
9%77
.83%
75.4
7%61
.22%
64.7
9%78
.84%
70.7
5%65
.73%
69.6
6%73
.98%
73.1
6%62
.75%
68.0
1%66
.18%
78.6
5%68
.94%
67.4
3%62
.35%
69.7
1%
The Odds of Selling Your House in 2015
AreaThe
Odd
s of
Sel
ling
Your
Hou
se
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Market Indicator #2:Inventory is Low!!!
4949
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Inventory of Single Family Houses by Month in Greater Richmond
5050
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 for five years. Inventory now is less than half of what it was three years ago. Inventory in December 2015 was 3.2 months.
Source: CVRMLS data
Jan
Feb
Mar Apr
May Ju
n Jul
Aug Sept Oct Nov Dec
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Greater Richmond Single Family Inventory (Months)
201020112012201320142015
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Richmon
d
Henric
o
Cheste
rfield
Hanov
er
Gooch
land
Powha
tan
Great
er R
ichmon
d0.02.04.0 2.3 2.4 3.0 3.1 4.2 4.5
2.8
Greater Richmond Single Family In-ventory By Area
AreaMon
ths
of I
nven
tory
Single Family Inventory by Area
5151
Source: CVRMLS data 1/14/16
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 most areas. The red line represents a normal market. Note that the inventory is typically very low in December and January and this graph was done on 1/14/16.
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5252
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. 2013, 2014 and 2015 inventory have been very similar. Inventory has stayed low for the past three years.
Source: CVRMLS data
Jan
Feb
Mar Apr May Jun Ju
lAug Se
pt Oct Nov Dec0.0
2.0
4.0
6.0
8.0
10.0
12.0
Inventory of Townhouse/Con-dominiums
201020112012201320142015
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Single Family Inventory by Price Range
Condominium Inventory By Price Range
Price Range Inventory
0-249,000 2.5$250,000-$499,000 2.9$500,000+ 9.9
Single Family Inventory by Price Range
Price Range Inventory0-$249,000 2.1$250,000-$499,000 3.0$500,000-$749,000 5.6$750,000-$999,999 5.5$1,000,000+ 11.6
5353
Source: CVRMLS data 1/14/16
Inventory is low at all price points but increases at the higher price points.
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Market Indicator #3:Prices are rising!!!
5454
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Jan-0
6
Jun-0
6
Nov-0
6
Apr-0
7
Sep-0
7
Feb-
08
Jul-0
8
Dec-0
8
May
-09
Oct-09
Mar
-10
Aug-10
Jan-1
1
Jun-1
1
Nov-1
1
Apr-1
2
Sep-1
2
Feb-
13
Jul-1
3
Dec-1
3
May
-14
Oct-14
Mar
-15
Aug-15
$150,000$170,000$190,000$210,000$230,000$250,000$270,000$290,000$310,000$330,000
Greater Richmond Single Family Average Sales Price
5555
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
Source: CVRMLS data 1/14/16
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Jan-0
6
Jun-0
6
Nov-0
6
Apr-0
7
Sep-0
7
Feb-
08
Jul-0
8
Dec-0
8
May
-09
Oct-09
Mar
-10
Aug-10
Jan-1
1
Jun-1
1
Nov-1
1
Apr-1
2
Sep-1
2
Feb-
13
Jul-1
3
Dec-1
3
May
-14
Oct-14
Mar
-15
Aug-15
$80.00
$90.00
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00
Greater Richmond Single Family Average Price Per Square Foot
Single Family Price Per Square Foot
5656
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.
Source: CVRMLS data 1/14/16
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$60.00
$70.00
$80.00
$90.00
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00
$92.
37
$99.
65
$107
.60
$123
.38
$135
.82
$139
.64
$132
.43
$117
.82
$112
.24
$104
.98
$106
.16
$113
.02
$115
.19
$120
.55
Greater Richmond Single Family Price by Year
Single Family Price by Year
5757
Greater Richmond 2015 prices are 4.7% higher than 2014 prices and 14.8% higher than 2011 prices. With a 25% decrease in prices between 2007 and 2011, prices are at 2005 levels as indicated in the red line on this graph. 2015 prices are 15.8%% below 2007 prices.
Source: CVRMLS data
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2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
7.9%8.0%
14.7%10.1%
2.8%
-5.2%
-11.0%
-4.7%-6.5%
1.1%6.5%
1.9%4.7%
Greater Richmond Single Family Percent Change in Price Per Sq.
Ft Year to Year
Single Family Year over Year Price Change
5858
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 2015, prices were up 4.7% over 2014.
Source: CVRMLS data 1/4/16
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Jan-
06M
ay-0
6O
ct-0
6Fe
b-07
Jul-
07D
ec-0
7Ap
r-08
Sep-
08Ja
n-09
Jun-
09N
ov-0
9M
ar-1
0Au
g-10
Dec
-10
May
-11
Oct
-11
Feb-
12Ju
l-12
Nov
-12
Apr-
13Se
p-13
Jan-
14Ju
n-14
Oct
-14
Mar
-15
Aug-
15D
ec-1
5
$80.00$100.00$120.00$140.00$160.00$180.00
Price Per Square Foot for Condominium/Townhouse Sales
Month
Pric
e Pe
r Sq
. Ft
for
Clo
sed
Sale
s
Prices for Condominiums
5959
Condominiums and townhouse are showing a similar trend as single family homes with prices rising for the past four years.
Source: CVRMLS data 1/14/16
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2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
$60.00$70.00$80.00$90.00
$100.00$110.00$120.00$130.00$140.00$150.00$160.00
$91$100
$113
$133
$149$154 $153
$136$132
$119 $121$130
$139$137
Condominium/Townhouse Prices
Year
Pric
e Pe
r Sq
uare
Foo
t
Condominium/Townhouse Prices
6060
Condominium prices in 1.1% lower than 2014 and 14.85% 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
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Top 10 2015 Single Family Sales
Address AreaSales Price
Sq Ft
Price/Sq/Ft
12315 Monument Ave 10
$2,225,000
7609
$292.42
21720 Huguenot Trail 66
$2,121,922
2396
$885.61
32625 Monument Ave 10
$1,963,500
6050
$324.55
4 101 Kennondale 20$1,950,00
0760
0$256.5
8
5 745 W River Rd 24$1,890,00
0622
5$303.6
1
6 6417 Roselawn Rd 20$1,800,00
0582
8$308.8
5
7 4310 Sulgrave Rd 20$1,700,10
0639
1$266.0
1
8 4105 Exeter Rd 20$1,675,00
0726
6$230.5
3
9805 Merchant Lee Ct 24
$1,655,000
9383
$176.38
10 5227 Cary St 20$1,535,00
0569
6$269.4
9
6161
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www.RichmondHousingToday.com Top 10 2015 Condo Sales
Address Area SubdivisionSale Price Sq Ft
Price/Sq/Ft
1 7 Bankside Mews 40Rocketts Landing
$1,875,000 5441 $344.61
2 4820 Old Main St 40Rocketts Landing
$1,355,000 4560 $297.15
3250 Finial Ave #4A 22
Monument Square
$1,336,888 3412 $391.82
4250 Finial Ave #5A 22
Monument Square
$1,316,894 3427 $384.27
55241 Monument Ave 22
Monument Square
$1,195,000 3319 $360.05
6 1008 Basildon Ct 32 Grayson Hill$914,11
7 3700 $247.06
75225 Monument Ave 22
Monument Square
$875,000 3494 $250.43
8 1002 Basildon Ct 22 Grayson Hill$775,11
1 3700 $209.49
9 1109 Marney Ct 22 Grayson Hill$749,86
4 3200 $234.3310 1006 Basildon Ct 22 Grayson Hill
$741,915 3700 $200.52
6262
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Richmond Real Estate Areas
6363
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, 36, 40, 42, 44, 50, 52, 54, 60, 62, 64 and 66 shown on the map.
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10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 660
50100150200250300350400450
133
35
174
11290 89
234235
147
88138
89
294
385
89
415
116156
Single Family Active Listings By Area (1/14/16)
Area
No
of A
ctiv
e Li
stin
gsActive Single Family Listings By Area
6464
The number of active listings by area as shown. Inventory varies by area with area 62 having the highest number of homes for sale and Area 20 having the lowest.
Source: CVRMLS data 1/14/16
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10 22 30 34 40 44 52 60 64
All R
ichm
ond
$0$50,000
$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000
$270
,871 $4
39,4
28$3
46,0
88$4
25,4
13$1
75,1
16$1
58,6
40 $336
,298
$304
,978
$155
,011
$117
,245
$244
,570
$67,
844
$186
,330
$227
,052
$208
,293
$274
,776
$349
,354
$278
,067
$259
,769
Average Sales Price By Area (1/15-12/15)
Area
Aver
age
Sale
s Pr
ice
Single Family Greater Richmond Sales Price by Area
6565
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 is $259,769 shown by the red line.
Source: CVRMLS data 1/14/16
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Greater Richmond Single Family Price per Square Foot 3/14-2/15)
6666Source: CVRMLS data 1/14/16
10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 66
All Rich
mond
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
$143
.77
$194
.35
$141
.09
$151
.23
$98.
32$9
4.60
$132
.04
$123
.17
$89.
55$7
6.68
$115
.58
$51.
16 $91.
25$1
02.7
4$1
08.7
1$1
12.1
1$1
22.7
1$1
25.6
5$1
17.6
3
Price per Square Foot By Area (1/15-12/15)
Area
Pric
e pe
r Sq
uare
Foo
t
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10 22 30 34 40 44 52 60 64
All Rich
mond
0.0
2.0
4.02.3
1.31.8
4.22.82.22.7
3.83.62.52.4
4.23.03.2
1.73.12.4
4.52.8
Greater Richmond Single Family Inventory by Area
Area
Mon
ths
of I
nven
tory
Inventory of Single Family Houses
6767
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 2.8 months.
Source: CVRMLS data 1/14/16
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Summary
6868
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NAR Economic Forecast
6969Source: National Association of Realtors11/14
2013 2014 2015 Foreca
st
2016 Foreca
stGDP Growth
2.2% 2.6% 2.3% 3.0%
Job Growth
+2.3 M
+3.0 M +2.4 M +2.7 M
CPI Inflation
1.5% 1.6% 0.3% 3.2%
Consumer Confidence
73 87 90 101
10-year Treasury
2.5% 2.6% 2.2% 3.3%
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7070
Source: National Association of Realtors 11/15
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7171
2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Median Years of Tenure Before Moving
0
12108
6
4
2
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• Sales are up• Inventory is low• Prices are rising• The interest rate is rising
7272
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Questions?Lacy.Williams@joynerfineproper
ties.comLacy Williams
Joyner Fine Properties804-864-0316
7373