Richmond Housing Today August 2013
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Richmond Housing Today August 2013 Richmond Housing Today August 2013 Presentation Transcript

  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 11 The Greater Richmond Real Estate Market Lacy Williams Joyner Fine Properties August 2013
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 22 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.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 33 The National Market
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 44 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.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 55 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. Source: Keeping Current Matters 8/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 66 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. Source: Keeping Current Matters 8/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 77 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 Source: Keeping Current Matters 8/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 88 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 Source: Keeping Current Matters 8/13 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.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 99 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. Source: Keeping Current Matters 8/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1010 “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 Source: Keeping Current Matters 8/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1111 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)
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1212 Market Indicator #1: The Number of Sales is Up!!!
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1313 Greater Richmond Single Family Closed Sales 12737 15262 15533 16450 15074 12644 9482 9069 8574 9051 10177 6773 0 5000 10000 15000 20000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (Thru 8/9) Year NoofClosedSales 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
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1414 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 3161 2892 2088 1487 1612 1801 1924 2057 0 500 1000 1500 2000 2500 3000 3500 2006 2007 2008 2009 2010 2011 2012 2013 Year NoofClosedFirst QuarterSales Greater Richmond Singld Family Sales for Second Quarter 4567 3919 2910 2533 3013 2657 3069 3387 0 1000 2000 3000 4000 5000 2006 2007 2008 2009 2010 2011 2012 2013 Year NoofClosedSales
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1515 Greater Richmond Single Family Third Quarter Sales by Year 4111 3421 2526 2692 1999 2496 2772 0 1000 2000 3000 4000 5000 2006 2007 2008 2009 2010 2011 2012 Year NumberofClosed Sales Third 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 2357 1847 2123 2347 0 500 1000 1500 2000 2500 3000 3500 2006 2007 2008 2009 2010 2011 2012 Year NumberofSales
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1616 Greater Richmond Condominium/Townhouse Sales 1761 2035 1757 1382 1154 1093 1201 1420 947 0 500 1000 1500 2000 2500 2005 2006 2007 2008 2009 2010 2011 2012 2013 (Thru 8/8/13) Year NumberofCondominium Sales 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!!! Source: CVRMLS data 8/9/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1717 Condominium Sales - First and Second Quarter Greater Richmond First Quarter Condominium Sales by Year 428 376 310 190 189 242 275 294 0 100 200 300 400 500 2006 2007 2008 2009 2010 2011 2012 2013 Year NoofFirstQuarter Sales 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 601 529 420 324 431 344 402 456 0 100 200 300 400 500 600 700 2006 2007 2008 2009 2010 2011 2012 2013 Year NumberofClosed CondominiumSales
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1818 Source: CVRMLS data 10/1/12 Source: CVRMLS data Greater Richmond Third Quarter Condminium Sales by Year 578 499 355 345 219 325 393 0 200 400 600 800 2006 2007 2008 2009 2010 2011 2012 Year NumberofSales 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. 2012 sales were 21% higher than 2011 sales. 2011 sales were 27% higher than 2010 sales. Condominium Sales – Third and Fourth Quarters Greater Richmond Condominium and Townhouse Sales in Fourth Quarter 424 339 233 288 225 287 338 0 100 200 300 400 500 2006 2007 2008 2009 2010 2011 2012 Year FourthQuarterSales
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1919 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.. Source: CVRMLS data 8/26/13 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%
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2020 Market Indicator #2: Inventory is Down!!!
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2121 Months Market Pricing 1-4 Sellers Appreciation 5-6 Even The Norm 7+ Buyers Depreciation Months Supply’s Impact on Price Source: Keeping Current Matters 8/10 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.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2222 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 InventoryofHouses 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
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2323 Single Family Inventory by Price Range Source: CVRMLS data 8/26/13 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
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2424 Inventory of Single Family Houses in Greater Richmond (August 2013) 4.4 4.0 5.7 9.8 4.8 7.2 4.7 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Cityof Richmond Henrico Hanover Goochland Chesterfield Powhatan All Richmond Area Inventory(Months) Single Family Inventory by Area Source: CVRMLS data 8/26/13 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..
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2525 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 Apr May Jun Jul Aug Sep Oct Nov Dec Month MonthsofInventory 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 512.. The inventory in August 2013 is more than 6 months less than in December of 2010. Source: CVRMLS data
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2626 Market Indicator #3: Prices have bottomed out and are rising!!!
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2727 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-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Month AverageSalesPrice 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. Source: CVRMLS data 8/7/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2828 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-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Month PricePerSquareFootFor ClosedSales 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.. Source: CVRMLS data 8/26/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2929 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 PricePerSquareFoot 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. Source: CVRMLS data 8/9/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3030 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 (Thru 8/9) 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%. Source: CVRMLS data 8/26/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3131 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 PriceperSquareFoot 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. Source: CVRMLS data 8/26/13 The turn in the market!!!
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3232 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% Cityof Richmond Henrico Hanover Goochland Chesterfield Powhatan Area ChangeinPricePer SquareFoot 2011 vs 2012 Prices By County Prices have risen year over year in all areas with dramatic rises in the city of Richmond. Source: CVRMLS data 8/26/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3333 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% -2.81% -2.24% 1.16% 3.71% 1.64% 1.16% 3.08% 10.46% 6.21% 2.73% 8.74% 7.88% 8.33% 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% Jan11-Jan12 Feb11-Feb12 Mar11-Mar12 Apr11-Apr12 May11-May12 Jun11-Jun12 Jul11-Jul12 Aug11-Aug12 Sep11-Sep12 Oct11-Oct12 Nov11-Nov12 Dec11-Dec12 Jan12-Jan13 Feb12-Feb13 Mar12-Mar13 April12-April13 May12-May13 Jun12-Jun13 Jul12-Jul13 Change in Price Per Square Foot
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3434 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-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Month PricePerSquareFoot 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. Source: CVRMLS data 8/9/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3535 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 PriceperSquareFoot 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. Source: CVRMLS data 8/8/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3636 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.. Source: CVRMLS data 8/26/13 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 Chang e $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%
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3737 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.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3838 Active Listings By Area (As of 8/26/13) 220 61 251 187 125 132 247 261 195 200 269 145 444 552 203 428 157 201 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 NumberofActiveSingle FamilyListings 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. Source: CVRMLS data 8/26/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3939 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 $228,475 $60,445 $168,980 $210,845 $202,469 $243,078 $354,985 $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 AllRichmond Area AverageSalesPrice 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 Source: CVRMLS data 8/26/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4040 Average Price Per Square Foot For Single Family House Closed Sales By Area (8/1/12-7/31/13) $119.21 $184.34 $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 66 AllRichmond Area PricePerSquareFoot 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. Source: CVRMLS data 8/26/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4141 Supply of Houses by Area in Months 4.5 2.1 2.8 9.8 4.0 4.0 3.5 6.1 5.5 6.7 5.4 7.1 5.8 5.3 4.9 4.0 3.8 7.2 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 AllRichmond Area MonthsofSupply 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 9.8 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. Source: CVRMLS data 8/26/13 Red Line represents a normal market.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4242 Summary
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4343 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
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4444 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!!