Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com11The Greater Richmond RealEstate MarketLacy WilliamsJoyner Fine PropertiesJune 2013
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com22Background• This report is designed to provide information on the Richmond VAhousing Market as well as the National Market.• Graphs in this report on the National Market are obtained fromKeeping Current Matters and from the National Association ofRealtors (NAR). For additional information on Keeping CurrentMatters, or to subscribe to this service, please go towww.KeepingCurrentMatters.com. For additional information onthe National Association of Realtors, go to www.realtor.org.• The graphs and analysis of the Richmond area are produced byJoyner Fine Properties using the Central Virginia Regional MultipleListing Service (CVRMLS) data. Data was extracted in June 2013 formost of the graphs. The Greater Richmond area is defined as the cityof Richmond and the counties of Henrico, Chesterfield, Hanover,Goochland and Powhatan.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com33The National Market
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com44January 2012 – December 2012January 2011 – December 20118090100110Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2013 2012 2011100 = Historically Healthy LevelNational Pending Home SalesNAR 4/2013The number of sales has been rising (with monthly fluctuation) since June of 2010. You can see that the past year in darkgreen has been significantly higher than the previous two years shown in lighter green.Source: Keeping Current Matters 5/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com55National New Home SALESCompared toDecember 2012Compared toJanuary 2012January 2013 Sales+15.6%+28.9%Census 3/1/2013Source: Keeping Current Matters 3/13New home construction is upsignificantly.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com66Nationwide Month’s Inventory ofHomes for Sale4.05.06.07.08.09.010.0Jan 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 MarNAR 4/20135-6 Months = Normal Market InventoryAs the number of sales has gone up, the inventory of available houses for sale has been dropping. The national market isbelow a 6 month inventory which is considered to be a normal market. Nationwide, we have a shortage of inventory as wedo in parts of the Greater Richmond area.Source: Keeping Current Matters 5/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com77 Calculated Risk 2/2013Source: Keeping Current Matters 3/13The inventory in 2012 was the lowest it has been at any time since 2001. Even the boom years of 2005-2007 had higherinventory than today.National Number of Homes for Sale
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com881st Quarter20122nd Quarter20123rd Quarter20124th Quarter2012Source: Keeping Current Matters 3/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com99 FHFA 2/2013FHFA State Home Prices (year-over-year)Source: Keeping Current Matters 3/13Year over Year change in home prices show that prices in Virginia were up 4.4% in 2012 over 2011 prices.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com1010-3.9%-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 FebYear-over-Year Change in PricesJan Feb Mar Apr MayS&P Case Shiller 4/2013Case-Shiller National Home Price IndicesThis graph shows year over year changes in home pricesby month. January 2012 prices were 3.9% lower thanJanuary 2011 prices. By February of 2013, prices were9.3% higher than the previous year.Source: Keeping Current Matters 5/1320122013
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com1111Metropolitan Area Year-over-YearAtlanta 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-YearMiami 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 IndicesS&P Case Shiller 4/2013Source: Keeping Current Matters 5/13Year over year prices are up in all 20 of the US major markets!!!
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com1212U. S. Negative Equity DecreasingNegative Equity Loan Count (millions of mortgages – left axis) Negative Equity Share (percentage– right axis)2009 2010 2011 2012Fannie Mae 4/2013Negative equity occurs when the homeowner owes more on the house than the house is worth. Negative equity can causeforeclosures and short sales. As you can see, negative equity has decreased dramatically.Source: Keeping Current Matters 5/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com131320%25%30%35%Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb MarU. S. Percentage of Distressed Property Sales35%21%NAR 4/2013Distressed properties include Short Sales and Foreclosures. The percentage of Distressed Property sales has droppedsignificantly. Foreclosures and short sales tend to drag down prices so this reduction has a positive impact on prices.Source: Keeping Current Matters 5/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com1414USA Foreclosure InventoryRealtyTrac 4/2013Overall, national foreclosure inventory has declined but the following slides will show that some states are doing better thanothers.Source: Keeping Current Matters 5/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com1515USA Foreclosure Inventory Non-JudicialRealtyTrac 4/2013Source: Keeping Current Matters 5/13In non-judicial states such as Virginia, you do not have to go through the court system to do a foreclosures so foreclosureshave happened quickly and these states have been working through their foreclosure inventory and there has been asignificant decline in the number of active foreclosures.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com1616USA Foreclosure Inventory JudicialRealtyTrac 4/2013Source: Keeping Current Matters 5/13In judicial states such as New Jersey, you have to go through the court system to do a foreclosures so foreclosures havebeen backed up in the courts for years and these states have large inventories of foreclosure properties and it will takeseveral more years to work through this inventory.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com1717Foreclosure Inventory by StatePercentage of mortgages that have beenplaced in the process of foreclosure. CoreLogic Foreclosure Report 3/2013Source: Keeping Current Matters 5/13As shown above, Virginia has a low inventory of homes in foreclosures because it is a non-judicial state and has alreadyworked through most of the foreclosures.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com1818Impact of Increasing RatesPrice Rate P&I200,000 3.4 886.96200,000 4.4 1,001.52Monthly Savings $114.56Source: Keeping Current Matters 3/13The interest rate has already jumped up from 3.5% to 4% and it is expected to rise even more this year. This graph showsthe impact of the interest rate on the cost of a house.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com1919What are the Experts Saying?“Americans are as bullish on the housing market as they have been at any timesince before the housing bubble burst several years ago. This surely reflects thestabilization of the housing market, and the fact that home prices are generallyheading up in most parts of the country.” “Gallup data on homeownershipprovide strong support for the idea that the American Dream of owning a homecontinues to be alive and well. The majority of Americans who own a home planon continuing to do so in the future, and most of those who dont own a homeplan on buying one.” (Gallup.com)“If, as the Federal Open Market Committee (FOMC) anticipates, the economicrecovery continues at a moderate pace, with unemployment slowly decliningand inflation expectations remaining near 2 percent, then long-term interestrates would be expected to rise gradually toward more normal levels over thenext several years… (Ben Bernanke of Federal Reserve on interest rates).“It’s quite possible that the next decade might bear a resemblance to the 1960sor ’70s...Homeowners did very well if they bought in 1960 or 1970, locked inlow fixed-rate mortgages and saw the nominal values of their homes soar whiletheir real mortgage balances declined. This could be an auspicious time to buya house…for people who aren’t out to bet on the housing or mortgage marketsbut are instead focused on settling into a home for the long term.” (NY Times)Source: Keeping Current Matters 5/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com2020Greater RichmondHousing MarketNote: All Greater Richmond graphs include the city ofRichmond and the counties of Henrico, Hanover, Chesterfield,Goochland and Powhatan. All data is taken from the CentralVirginia Regional Multiple List Service (CVRMLS)
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com2121Market Indicator #1:The Number of Sales isUp!!!
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com2222Greater Richmond Single Family Closed Sales1273715262 15533 16450 15074126449482 9069 8574 9051 10177408905000100001500020000200220032004200520062007200820092010201120122013(Thru6/3)YearNoofClosedSalesNumber of Single Family House Sales by YearThe number of single sales dropped every year from 2005 to 2010. The number of sales in 2010 was approximately halfof the number of sales in 2005. After 5 straight years of declining sales, the number of sales in 2011 was 5.5% higher than2010 and 2012 sales were 12.5 % higher than 2011 sales. Between 2010 and 2012, sales increased 18.7%.Source: CVRMLS data 6/3/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com2323Single Family Sales By Year and QuarterThe second quarter graphs showsthat 2012 sales were up significantlyfrom 2011. The second quarter of2010 was when the homebuyers taxcredit expired so sales wereartificially high during this time.Source: CVRMLS Data 6/5/13The first Quarter of 2013 is 7% higher than2012 and 26% higher than 2010.Sales in the first quarter were higher thanthe past 5 years.Single Family Sales By Year in First Quarter3161289220881487 16121786 1903 203605001000150020002500300035002006 2007 2008 2009 2010 2011 2012 2013YearNoofClosedFirstQuarterSalesGreater Richmond Single Family Second QuarterSales45673919291025333013265730690100020003000400050002006 2007 2008 2009 2010 2011 2012YearNumberofSales
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com2424Greater Richmond Single Family Third Quarter Salesby Year411134212526 26921999249627720100020003000400050002006 2007 2008 2009 2010 2011 2012YearNumberofClosedSalesThird and Fourth Quarter Sales2012 is 11% higher than 2011.Source: CVRMLS DataSales in the third quarter of 2012were higher than sales for thepast 4 years!! 2012 fourthquarter sales are 10.6%higher than 2011 fourthquarter sales. Note that 2009had a tax credit during thefourth quarter.Greater Richmond Single Family House Sales inFourth Quarter by Year322223621707235718472123234705001000150020002500300035002006 2007 2008 2009 2010 2011 2012YearNumberofSales
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com2525Greater Richmond Condominium/Townhouse Sales17612035175713821154 1093 12011420587050010001500200025002005 2006 2007 2008 2009 2010 2011 2012 2013(Thru6/4/13)YearNumberofCondominiumSalesCondominium Sales in Greater RichmondIn 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!!!Source: CVRMLS data 6/4/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com2626Greater Richmond Second Quarter CondominiumSales by Year601529420324431344 38902004006008002006 2007 2008 2009 2010 2011 2012YearNoofClosedCondominiumSalesCondominium Sales - First and Second QuarterThe first quarter of 2013 had moresales than the first quarter of theprevious 4 years. The second quarterof 2012 had more sales than 2011 or2009 second quarters. There was atax credit which ended in the secondquarter of 2010 so sales wereartificially stimulated.Source: CVRMLS data2013 first quarter sales were 4% higher than2012 sales and 52% higher than 2012 sales..2012 sales were 13% higher than 2011 sales.Greater Richmond First Quarter CondominiumSales by Year428376310190 189242275 28701002003004005002006 2007 2008 2009 2010 2011 2012 2013YearNoofFirstQuarterSales
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com2727Source: CVRMLS data 10/1/12Source: CVRMLS dataGreater Richmond Third Quarter CondminiumSales by Year578499355 34521932539302004006008002006 2007 2008 2009 2010 2011 2012YearNumberofSalesThird quarter sales in 2012 werehigher than third quarter sales of theprevious 4 years!!. The fourth quarterof 2012 had 18% more sales than thefourth quarter of 2011.2012 sales were 21% higher than 2011 sales.2011 sales were 27% higher than 2010 sales.Condominium Sales – Third and Fourth QuartersGreater Richmond Condominium andTownhouse Sales in Fourth Quarter42433923328822528733801002003004005002006 2007 2008 2009 2010 2011 2012YearFourthQuarterSales
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com2828Year Over Year Change in Number of SalesIn the Condominium market,Year over Year number of salesby price point have increased inall price points with dramaticincreases in the higher pricepoints..Source: CVRMLS data 6/3/13In the single family market,Year over Year number ofsales by price point haveincreased in all price pointsNumber of Single Family House Sales in GreaterRichmondPrice 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 GreaterRichmondPrice Range 6/11-5/12 6/12-5/13 Change$0-$250,000 983 1057 7.53%$250,001-$500,000 293 350 19.45%$500,001+ 19 56 194.74%
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com2929Market Indicator #2:Inventory is Down!!!
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com3030Months Market Pricing1-4 Sellers Appreciation5-6 Even The Norm7+ Buyers DepreciationMonths Supply’s Impact on PriceSource: Keeping Current Matters 8/10As shown on the graph, the amount of inventory determines if it is a Sellers or a Buyers market. In mostareas of Richmond, we are now in a Buyer’s market.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com3131Inventory of Single Family Houses By Month0.02.04.06.08.010.012.0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecMonthInventoryofHouses2010201120122013Inventory of Single Family Housesby Month in Greater RichmondThe 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 hascontinued to drop in 2012 and 2013. We are following a nationwide trend of declining inventory. In May 2010, there were7455 houses listed for sale in Greater Richmond and now there are 4045. A normal market is 5-6 months of inventory.Source: CVRMLS data
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com3232Single Family Inventory by Price RangeSource: CVRMLS data 6/3/13The inventory of houses is lowest at the lower price points. As lower priced houses sell, the Sellers will move upto higher priced houses and the inventory of higher priced houses should start going down. There are clearly stillchallenges for Sellers at the higher price points. However, the number of sales at the higher price points isincreasing.Price RangeInventory(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+ 21.5Source: CVRMLS data 6/3/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com3333Inventory By County/City126.96.36.199.34.28.04.70.02.04.06.08.010.0CityofRichmondHenricoHanoverGoochlandChesterfieldPowhatanAllRichmondCountyInventorySingle Family Inventory by CountySource: CVRMLS data 6/3/13The inventory of single family homes in the city of Richmond, Henrico, Hanover and Chesterfield are indicative of anormal market or even a Seller’s market. Areas that are further out (Goochland, Powhatan) have higher inventories andfewer sales and are still Buyer’s markets..
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com3434Inventory of Townhouse/Condominiums by Yearand Month in Greater Richmond0.02.04.06.08.010.012.0JanFebMarAprMayJunJulAugSepOctNovDecMonthMonthsofInventory2010201120122013Inventory of CondominiumsThe inventory of condominiums (determined by the active listing and the sales rate) began dropping in the second half of2011 and has continued to drop in 2012 and 2013. In April 2011, there were 966 active condominium listings in GreaterRichmond and today there are 487.. The inventory in June 2013 is more than 7 months less than in December of 2010.Source: CVRMLS data
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com3535Market Indicator #3:Prices have bottomed outand are rising!!!
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com3636Average 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-06Jul-06Jan-07Jul-07Jan-08Jul-08Jan-09Jul-09Jan-10Jul-10Jan-11Jul-11Jan-12Jul-12Jan-13MonthAverageSalesPriceSingle Family Average Sales Price By MonthThe average sales price in Greater Richmond is rising. Note that the spring peak in prices in 2012 was higher than 2011and the low points during the winter are also higher. We have not yet hit the spring peak of 2013.Source: CVRMLS data 6/3/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com3737Average Price Per Square Foot By Month For ClosedHouse Sales in Greater Richmond$80.00$90.00$100.00$110.00$120.00$130.00$140.00$150.00 Jan-06Jul-06Jan-07Jul-07Jan-08Jul-08Jan-09Jul-09Jan-10Jul-10Jan-11Jul-11Jan-12Jul-12Jan-13MonthPricePerSquareFootForClosedSalesGreater Richmond Single Family PricePer Square Foot by MonthPrice per square foot is a good indication of what is really happening. Note that the spring high in 2013 is already higherthan in 2012 year and the winter low did not occur in 2013..Source: CVRMLS data 6/3/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com3838Greater Richmond Single Family Price Per Square FootFor 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$150200220032004200520062007200820092010201120122013(Thru6/3)YearPricePerSquareFootAverage Price Per Square Foot By Year forSingle Family House Sales in Greater RichmondPrices have started to rise in Greater Richmond with 2013 prices being approximately 3.8% higher than 2012 prices. Witha 25% decrease in prices between 2007 and 2011, prices are still between 2004 and 2005 levels as indicated in the red lineon this graph.Source: CVRMLS data 6/3/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com3939Single Family Year over Year Price ChangeYear over year price change shows that as 2012 and 2013 prices increasing after 4 years of declines. In this graph, the7.9% increase in 2003 is the increase in prices between 2002 and 2003 etc. In 2013, prices are up 3.8%.Source: CVRMLS data 4/3/13Percent Change in Price Per Square Foot FromPrevious Year for Closed Sales in Greater Richmond7.9% 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(Thru6/3)
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com4040Greater Richmond Single FamilyPrice Per Square Foot by Quarter$75.00$85.00$95.00$105.00$115.00$125.00$135.00$145.002007-012007-022007-032007-042008-012008-022008-032008-042009-012009-022009-032009-042010-012010-022010-032010-042011-012011-022011-032011-042012-012012-022012-032012-042013-01QuarterPriceperSquareFoot40Single Family Price Per Square Foot By QuarterFirst QuarterSalesSecond QuarterSalesFourth QuarterSalesThird QuarterSalesSource: CVRMLS dataWhen 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 ishigher than the previous two years. Likewise, the second quarter sales in yellow dropped from 2007 to 2011 and 2012 is equal to 2011. Thethird quarter is in blue and 2012 third quarter 2012 prices are higher than 2011 third quarter prices. The fourth quarter is in green and 2012fourth quarter prices are significantly higher than 2011 fourth quarter prices.Source: CVRMLS data 6/3/13The turn in the market!!!
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com4141Change in Prices Between 2011 and 20126.54%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%CityofRichmondHenricoHanoverGoochlandChesterfieldPowhatan2011 vs 2012 Prices By CountyPrices have risen in some areas between 2011 and 2012 shown in green. But Chesterfield was slightly down andPowhatan still has some challenges.Source: CVRMLS data 1/13/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com4242Monthly Change in PricesChange in Price Per Square Foot in Greater Richmondfrom Previous Year-5.79%4.74%-2.81%-2.24%1.16%3.71%1.64%1.16%3.08%10.46%6.21%2.73%8.74%7.88%8.33%13.42%9.51%-10%-5%0%5%10%15%Jan11-Jan12Feb11-Feb12Mar11-Mar12Apr11-Apr12May11-May12Jun11-Jun12Jul11-Jul12Aug11-Aug12Sep11-Sep12Oct11-Oct12Nov11-Nov12Dec11-Dec12Jan12-Jan13Feb12-Feb13Mar12-Mar13April12-April13May12-May13Month of ComparisonChangeinPricePerSquareFootSource: CVRMLS data 6/3/13This graph shows the change in price per square foot from one month to the same month a year later. For example on theright of the graph, May of 2013 price per square foot was 9.51% higher than in May of 2012. There are a normal monthlyfluctuation but the trend in prices is significantly up.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com4343Condominium Price Per Square FootCondominiums and townhouse are showing a similar trend as single family homes with prices trending up for the pastyear.Source: CVRMLS data 4/3/13Price Per Square Foot For Closed CondominiumSales in Greater Richmond$100.00$110.00$120.00$130.00$140.00$150.00$160.00$170.00Jan-06Jul-06Jan-07Jul-07Jan-08Jul-08Jan-09Jul-09Jan-10Jul-10Jan-11Jul-11Jan-12Jul-12Jan-13MonthPricePerSquareFoot
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com4444Price Per Square Foot for Condominium Sales ByYear$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$160200220032004200520062007200820092010201120122013(Thru6/4/13)YearPriceperSquareFootPrice Per Square Foot for Greater RichmondCondominium Sales By YearThe price per square foot for condominium sales is between 2004 and 2005 levels. But more significantly, pricesin 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
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com4545Year of Year Price Per Square Foot ChangeBy Price RangeIn the single family market, prices have increased inall price points.Source: CVRMLS data 6/4/13In the condominium market, price per square foot isincreasing in the lower and middle price point.Single Family Condominium/TownhousePrice per Square Foot Change in Greater RichmondPrice Range 6/11-5/12 6/12-5/13 Change$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 Changein Greater RichmondPrice Range6/11-5/126/12-5/13Change$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%
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com4646Richmond Real Estate AreasThe Richmond Association ofRealtors (RAR) uses Real estate areasas shown in the graph. The followinganalysis covers areas 10, 20, 22, 24,30, 32, 34, 40, 42, 44, 50, 52, 54, 60,62, 64 and 66 shown on the map.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com4747Active Listings By Area (As of 6/3/13)21180263186124 108198237 220 197 224156437510189348155202010020030040050060010 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 66AreaNumberofActiveSingleFamilyListingsActive Single Family Listings By AreaThe number of active listings by area is shown. Active listings are down significantly over last year. There areapproximately 3560 fewer homes on the market than two years age. Richmond is following a nationwide trend ofdeclining inventory. Inventory varies by area with area 54 having the highest number of homes for sale and Area 20having the lowest.Source: CVRMLS data 6/3/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com4848Average Sales Price By Area For Single Family HouseSales (6/1/12-5/31/13)$239,847$449,541$312,102$414,068$137,281$146,400$332,000$275,667$143,180$107,802$224,769$59,534$164,531$211,466$196,842$239,195$348,578$258,897$235,858$0$100,000$200,000$300,000$400,000$500,000102022243032343640424450525460626466AllRichmondAreaAverageSalesPriceSingle Family Average Sales Price By AreaAverage sales price varies considerably by area with area 20 having the highest and area 50having the lowest.Source: CVRMLS data 6/3/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com4949Average Price Per Square Foot For Single Family HouseClosed Sales By Area (6/1/12-5/31/13)$115.10$181.27$125.93$131.37$75.66$92.48$121.21$114.28$82.30$66.95$109.25$42.50$83.31$93.54$100.19$100.53$112.86$109.99$101.93$0.00$50.00$100.00$150.00$200.00102022243032343640424450525460626466AllRichmondAreaPricePerSquareFootSingle Family Price Per Square Foot By AreaPrice per square foot also varies by Area with Area 20 (West end of the city) having the highestprice per square foot. The average across greater Richmond is $101.93.Source: CVRMLS data 6/3/13
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com5050Supply of Houses by Area in Months4.52.9 3.09.94.43.3 188.8.131.52 184.108.40.206.04.9 5.03.33.98.24.70.02.04.06.08.010.012.0102022243032343640424450525460626466AllRichmondAreaMonthsofSupplyInventory of Single Family HousesAs shown above, the supply of houses varies greatly in Greater Richmond. Generally, the areas that are further out havethe largest supply of houses while those that are closer in have lower inventories of houses. Goochland (Area 24) andPowhatan (Area 66) have the higher supplies of houses at 9.9 and 8.2 months. Area 50 had a lot of foreclosures and it hasa higher inventory at 7.7 months.Source: CVRMLS data 1/30/13Red Line represents a normal market.
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com5151Summary
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com5252Existing Home Sales12,109 US Homes Sell Every Dayand 8,718 Buyers Receive a MortgageNAR 12/2011In spite of the recentdownturn, homeownershipcontinues to be thebest long-terminvestment in theUS!!!Source: Keeping Current Matters
Property of Lacy Williams, Joyner Fine Propertieswww.RichmondHousingToday.com5353Summary• Sales are up• Inventory is down• Prices have started to rise in mostareas.• This is the chance of a lifetime toBUY!!!