This is a report on the National economy, the National Real Estate market and the Greater Richmond Real Estate Market produced by Lacy Williams, Associate Broker at Joyner Fine Properties

1. Slides Produced by Lacy Williams, Joyner Fine Properties
The Greater Richmond Real
Estate Market
Lacy Williams
Joyner Fine Properties
February 2019
11

2. Slides Produced by Lacy Williams, Joyner Fine Properties
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 Lacy
Williams of Joyner Fine Properties using the Central Virginia
Regional Multiple Listing Service (CVRMLS) data. Data was
extracted in January 2019 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

3. Slides Produced by Lacy Williams, Joyner Fine Properties
National
Economic Data
33

4. Slides Produced by Lacy Williams, Joyner Fine Properties
Gross Domestic Product
44Source: Statistica.com 1/15/19
1.00%
0.49%
1.50%
2.30%
1.90% 1.80% 1.70%
3.00%
2.80%
2.30% 2.20%
4.20%
3.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
15-Q3
15-Q4
16-Q1
16-Q2
16-Q3
16-Q4
17-Q1
17-Q2
17-Q3
17-Q4
18-Q1
18-Q2
18-Q3
GDPGrowth
Year and Quarter
GDP Growth By
Quarter

5. Slides Produced by Lacy Williams, Joyner Fine Properties
Labor Force Participation Rate
55

6. Slides Produced by Lacy Williams, Joyner Fine Properties
5 year Labor Force Participation Rate
66

7. Slides Produced by Lacy Williams, Joyner Fine Properties
Rental Growth Slowing
77Source: National Association of Realtors 11/18

8. Slides Produced by Lacy Williams, Joyner Fine Properties
Homeownership Rate
88Source: Tradingeconomics.com 1/19

9. Slides Produced by Lacy Williams, Joyner Fine Properties
Jobs, Jobs, Jobs
99Source: BLS 1/19

10. Slides Produced by Lacy Williams, Joyner Fine Properties
1010
Real Estate Wealth Rising
Source: National Association of Realtors 11/18

11. Slides Produced by Lacy Williams, Joyner Fine Properties
“People have more equity now than they did at
the height of the housing bubble, partly because
of climbing prices and partly because people are
staying in their homes longer, which gives them
more time to appreciate.
At the same time, we haven’t seen people
borrowing as much from their home equity as
they did in the past.”
Joe Mellman
Spokesman at TransUnion
Source: NAR 8/18

12. Slides Produced by Lacy Williams, Joyner Fine Properties
Number of Sales
1212

13. Slides Produced by Lacy Williams, Joyner Fine Properties
Existing Home Sales Since 2016
1313Source: National Association of Realtors 11/18

14. Slides Produced by Lacy Williams, Joyner Fine Properties
Existing Home Sales Since 2009
1414Source: National Association of Realtors 11/18

15. Slides Produced by Lacy Williams, Joyner Fine Properties
New Home Sales Since 2016
1515Source: National Association of Realtors 11/18

16. Slides Produced by Lacy Williams, Joyner Fine Properties
New Home Sales Since 2009
1616Source: National Association of Realtors 11/18

17. Slides Produced by Lacy Williams, Joyner Fine Properties
2017 Vs 2018
1717Source: National Association of Realtors 11/18

18. Slides Produced by Lacy Williams, Joyner Fine Properties
Forecast for Home Sales
1818Source: National Association of Realtors 11/18

19. Slides Produced by Lacy Williams, Joyner Fine Properties
Inventory
1919

20. Slides Produced by Lacy Williams, Joyner Fine Properties
Inventory
2020Source: National Association of Realtors 11/18

21. Slides Produced by Lacy Williams, Joyner Fine Properties
3.2
3.4 3.4
3.6
4.0
4.1
4.3 4.3 4.3
4.4
4.3
3.9
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
NAR 1/2019
Months Inventory of Homes For Sale
Last 12 Months
Source: Keeping Current Matters 1/19

22. Slides Produced by Lacy Williams, Joyner Fine Properties
1985 1987 1989 1991 1993 1995 1997 2000 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
NAR
Actual Years
Tenure In Home
5
6 6
7 7
8
9
10 10
9
1985-2008 Average Tenure was 6 Years
2008-2017 Average
Tenure was 9 Years
Pent-Up
Seller
Demand
Source: Keeping Current Matters 2/19

23. Slides Produced by Lacy Williams, Joyner Fine Properties
Lawrence Yun
Chief Economist NAR
“It’s important to note that despite the
modest year-over-year rise in inventory, the
current level is far from what’s needed to
satisfy demand levels.
Furthermore, it remains to be seen if this
modest increase will stick, given the fact that
the robust economy is bringing more
interested buyers into the market, and new
home construction is failing to keep up.”
Source: Keeping Current Matters 8/18

24. Slides Produced by Lacy Williams, Joyner Fine Properties
Peter Muoio
Chief Economist, Auction.Com
“Inventory should remain the
most important housing market
trend in 2018. With homeownership
tenure on the rise and homebuilders
facing challenges with construction costs,
even an uptick in inventory will not provide
much relief to the current shortage.”
Source: Keeping Current Matters 3/18

25. Slides Produced by Lacy Williams, Joyner Fine Properties
How to Boost Home Construction?
2525Source: National Association of Realtors 11/18

26. Slides Produced by Lacy Williams, Joyner Fine Properties
Raise Local Awareness of Housing Shortage
2626Source: National Association of Realtors 11/18

27. Slides Produced by Lacy Williams, Joyner Fine Properties
Forecast for Single Family Home Starts
2727Source: National Association of Realtors 11/18

28. Slides Produced by Lacy Williams, Joyner Fine Properties
2828
Prices

29. Slides Produced by Lacy Williams, Joyner Fine Properties
2929Source: National Association of Realtors 11/18
Prices

30. Slides Produced by Lacy Williams, Joyner Fine Properties
CoreLogic
Year-Over-Year Change in Price
Source: Keeping Current Matters 1/19

31. Slides Produced by Lacy Williams, Joyner Fine Properties
Where Are People Moving To?
3131
Highest Inbound States:
1. Vermont
2. Oregon
3. Idaho
4. Nevada
5. Arizona
6. South Carolina
7. Washington
8. North Carolina
9. South Dakota
10. District of Columbia
Highest Outbound States
1. New Jersey
2. Illinois
3. Connecticut
4. New York
5. Kansas
6. Ohio
7. Massachusetts
8. Iowa
9. Montana
10. Michigan
Source: United Van Lines 1/19

32. Slides Produced by Lacy Williams, Joyner Fine Properties
Source 2018 2019 2020 2021 2022
HPES +5.8 +3.8 +2.5 +2.5 +3.3
Zelman & Assoc. +4.7 +3.5 +3.2 N/A N/A
MBA +6.3 +4.5 +3 +1.9 N/A
Freddie Mac +5.1 +4.3 +2.9 N/A N/A
NAR +4.7 +3.8 +3 N/A N/A
Fannie Mae +5.4 +2.5 +2.8 N/A N/A
Projected Home Price % Appreciation
Source: Keeping Current Matters 1/19

33. Slides Produced by Lacy Williams, Joyner Fine Properties
CoreLogic
Forecasted Year-Over-Year % Change in
Price
Source: Keeping Current Matters 1/19

34. Slides Produced by Lacy Williams, Joyner Fine Properties
9.4%
8.4%
7.2%
5.9%
Low Price Low-to-Middle Middle-to-Moderate High Price CoreLogic
Year-Over-Year Change in Price
by Price Range
Source: Keeping Current Matters 1/19

35. Slides Produced by Lacy Williams, Joyner Fine Properties
52%
41%
36%
28%
Low Price Low-to-Middle Middle-to-Moderate High Price
5-Year Change in Price
by Price Range
CoreLogic Home Price Index
May 2013 – May 2018
Source: Keeping Current Matters 8/18

36. Slides Produced by Lacy Williams, Joyner Fine Properties
Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018
Source: Keeping Current Matters 8/18
Percentage of Distressed Property Sales35%
January 2012 - Today 3%
4%
NAR 8/2018
35%
Source: Keeping Current Matters 1/19

37. Slides Produced by Lacy Williams, Joyner Fine Properties
The Interest Rate
3737

38. Slides Produced by Lacy Williams, Joyner Fine Properties
Federal Reserve
3838Source: National Association of Realtors 11/18
11 increases since January 17

39. Slides Produced by Lacy Williams, Joyner Fine Properties
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

40. Slides Produced by Lacy Williams, Joyner Fine Properties
Mortgage Rate Projections
1/2019
Quarter
Freddie
Mac
Fannie
Mae
MBA NAR
Average
of All Four
2019 1Q 4.9 4.8 4.8 4.7 4.80
2019 2Q 5.0 4.8 4.9 4.8 4.88
2019 3Q 5.2 4.8 5.0 4.9 4.98
2019 4Q 5.3 4.8 5.0 5.0 5.03
Source: Keeping Current Matters 1/19

41. Slides Produced by Lacy Williams, Joyner Fine Properties
Cost of Living By State
4141
Source: Keeping Current Matters 8/18

42. Slides Produced by Lacy Williams, Joyner Fine Properties
BUYER SLIDES
4242

43. Slides Produced by Lacy Williams, Joyner Fine Properties
Average Wealth Gain
4343Source: National Association of Realtors 11/18

44. Slides Produced by Lacy Williams, Joyner Fine Properties
Wealth Homeowners Vs Renters
4444Source: National Association of Realtors 11/18
2000 20182016

45. Slides Produced by Lacy Williams, Joyner Fine Properties
Offer Vs Asking Price
4545Source: National Association of Realtors 11/18

46. Slides Produced by Lacy Williams, Joyner Fine Properties
Multi-Generational Housing
4646Source: National Association of Realtors 11/18

47. Slides Produced by Lacy Williams, Joyner Fine Properties
Greater Richmond
Housing Market
4747
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)

48. Slides Produced by Lacy Williams, Joyner Fine Properties
Market Indicator #1:
Sales
4848

49. Slides Produced by Lacy Williams, Joyner Fine Properties
12737
15262
15533
16450
15074
12644
9482
9069
8574
9051
10177
10545
11400
12841
13338
14821
14386
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
NoofSingleFamilySales
Year
Single Family Sales By Year
Single Family Sales By Year
Source: CVRMLS data 1/15/19
2018 sales were down 3% from 2017 and up 68% from 2010!

50. Slides Produced by Lacy Williams, Joyner Fine Properties
0
200
400
600
800
1000
1200
1400
1600
1800
2000
1 2 3 4 5 6 7 8 9 10 11 12
NoOfSales
Month
Sales By Month and Year
2016 2017 2018 2019
Number of Single Family House Sales by Month
5050
Source: CVRMLS data 2/5/19

51. Slides Produced by Lacy Williams, Joyner Fine Properties
Year Over Year Change in Number of Sales
5151
Greater Richmond Year Over Year Single Family Sales By Price
Range
Source: CVRMLS 1/17/19
Price Range 2017 2018 Change
$0-$249 7165 6348 -11.40%
$250-$499 5916 6503 9.92%
$500-$749 1088 1121 3.03%
$750-$999 202 228 12.87%
$1000+ 102 104 1.96%

52. Slides Produced by Lacy Williams, Joyner Fine Properties
Year Over Year Change in Number of Sales
5252
Greater Richmond Year Over Year Single Family Sales By Price
Range
Source: CVRMLS 1/17/19
Price Range 2017 2018 Change % of Total
$0-$249 7165 6348 -11.40% 49.51%
$250-$499 5916 6503 9.92% 40.88%
$500-$749 1088 1121 3.03% 7.52%
$750-$999 202 228 12.87% 1.40%
$1000+ 102 104 1.96% 0.70%

53. Slides Produced by Lacy Williams, Joyner Fine Properties
Total $ Volume of Greater Richmond
Single Family Sales
5353
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
$VolumeSold(inMillions)
Year
Total $ Volume of Houses Sold By Year (in millions)
Source: CVRMLS 2/22/19

54. Slides Produced by Lacy Williams, Joyner Fine Properties
914
1147
1383
1761
2035
1757
1382
11541093
1201
1420
16231587
1844
2019
23412394
0
500
1000
1500
2000
2500
3000
NumberofSales
Year
Greater Richmond Condominium Sales By Year
Condominium Sales in Greater Richmond
5454
Source: CVRMLS data 1/15/19
2018 Condo sales were 5% higher than 2017 and 17.6% Higher than 2006
And 119% higher than in 2010!

55. Slides Produced by Lacy Williams, Joyner Fine Properties
Year Over Year Change in Number of Sales
5555
Greater Richmond Year Over Year Condominium.
Townhouse Sales By Price Range
Price Range 2017 2018 Change
0-$249 1394 1355 -2.8%
$250-$499 833 884 6.1%
$500+ 103 148 43.7%
Source: CVRMLS 1/17/19

56. Slides Produced by Lacy Williams, Joyner Fine Properties
Year Over Year Change in Number of Sales
5656
Greater Richmond Year Over Year Condominium.
Townhouse Sales By Price Range
Price Range 2017 2018 Change
% Of
Total
0-$249 1394 1355 -2.8% 59.8%
$250-$499 833 884 6.1% 35.8%
$500+ 103 148 43.7% 4.4%
Source: CVRMLS 1/17/19

57. Slides Produced by Lacy Williams, Joyner Fine Properties
New Home Sales
5757
Source: HBAR 2/18/19

58. Slides Produced by Lacy Williams, Joyner Fine Properties
New Home Sales
5858
Source: HBAR 2/18/19

59. Slides Produced by Lacy Williams, Joyner Fine Properties
Top Builders in Richmond
5959
Rank Developer No of Closings Volume
Average
Price
1 Ryan Homes 953 $324,170,255 $340,158
2 HHHunt Homes 391 $159,745,324 $408,556
3 Main Street Homes 230 $99,722,562 $433,576
4 Style Craft Homes 230 $61,617,116 $267,901
5 Eagle Construction 181 $95,182,272 $525,869
6 Stanley Martin Homes 105 $45,680,292 $435,050
7 RCI Builders 101 $41,819,586 $414,055
8 Eastwood Homes 92 $34,813,229 $378,405
9 Craftmaster Homes 81 $33,204,593 $409,933
10 Gumenick Properties 65
Source: HBAR 2/18/19

60. Slides Produced by Lacy Williams, Joyner Fine Properties
Market Indicator #2:
Inventory is Low!!!
6060

61. Slides Produced by Lacy Williams, Joyner Fine Properties
Inventory of Single Family Houses
by Price Range in Greater Richmond
6161
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 seven years.
Source: CVRMLS
data 1/17/19
Inventory By Price Range
0-$249 1.0
$250-$499 2.1
$500-$749 3.7
$750-$999 5.4
$1000+ 6.1
Greater Richmond 1.9

62. Slides Produced by Lacy Williams, Joyner Fine Properties
Single Family Inventory by Area
6262
Source: CVRMLS data 1/17/19
1.5 1.6
2.0
2.3
2.6
3.7
1.9
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
MonthsOfInventory
Area
Inventory

63. Slides Produced by Lacy Williams, Joyner Fine Properties
6363
Townhouse/Condominium Inventory
The inventory of townhouses and condominiums started dropping in the second half of 2011 and continued to drop for 7
years.
Source: CVRMLS data 1/17/19
Inventory By Price Range
(Months)
Price Range Inventory
0-$249 1.1
$250-$499 3.0
$500+ 3.9
Greater
Richmond 1.8

64. Slides Produced by Lacy Williams, Joyner Fine Properties
Active Listings By Month
6464
2673 2685.0
2943.0 2902.0 2857.0 2803 2707
2258 2137
0
500
1000
1500
2000
2500
3000
3500
18-06 18-07 18-08 18-09 18-10 18-11 18-12 19-01 19-02
NoofActiveListings
Month
Greater Richmond Single Family Active Listings
Source: CVRMLS data

65. Slides Produced by Lacy Williams, Joyner Fine Properties
Market Indicator #3:
Prices are rising!!!
6565

66. Slides Produced by Lacy Williams, Joyner Fine Properties
6666
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 1/15/19
$150,000
$170,000
$190,000
$210,000
$230,000
$250,000
$270,000
$290,000
$310,000
$330,000
Jan-06
Jun-06
Nov-06
Apr-07
Sep-07
Feb-08
Jul-08
Dec-08
May-09
Oct-09
Mar-10
Aug-10
Jan-11
Jun-11
Nov-11
Apr-12
Sep-12
Feb-13
Jul-13
Dec-13
May-14
Oct-14
Mar-15
Aug-15
Jan-16
Jun-16
Nov-16
Apr-17
Sep-17
Feb-18
Jul-18
Dec-18
AverageSalesPrice
Month
Average Monthly Sales Price

67. Slides Produced by Lacy Williams, Joyner Fine Properties
Single Family Price Per Square Foot
6767
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 1/15/19
$80.00
$90.00
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00
Jan-06
Jun-06
Nov-06
Apr-07
Sep-07
Feb-08
Jul-08
Dec-08
May-09
Oct-09
Mar-10
Aug-10
Jan-11
Jun-11
Nov-11
Apr-12
Sep-12
Feb-13
Jul-13
Dec-13
May-14
Oct-14
Mar-15
Aug-15
Jan-16
Jun-16
Nov-16
Apr-17
Sep-17
Feb-18
Jul-18
Dec-18
PricePerSqFt
Month
Greater Richmond Single Family Price Per Square
Foot

68. Slides Produced by Lacy Williams, Joyner Fine Properties
$92.37
$99.65
$107.61
$123.38
$135.82
$139.64
$132.43
$117.82
$112.23
$104.98
$106.16
$113.02
$115.19
$120.55
$126.08
$132.71
$138.38
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PricePerSquareFoot
Year
Greater Richmond Single Family Price/Sq/Ft by Year
Single Family Average Yearly Prices
Source: CVRMLS data 1/15/19

69. Slides Produced by Lacy Williams, Joyner Fine Properties
$92.37
$99.65
$107.61
$123.38
$135.82
$139.64
$132.43
$117.82
$112.23
$104.98
$106.16
$113.02
$115.19
$120.55
$126.08
$132.71
$138.38
$80.00
$90.00
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00
PricePerSquareFoot
Year
Greater Richmond Single Family Price/Sq/Ft by
Year
Single Family Average Yearly Prices
Source: CVRMLS data 1/15/19

70. Slides Produced by Lacy Williams, Joyner Fine Properties
7.88%
7.99%
14.65%
10.08%
2.81%
-5.16%
-11.03%
-4.74%
-6.46%
1.12%
6.46%
1.92%
4.65%
4.59%
5.26%
4.27%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
%ChangeFromPreviousYear
Price Change From Previous Year
Single Family Year over Year Price Change
7070
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.
Source: CVRMLS data 1/15/18

71. Slides Produced by Lacy Williams, Joyner Fine Properties
Change in Price by Price Range
Price Range 2017 2018 Change
0-$249 $112.39 $119.18 6.05%
$250-$499 $133.06 $137.36 3.23%
$500-$749 $161.01 $158.71 -1.43%
$750-$999 $184.03 $190.82 3.69%
$1000+ $247.82 $224.67 -9.34%
7171
Source: CVRMLS data 1/15/18

72. Slides Produced by Lacy Williams, Joyner Fine Properties
$91
$100
$113
$133
$149 $154 $153
$136 $132
$119 $121
$130
$139 $137 $140
$149
$157
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PricePerSquareFoot
Year
Greater Richmond Condominium Townhouse
Prices
Condominium/Townhouse Prices
7272 Source: CVRMLS data2018 Condo Prices up 5% from 2017!

73. Slides Produced by Lacy Williams, Joyner Fine Properties
Condominium Townhouse Prices By Year
7373
$91
$100
$113
$133
$149
$154$153
$136
$132
$119$121
$130
$139$137$140
$149
$157
$80
$90
$100
$110
$120
$130
$140
$150
$160
$170
20022003200420052006200720082009201020112012201320142015201620172018
PricePerSquareFoot
Year
Greater Richmond Condominium Townhouse
Prices
Source: CVRMLS data

74. Slides Produced by Lacy Williams, Joyner Fine Properties
Richmond Real Estate Areas
7474
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.

75. Slides Produced by Lacy Williams, Joyner Fine Properties
Active Listings 1/17/19
7575Source: CVRMLS data 1/17/19
117
21
106 110
94
47
154
164
107
65
122
54
226
324
44
316
92
109
0
50
100
150
200
250
300
350
10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 66
NoofActiveListings1/17/19
Area
Active Listings By Area

76. Slides Produced by Lacy Williams, Joyner Fine Properties
Single Family Greater Richmond
Sales Price by Area
7676
Average sales price varies considerably by area with area 20 having the highest and area 50 having the
lowest.
Source: CVRMLS data 1/18/19
$314,048
$576,497
$374,040
$489,943
$234,987
$204,252
$382,730
$349,914
$206,487
$162,990
$299,468
$110,921
$236,455
$271,935
$254,795
$324,297
$388,423
$328,085
$303,471
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
AverageSalesPrice
Area
Greater Richmond Single Family 2018 Average Sales
Price By Area

77. Slides Produced by Lacy Williams, Joyner Fine Properties
Greater Richmond 2018 Single Family Price per
Square Foot
7777
Source: CVRMLS data 1/18/19
$179.25
$233.49
$158.96
$167.22
$131.13
$127.82
$148.29
$141.55
$116.86
$108.08
$135.44
$85.92
$114.56
$122.16
$139.23
$131.51
$136.48
$143.27
$138.38
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
PricePerSqFt
Area
Greater Richmond Single Family 2018 Prices

78. Slides Produced by Lacy Williams, Joyner Fine Properties
Inventory By Area
7878
Source: CVRMLS data 1/18/19
1.8
0.8
1.1
3.7
2.2
1.1
1.8
2.7
2.2
1.8 1.9 1.9 1.9
2.1
0.7
2.1
1.9
2.6
1.9
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
MonthsofInventory
Area
Single Family Inventory By Area 1/18/19

79. Slides Produced by Lacy Williams, Joyner Fine Properties
2018 Sales Price/List Price Ratio
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Source: CVRMLS data 2/15/19
99.8%
100.1%
99.7%
99.0%
98.8%
100.1%
99.7%
98.8%
99.5%
99.3%
99.9%
98.9%
99.9%
99.9%
100.6%
99.9%
99.4%
99.8%
99.5%
97.5%
98.0%
98.5%
99.0%
99.5%
100.0%
100.5%
101.0%
List/SalesPriceRatio
Area
Single Family List/Sales Price Ratio

80. Slides Produced by Lacy Williams, Joyner Fine Properties
The Odds of Selling in Greater Richmond
8080Source: CVRMLS 1/21/19
76.6%
88.6%
81.3%
62.9%
70.3%
89.8%
73.3%
71.5%
76.4%
84.3%
74.2%
77.8%
75.2%
73.1%
84.0%
71.1%
72.3%
70.0%
75.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
TheOddsofSellingin2018
Area
The Odds of Selling Your House in 2018

81. Slides Produced by Lacy Williams, Joyner Fine Properties
Summary
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82. Slides Produced by Lacy Williams, Joyner Fine Properties
NAR Economic Summary
• Good Economy
• Job additions for 90 straight months
• 304,000 jobs added in January (during
Government shutdown)
• Unemployment rate 3.9%
• High stock market
• High Net Worth
• Wages increasing
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Source: NAR 11/18

83. Slides Produced by Lacy Williams, Joyner Fine Properties
Sam Khater
VP & Chief Economist of Freddie Mac
“The slowdown in home sales and home
prices in 2018 was concentrated on the high
end of the market and along the more
expensive coastal and formerly hot markets.
While interior housing markets exhibited a
slowdown, it was milder than the slowdown
in coastal markets.”

84. Slides Produced by Lacy Williams, Joyner Fine Properties
Greater Richmond Summary
• Sales are Stable
• Inventory is low Single Family 1.9 mo.
• Prices are rising Single Family up 4.2%-
22% over past 5 years
• The interest rate is rising
• All of these trends are expected to
continue.
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85. Slides Produced by Lacy Williams, Joyner Fine Properties
Inventory Imbalance
• Extreme shortage of houses at lower price points.
• More Buyers at lower price points.
• People are staying in their houses longer- not moving from
smaller house to larger house.
• City living and walkable neighborhoods more desirable. Little
ability to build in these areas.
• Rising construction costs and rising lot costs make new home
construction very difficult at lower price points.
• Low margins for builders at lower price points.
• Increasing regulations and building codes.
• NIMBY mentality (Not in my back yard)
• Localities really need to look at density to fix this. Smaller
houses, smaller lots.
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86. Slides Produced by Lacy Williams, Joyner Fine Properties
Housing Recession? I Don’t Think So!!
• Booming economy
• Labor force participation rate increasing
• Homeownership rate increasing
• Healthy rate of growth since 2012
• Normal lending practices
• Traditional investors
• Stock market can dip without affecting the
housing market.
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87. Slides Produced by Lacy Williams, Joyner Fine Properties
Questions?
LacyW@joynerfp.com
Lacy Williams
Joyner Fine Properties
804-864-0316
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