Richmond Housing Today October 2013
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Richmond Housing Today October 2013

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Richmond Housing Today October 2013, Lacy Williams

Richmond Housing Today October 2013, Lacy Williams

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Richmond Housing Today October 2013 Richmond Housing Today October 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 October 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 October 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 NAR 8/2013 Sales Started Sustained Recovery September 2011 Prices Started Sustained Recovery June 2012 Inventory Started Sustained Recovery January 2013 National Real Estate Recovery Source: Keeping Current Matters 9/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 55 35.4 17.1 -8.9 59.5 -30 0 30 60 Dow S&P NASDAQ Real Estate January 2000 – August 2013 MSN Money, Case Shiller Return on Investment Source: Keeping Current Matters 9/13 In spite of recent downturns, real estate continues to be the best long term investment.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 66 80 90 100 110 120 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2012 2011 100 = Historically Healthy Level Pending Home Sales NAR 8/2013 Nationwide, pending home sales have been rising for the past 2 ½ years. This is similar to the trend in Richmond. Source: Keeping Current Matters 9/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 77 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 Jul NAR 8/2013 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 9/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 88 4.0 4.3 4.5 4.8 5.0 5.3 Jan Feb Mar Apr May Jun Jul Months Inventory of Homes for Sale NAR 8/2013 5-6 Months = Normal Market Inventory Source: Keeping Current Matters 9/13 Inventory has risen nationwide over the past few months.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 99 2012 3Q 2012 4Q 2013 1Q 2013 2Q Source: Keeping Current Matters 9/13 As shown in these graphs, prices are now rising in all areas of the country.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1010 FHFA State Home Prices (year-over-year) FHFA 2013 2Q HPI ReportSource: Keeping Current Matters 9/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1111 0.6% 1.1% 2.0% 3.6% 4.3% 5.5% 6.8% 8.1% 9.3% 10.2% 12.1% 12.2% 12.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun S&P Case Shiller 8/2013 Year-over-Year Change in Prices Source: Keeping Current Matters 9/13 Nationwide, prices have been rising year over year and the increase has stabilized in recent months.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1212 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 1313 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 1414 Mortgage Rate Projections Analyst Projected Rate 3Q 2014 Fannie Mae 5.0% National Assoc of Realtors 5.1% Freddie Mac 5.1% Mortgage Bankers Assoc 4.9% 7/2013 Source: Keeping Current Matters 9/13 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 1515 Price Money Down Mortgage Interest Rate Payment (P&I) Last Year* $187,800 $37,560 $150,240 3.5% $674.64 This Year* $213,500 $42,700 $170,800 4.5% $865.42 Next Year** $224,175 $44,835 $179,340 5% $962.74 *For the first two examples, we used the NAR’s Existing Home Sales Report to establish median price and Freddie Mac’s Primary Mortgage Market Survey to establish mortgage rate. We also assumed a 20% down payment in all examples. **To establish next year’s pricing, we depended on the over 100 housing experts surveyed for the Home Price Expectation Survey who called for an approximate appreciation rate of 5% over the next twelve months. For the interest rate, we took the average of the projections from the Mortgage Bankers’ Association, Freddie Mac and Fannie Mae. The Cost of Waiting Source: Keeping Current Matters 9/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1616 Zillow 8/2013 3.2 million homeowners have been freed from negative equity in the last twelve months. million additional are expected to be freed in the next twelve months.1.9
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 1717 “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 1818 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 1919 Market Indicator #1: The Number of Sales is Up!!!
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2020 Greater Richmond Single Family Closed Sales 12737 15262 15533 16450 15074 12644 9482 9069 8574 9051 10177 8655 0 5000 10000 15000 20000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (Thru 10/2) 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 10/2/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2121 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 10/2/13 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 2222 Third and Fourth Quarter Sales 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 2012 is 11% higher than 2011. Source: CVRMLS Data 10/2/13 Sales in the third quarter of 2012 were higher than sales for the past 5 years!! 2013 Third quarter sales are 60% higher than 2010 third quarter sales. 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 Third Quarter Sales 4111 3421 2526 2692 1999 2508 2793 3180 0 1000 2000 3000 4000 5000 2006 2007 2008 2009 2010 2011 2012 2013 Year NumberofClosedSales
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2323 Number of Sales By Month Greater Richmond Single Family Sales by Month and Year 300 500 700 900 1100 1300 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Month NumberofSales 2009 2010 2011 2012 2013 As shown above, the number of sales dropped considerable in September but are still higher than last year in September. There is a drop every year in September and we are affected this year by the government budget crisis, the rising interest rate and other factors. Source: CVRMLS Data
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2424 Pending and Closed Sales By Month Pending and Closed Sales By Month 0 200 400 600 800 1000 1200 1400 Jan- 13 Feb- 13 Mar- 13 Apr- 13 May- 13 Jun- 13 Jul- 13 Aug- 13 Sep- 13 Month NoofSales Pending Closed Source: CVRMLS Data 10/2/13 This graph shows the number of pending sales by month in blue and the number of closed sales by month in pink for 2013.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2525 Greater Richmond Condominium/Townhouse Sales 1761 2035 1757 1382 1154 1093 1201 1420 1208 0 500 1000 1500 2000 2500 2005 2006 2007 2008 2009 2010 2011 2012 2013 (Thru 10/2/13) 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!!! It appears that 2013 sales will be even higher. Source: CVRMLS data 10/2/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2626 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 2727 Third Quarter Greater Richmond Condminium Sales 578 499 355 345 219 325 393 446 0 200 400 600 800 2006 2007 2008 2009 2010 2011 2012 2013 Year NumberofSales Source: CVRMLS data 10/2/13 Source: CVRMLS data Third quarter sales in 2012 were higher than third quarter sales of the previous 4 years!!. Third quarter sales in 2013 were 103% higher than third quarter sales in 2010. 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 424 339 233 288 225 287 338 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 2828 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 10/2/13 In the single family market, Year over Year number of sales by price point have increased in all price points with the highest increases at the highest price points. Number of Single Family House Sales in Greater Richmond Price Range 10/11-9/12 10/12-9/13 Change $0-$250,000 6809 7000 2.81% $250,001-$500,000 2607 3337 28.00% $500,001-$750,000 437 594 35.93% $750,001-$1,000,000 99 116 17.17% $1,000,001+ 35 54 54.29% Number of Condominium Sales in Greater Richmond Price Range 10/11- 9/12 10/12- 9/13 Change $0-$250,000 1377 1552 12.71% $250,001-$500,000 290 391 34.83% $500,001+ 28 66 135.71%
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 2929 Market Indicator #2: Inventory is Down!!!
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3030 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 3131 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 (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 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 3232 Single Family Inventory by Price Range Single Family Inventory by Price Point Price Range Inventory (Months) $0-$250,000 4.3 $250,001-$500,000 4.8 $500,001-$750,000 6.5 $750,001-$1,000,000 10.5 $1,000,001+ 15.4 Source: CVRMLS data 10/2/13 The inventory of houses and condominiums is lowest at the lower price points. There are clearly still challenges for Sellers at the higher price points. Houses in the higher price points must be competitively priced to sell. Condominium Inventory By Price Point Price Range Inventory (Months) $0-$250,000 3.7 $250,001-$500,000 3.2 $500,001+ 6.9
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3333 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.. Inventory of Single Family Houses in Greater Richmond (October 2013) 4.7 3.9 5.4 9.4 4.8 7.2 4.7 0.0 2.0 4.0 6.0 8.0 10.0 Richm ond Henrico Hanover G oochland Chesterfield Powhatan AllRichm ond Area Inventory(Months)
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3434 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 M ar Apr M ay Jun Jul Aug Sep O ct 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 479. The inventory in August 2013 is more than 7 months less than in December of 2010. Source: CVRMLS data
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3535 Market Indicator #3: Prices have bottomed out and are rising!!!
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3636 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. There is a great deal of variation by month as high price sales can influence the average sale price. Source: CVRMLS data 10/2/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3737 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 trend is definitely upward. Source: CVRMLS data 10/2/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3838 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 $113.43 $80 $90 $100 $110 $120 $130 $140 $150 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (Thru 10/2) Year PricePerSquareFoot Average Price Per Square Foot for Single Family House Sales Greater Richmond 2013 prices are 6.9% 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 10/2/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 3939 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% 6.9% -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 10/2) 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 6.9%. Source: CVRMLS data 10/2/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4040 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 2013-03 Quarter PriceperSquareFoot 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 and 2013 is a huge increase from 2012.. The third quarter is in blue and 2013 third quarter prices are significantly higher than 2012 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 10/2/13 The turn in the market!!!
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4141 2011 vs 2012 Prices By County Prices have risen year over year in all areas with dramatic rises in the city of Richmond. Change in Single Family Price Per Square Foot Between 10/11-9/12 and 10/12-9/13 14.16% 6.16% 4.09% 7.29% 6.02% 5.53% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% R ichm ond H enrico H anover G oochland C hesterfield Pow hatan Area ChangeinPricePer SquareFoot Source: CVRMLS data 10/2/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4242 Monthly Change in Prices Source: CVRMLS data 10/2/13 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 7.45% 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% 3.17% 7.45% 9.70% 5.18% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 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 Aug12-Aug13 Sep12-Sep13 Change in Price Per Square Foot
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4343 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 10/2/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4444 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 $130.26 $70 $80 $90 $100 $110 $120 $130 $140 $150 $160 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (Thru 10/2/13) 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 7.5% 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 10/2/13
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4545 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 10/2/13 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 10/11- 9/12 10/12- 9/13 Change $0-$250,000 $86.31 $91.89 6.47% $250,001-$500,000 $121.74 $126.64 4.02% $500,001-$750,000 $149.49 $157.69 5.49% $750,001-$1,000,000 $177.74 $182.65 2.76% $1,000,001+ $227.90 $227.67 -0.10% Condominium Price per Square Foot Change in Greater Richmond Price Range 10/11- 9/12 10/12- 9/13 Change $0-$250,000 $117.86 $126.08 6.97% $250,001- $500,000 $150.70 $155.49 3.18% $500,001+ $195.39 $193.57 -0.93%
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 4646 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 4747 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 4848 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 4949 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 5050 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 5151 Summary
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 5252 Reasons to Hire a Real Estate Professional5 They help with all disclosures and paperwork necessary in today’s heavily regulated environment. They are well educated in and experienced with the entire sales process. They act as a ‘buffer’ in negotiations with all parties throughout the entire transaction. They help understand today’s real estate values when setting the price on a listing or on an offer to purchase. They simply and effectively explain today’s real estate headlines and decipher what they mean to you.
  • Property of Lacy Williams, Joyner Fine Properties www.RichmondHousingToday.com 5353 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 5454 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!!