Richmond Virginia Real Estate Market Report January 15

Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
The Greater Richmond Real
Estate Market
Lacy Williams
Joyner Fine Properties
January 2015
11

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 2015for 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

National
Economic Data
33

8 Million Lost, 10 Million Gained
44
Jobs, Jobs, Jobs
During the recession, we lost 8 million jobs. We have gained 10 million back in 6 years since the start of the recession in 2008.
However, because our population is growing, we need to add about 1 million jobs to stay even. So we should have gained an
additional 6 million jobs during this period so there is still job recovery needed. In addition, some of the new jobs are not equivalent to
the jobs that were lost-there are more jobs in the service industry and fewer professional jobs.
12400
13400
13200
13000
12800
12600
13800
13600
14000
JobsinThousands
Source: National Association of Realtors 11/14

55
Employment Rate
The Employment Rate is the number of people working. It is a better indicator of the economy than the Unemployment Rate
which has to do with the number of people actually looking for a job. The Unemployment Rate does not include unemployed
people who have quit looking for jobs. The Employment Rate is significantly down since before the 2008 Recession.

Jobs to Polulation Ratio
66
The Jobs to Population Ratio shows that s smaller percentage of the population is working than any time back to the early
1980s.

77
Job Change By State

88
Household Formation
There has been a decrease of 1 million households since 2007.
Number of Households

99
Rentals Have Had Huge Increases
Number of Rental Units
There has been an increase in rental households since 2004. Once these people start buying houses,
the real estate market will greatly improve..

1010
Homeownership Rate
Lowest in 30+ years!.
US Homeownership Rate

1111
First Time Homebuyer Share
Lowest rate since 1987!
Percentage of Sales that are First Time Homebuyers
The percentage of First Time homebuyers has remained constant
since 2010 but it is expected to start to increase.

1212
Student Loan Debt ($Billions)
Student Loan Debt
One factor affecting First Time Homebuyers is Student Loan debt
which has been increasing for the past 8 years.

The Interest Rate
1313

4.1
4.3
4.5
4.7
Where Are They
GOING?
2015 Projections
Q1
Q2
Q3
Q4
Where Have They
Been?
2014
Mortgage Rates
Freddie Mac 30 Year Fixed Rate
Source: Keeping Current Matters 1/15

Quarter
Fannie
Mae
Freddie
Mac
MBA NAR
Average
of all four
2015 1Q 4.0% 4.1% 4.4% 4.2% 4.25%
2015 2Q 4.1% 4.3% 4.6% 4.5% 4.38%
2015 3Q 4.2% 4.5% 5.0% 4.9% 4.65%
2015 4Q 4.3% 4.7% 5.1% 5.4% 4.88%
Mortgage Rate Projections
Fannie Mae, Freddie Mac, the Mortgage Bankers Association and the National
Association of Realtors are all projecting that mortgage rates will increase in 2015.

6.00 $ 1,199 $ 1,169 $ 1,139 $ 1,109 $ 1,079
5.75 $ 1,167 $ 1,138 $ 1,109 $ 1,080 $ 1,050
5.50 $ 1,136 $ 1,107 $ 1,079 $ 1,050 $ 1,022
5.25 $ 1,104 $ 1,077 $ 1,049 $ 1,022 $ 994
5.00 $ 1,074 $ 1,047 $ 1,020 $ 993 $ 966
4.75 $ 1,043 $ 1,017 $ 991 $ 965 $ 939
4.50 $ 1,013 $ 988 $ 963 $ 937 $ 912
$ 200,000 $ 195,000 $ 190,000 $ 185,000 $ 180,000
-2.5% -5% -7.5% -10%
Buyer’s Purchasing PowerRATE
Principal and Interest Payments
rounded to the nearest dollar amount.
The projected increase in the interest rate will cause
the cost of a house to grow. A buyer who can afford
an $200,000 house today will only be able to afford a
$180,000 house if the interest rate rises one percent.Source: Keeping Current Matters 8/14

17
All-Cash Buyers Have Stayed High …
even when mortgages are cheap
17
(Cash share as % of total home sales) Source: National Association of Realtors
Even though the interest rate is historically low, the number of cash buyers has stayed well above the historical average.

National
Number of Sales
1818

90
95
100
105
110
Jan 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 Mar Apr May Jun Jul Aug Sep Oct Nov
100 = Historically Healthy Level
NAR 12/2014
Pending Home Sales
Nationwide sales have been strong.

by Price Range
NAR 10/2014
% Change in Sales from Last Year
One reason that there are been fewer sales in the lowerprice points is that Distressed sales are down
dramatically and Distressed sales tend to be in the lower price points. (See Distressed Property Slide)

Foreclosures by State
as a percentage of all homes with a mortgage

Jan
2012
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2013
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2014
Feb Mar Apr May Jun Jul Aug Sep Oct Nov
35%
9%
14%
January 2012 - Today
NAR 12/2014
Percentage of Distressed Property Sales
35%
Distressed Property sales include foreclosures and short
sales. These have gone from 35% of all sales in January
2012 to only 9% of all sales today.

2323
Single Family Housing Starts
Housing Starts
200
1400
1200
1000
800
600
400
1600
HousingStartsinThousands
New Construction is still significantly down. The
Construction industry creates many jobs. This is an
area that is expected to improve in 2015.

2424
Multi Family Housing
Multi-Family Housing Starts
HousingStartsinThousands
There has been improvement in multi-family construction.

Vacation Home Sales
2525
The second home market has also been improving.

5.4
5.3
5.33
5.92
5.6
5.66
NAR Freddie Mac MBA
2014 2015
2014 Home Sales & 2015 Projections
(Existing & New Construction in millions)
The National Association of Realtors, Freddie Mac and the Mortgage Bankers Associations are all projecting
an increase in the number of sales in 2015.

Inventory of Homes
2727

The Impact of Monthly Housing
Inventory on Home Prices
LESS THAN
6 MONTHS
BETWEEN
6 MONTHS
GREATER THAN
7 MONTHS
SELLERS
MARKET
Homes prices
will appreciate
NEUTRAL
MARKET
Homes prices
will only
appreciate with
inflation
BUYERS
MARKET
Homes prices
will depreciate
Inventory is the average mount of time it takes to sell a house. A balanced market is an inventory of about 6 months. If inventory is
less than 6 months, A Sellers market occurs with appreciating prices. If inventory is above 7 months, A Buyers market occurs with
depreciating prices. .

Inventory By Week and Year
The inventory of houses has been dropping for four straight years with a slight uptick in 2014.

4.6
4.9
5.0
5.2
5.7
5.5 5.5 5.5 5.5
5.3
5.1 5.1
4.0
4.5
5.0
5.5
6.0
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Inventory of Homes for Sale
NAR 12/2014
Nationwide inventory is at 5.1 months which is better than a normal market. Inventory dropped in the later half of 2014.

Prices
3131

3232
Median Home Price
realtor.org 5/2014
*projected
Nationwide, prices have risen for three straight years.

-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
App/Dep 4.2% 4.5% 3.6% 7.4% 7.1% 1.9% -1.6% -8.9% -7.0% 0.4% -1.8% 1.9% 6.8% 3.0%
Annual Home Price Gains
Wall Street Journal
Source: Keeping Current Matters 8 /14
This graph shows the yearly change in prices. There was increased activity and prices in 2010 due to a
Homeowners tax credit. We did not see this increase in the Richmond Market.

12-Month Home Price Change
CoreLogic Market Pulse 8.2014

Prices Back to 2005 1Q Prices
Case Shiller 8/2014
100
110
120
130
140
150
160
170
180
190
200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Nationwide, prices are at 1Q 2005 prices..

Prices & Time Since The Peak
CoreLogic Market Pulse 8.2014
In some states, prices are still significantly down from
peak prices.

3737 Home Price Expectation Survey 2014 2Q
PROJECTEDPercentage Appreciation
A panel of 100 leading housing experts has projected normal price rises for the next five years.

Greater Richmond
Housing Market
3838
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)

Market Indicator #1:
Sales are Up!!!
3939

12737
15262 15533
16450
15074
12644
9482
9069
8574
9051
10177 10545
11400
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
NoofClosedSales
Year
Greater Richmond Single Family Sales by Year
Number of Single Family House Sales by Year
4040
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 2013, sales increased 23%. And Sales in
2014 were 8% higher than 2013!!
Source: CVRMLS data 1/15/15

0
200
400
600
800
1000
1200
1400
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
MonthlySales
Month
Greater Richmond Single Family Sales by Month and Year
2010
2011
2012
2013
2014
Greater Richmond Single Family Sales
2014 sales have been slightly more than 2013 sales with monthly variations. Note: the sharp drop in sales in July 2010 was
when the Federal Homebuyers tax credit expired. The tax credit was in effect in the first half of 2010.
Source: CVRMLS data

4242
The first quarter of 2014 was
virtually even with the number
of sales than the first quarter of
2013 in spite of unusually cold
and snowy weather.
Greater Richmond First and Second
Quarter Single Family Sales
2014 second quarter sales were higher than
2010 second quarter sales when there was a
Federal Homebuyers tax credit.
Source: CVRMLS data
3161
2892
2088
1487 1612
1801 1924 2057 2047
0
500
1000
1500
2000
2500
3000
3500
2006 2007 2008 2009 2010 2011 2012 2013 2014
Greater Richmond Single Family Sales
in First Quarter
4567
3919
2910
2533
3013
2657
3135
3390 3407
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2006 2007 2008 2009 2010 2011 2012 2013 2014
Greater Richmond Single Family Second
Quarter Sales

Greater Richmond Single Family Third
and Fourth Quarter Sales
4343
Sales in the third quarter of 2014
were slightly lower than 2013
sales but are 60% higher than
2010 third quarter sales.
Sales in the fourth quarter of
2014 were higher than the past
seven years and 8% higher than
2012 fourth quarter sales.
Source: CVRMLS data
3222
2362
1707
2357
1847
2134
2347
2547 2672
0
500
1000
1500
2000
2500
3000
3500
2006 2007 2008 2009 2010 2011 2012 2013 2014
Greater Richmond Single Family Fourth
Quarter Sales
4111
3421
2526 2692
1999
2508
2793
3304 3274
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2006 2007 2008 2009 2010 2011 2012 2013 2014
ClosedSales
Year
Greater Richmond Single Family Third
Quarter Sales

Condominium Sales in Greater Richmond
4444
In the condominium/townhouse market, after 4 years of dropping sales, sales have increased
for three years and 2014 sales were just under 2013 sales.
914
1147
1383
1761
2035
1757
1382
1154
1093
1201
1420
1623 1587
0
500
1000
1500
2000
2500
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Greater Richmond Condominium/Townhouse Sales by Year

Condominium Sales:
First and Second Quarters
4545
Condominium sales in the first quarter
of 2014 were down from the first
quarter of 2013 but still higher than
2009, 2010 and 2011. The first quarter
of 2014 had very cold and snowy
weather that affected the real estate
market.
Condominium sales in the second
quarter of 2014 were higher than the
past 6 years including 2010 when there
was a Federal homebuyers tax credit.
Source: CVRMLS data
428
376
310
190 189
242
275
298 280
0
50
100
150
200
250
300
350
400
450
2006 2007 2008 2009 2010 2011 2012 2013 2014
Greater Richmond First Quarter
Condominium Sales
601
529
420
324
431
344
402
464 478
0
100
200
300
400
500
600
700
2006 2007 2008 2009 2010 2011 2012 2013 2014
Greater Richmond Townhouse/Condominium
Sales for Second Quarter

4646
Source: CVRMLS data
Third quarter sales in 2014 were slightly
lower than 2013 third quarter sales.. Third
quarter sales in 2013 were 103% higher
than third quarter sales in 2010.
Sales in the fourth quarter of 2014 were
23 less than the fourth quarter of 2013
and 65% more sales than the fourth
quarter of 2010. Note that there was a
Homebuyers tax credit in the later part of
2009
Condominium Sales – Third and Fourth Quarters
578
499
355 345
219
325
393
466 457
0
100
200
300
400
500
600
700
2006 2007 2008 2009 2010 2011 2012 2013 2014
Greater Richmond Third Quarter
Condominium/Townhouse Sales
424
339
233
288
225
287
338
395 372
0
50
100
150
200
250
300
350
400
450
2006 2007 2008 2009 2010 2011 2012 2013 2014
NoofClosedSales
Year
Fourth Quarter Greater Richmond
Condominium Sales

Year Over Year Change in Number of Sales
4747
Source: CVRMLS 1/15/15
Greater Richmond Year Over Year Sales By
Price Range
1/13-
12/13
1/14-
12-14 Change
0-$249,000 7048 6710 -4.80%
$250,000-$499,000 3508 3801 8.35%
$500,000-$749,000 623 617 -0.96%
$750,000-$999,999 125 164 31.20%
$1,000,000+ 49 73 48.98%
Single Family and Condominium/Townhouse
sales by price range show that there was a
decline in the number of sales at the lower
price points. This is thought to be due to the
decline of Distressed Sales. Note that in both
Single Family and Townhouse.Condo sales,
there is a dramatic increase in sales at the
highest price points.
Greater Richmond Year Over Year
Condo/Townhouse Sales By Price Range
1/13-
12/13
1/14-
12/14 Change
0-249,000 1102 1049 -4.81%
$250,000-$499,000 447 451 0.89%
$500,000+ 68 83 22.06%

0
500
1000
1500
2000
2500
3000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2095 2253
2018
1467
1116
678 730 598 668
870 882
342
402
550
587
600
263
360
256
295
324 287
NoofClosings(Jan-Jun)
Year
New Home Closings in Richmond Area Market (January-June by Year)
Condo/Townhouse
Single Family
25682437
2655
2054
1716
941
854
963
1194 11891090
No of Closings: 2% No of permits: 8% New Home Price: 7%
New Home Sales
4848
Source: HBAR

Inventory is Low!!!
4949

Inventory of Single Family Houses
by Month in Greater Richmond
5050
The supply (inventory) of houses is determined by the number of active listings divided by the monthly sales rate for the
past year. After 2+ years of inventory between 8 and 10 months, inventory began to drop in the later months of 2011 and
has continued to drop in 2012 and 2013. Inventory now is less than half of what it was three years ago. 2014 inventory
was very similar to 2013 inventory. A normal market is 5-6 months of inventory.
Source: CVRMLS data
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Greater Richmond Single Family Inventory
2010
2011
2012
2013
2014
2015

4.0 3.9
4.8
5.7
7.5
8.1
4.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Richmond Henrico Chesterfield Hanover Goochland Powhatan All
Richmond
MonthsofInventory
Area
Greater Richmond Single Family Inventory By
Area 10/23/14
Single Family Inventory by Area
5151
The inventory of single family homes in the city of Richmond, Henrico, and Chesterfield are indicative of a Seller’s
market. Hanover is a normal market. Areas that are further out (Goochland, Powhatan) have higher inventories and fewer
sales and are still Buyer’s markets.. The red line represents a normal market.

5252
Townhouse/Condominium Inventory by Month
The inventory of townhouses and condominiums started dropping in the second half of 2011 and continued to drop
through 2013. 2014 inventory was very close to 2013 inventory.
Source: CVRMLS data
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Inventory of Townhouse/Condominiums
2010
2011
2012
2013
2014
2015

Single Family Inventory by Price Range
Condominium Inventory By Price
Range
Price Range
Inventory
(Months)
0-249,000 4.1
$250,000-$499,000 3.5
$500,000+ 5.2
Single Family Inventory by Price
Range
Price Range
Inventory
(Months)
0-$249,000 3.8
$250,000-$499,000 4.6
$500,000-$749,000 6.9
$750,000-$999,999 9.2
$1,000,000+ 10.8
5353
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.

Prices are rising!!!
5454

$150,000
$170,000
$190,000
$210,000
$230,000
$250,000
$270,000
$290,000
$310,000
$330,000
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Greater Richmond Single Family Average Sales Price
5555
The average sales price fluctuates monthly and has a yearly cycle. The average price can be influenced by a few very
large sales. But there is clearly an upward trend since 2012.
Single Family Average Sales Price

Single Family Price Per Square Foot
5656
Price per square foot is a better indication of what is really happening. Note that the trend is definitely upward since 2012.
There are always seasonal variations with lower prices during the winter months.
$80.00
$90.00
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Greater Richmond Single Family Average Price Per Square Foot

$92.37
$99.65
$107.60
$123.38
$135.82
$139.64
$132.43
$117.82
$112.24
$104.98$106.16
$113.02
$117.19
$60.00
$70.00
$80.00
$90.00
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Greater Richmond Single Family Price by Year
Single Family Price by Year
5757
Greater Richmond 2014 prices are 11.6% higher than 2011 prices and 3.6% higher than 2013 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. 2014 prices are 16%% below 2007 prices.
Source: CVRMLS data

Single Family Year over Year Price Change
5858
Year over year price change shows that after 4 years of declines, prices started to increase in 2012 and have continued to
increase in 2013 and 2014.. In this graph, the 7.9% increase in 2003 is the increase in prices between 2002 and 2003 etc.
In 2014, prices were up 3.7%.
7.9% 8.0%
14.7%
10.1%
2.8%
-5.2%
-11.0%
-4.7%
-6.5%
1.1%
6.5%
3.7%
-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 2014
Greater Richmond Single Family Percent
Change in Price Per Sq Ft Year to Year

Prices for Condominiums
5959
Condominiums and townhouse are showing a similar trend as single family homes with prices trending up for the past
three years.
$80.00
$90.00
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00
$160.00
$170.00
$180.00
Jan-06
May-06
Sep-06
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
PricePerSqFtforClosedSales
Month
Price Per Square Foot for Condominium/Townhouse Sales

$90.84
$100.03
$113.32
$133.49
$149.49
$154.00$152.70
$135.62
$131.55
$119.16$121.13
$130.41
$138.55
$60.00
$70.00
$80.00
$90.00
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00
$160.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
PricePerSquareFoot
Year
Greater Richmond Condominium/Townhouse Prices
Condominium/Townhouse Prices
6060
Condominium prices in 2014 were 6.2% higher than 2013 and 15.8% higher than 2011 prices. There was a 23%
decrease in prices between 2007 and 2011. Current prices are above 2005 prices as shown in the red line..
Source: CVRMLS data 11/414

Richmond Real Estate Areas
6161
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.

179
53
252
156
134 145
286
305
204
149
271
157
410
571
200
476
180
231
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
NoofActiveListings
Area
Single Family Active Listings By Area (10/23/14)
Active Single Family Listings By Area
6262
The number of active listings by area as shown. Inventory varies by area with area 54 having the highest number of
homes for sale and Area 20 having the lowest.

$252,852
$421,089
$344,851
$423,878
$158,574
$151,989
$333,790
$301,858
$152,009
$114,878
$236,542
$65,712
$184,240
$225,914
$205,908
$269,643
$344,610
$277,549
$254,223
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
10
20
22
24
30
32
34
36
40
42
44
50
52
54
60
62
64
66
AllRichmond
AverageSalesPrice
Area
Average Sales Price By Area (10/13-9/14)
Single Family Greater Richmond
Sales Price by Area
6363
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 2014 through June 10th is $248,641
shown by the red line.
Source: CVRMLS data 10/2314

Greater Richmond Single Family Price per
Square Foot 10/13-9/14)
6464
$136.54
$188.78
$140.06
$134.03
$87.90
$96.33
$131.89
$122.43
$87.44
$72.96
$112.29
$48.39
$90.90
$101.91
$107.18
$110.35
$118.26
$121.11
$116.16
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
$180.00
$200.00
PriceperSquareFoot
Area
Price per Square Foot By Area (10/13-9/14)

3.2
2.0
2.8
7.5
4.5 4.4 3.9
6.0 5.7
4.2
5.3
8.3
5.0 5.3
4.3 4.3 4.3
8.1
4.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
MonthsofInventory
Area
Greater Richmond Single Family Inventory by Area
Inventory of Single Family Houses
6565
As shown above, the supply of houses varies greatly in Greater Richmond. Generally, the areas that are further out have the largest supply of
houses while those that are closer in have lower inventories of houses. Goochland (Area 24) and Powhatan (Area 66) have the higher
supplies of houses. Area 50 had a lot of foreclosures and it still has a higher inventory. The average inventory in Greater Richmond is 4.4
months which is better than an normal market.

Top 10 Greater Richmond 2014 Single
Family Sales
Address Area Sales Price Sq Ft
Price/
Square/
Foot
1 5901 River Rd 22 $3,622,506 9023 $401.47
2 12671 River Rd 22 $3,450,000 10113 $341.15
3 1000 Huguenot Trail 66 $3,045,000 6242 $487.82
4 12001 N Enon Church Rd 52 $2,000,000 9971 $200.58
5 210 Virginia Ave 20 $1,950,000 5946 $327.95
6 745 River Rd West 24 $1,900,000 6225 $305.22
7 455 Rivergate Dr 24 $1,895,000 6900 $274.64
8 12830 River Rd 54 $1,870,000 6000 $311.67
9 745 River Rd 24 $1,845,000 6300 $292.86
10 1180 Yellow Gate Ln 24 $1,765,975 7898 $223.60
6666

Top Condominium/Townhouse Sales in 2014
Address Area Subdivision Sale Price
Square
Ft
Price/Sq/
ft
1 1 Bankside Mews 40 Rocketts Landing $1,324,173 4260 $310.84
2 5225 Monument Ave 22 Monument Square $1,226,548 3378 $363.10
3 5217 Monument Ave 22 Monument Square $1,216,190 3378 $360.03
6 9505 Tatton Park 22 Grayson Hill $816,914 3200 $255.29
7 707 Southwark Ln 22 Grayson Hill $722,142 3700 $195.17
8 1119 Marney Ct 22 Grayson Hill $715,424 3500 $204.41
9 1121 Marney Ct 22 Grayson Hill $689,096 3500 $196.88
10 701 Southwark Ln 22 Grayson Hill $685,754 3700 $185.34
6767
Top 10 Greater Richmond 2014
Condominium/Townhouse Sales

Summary
6868

NAR Economic Forecast
6969
Source: National Association of Realtors11/14
2013 2014
Likely
2015
Forecast
2016
Forecast
GDP Growth 2.2% 2.2% 2.7% 2.9%
Job Growth +2.3 M +2.5 M +2.5 M +2.6 M
CPI Inflation 1.5% 1.6% 2.7% 3.3%
Consumer
Confidence
73 87 95 98
10-year
Treasury
2.5% 2.6% 3.2% 4.3%

NAR Housing Forecast
7070

2000 vs 2014
7171
+12%

Summary
• Sales are up
• Inventory is low
• Prices are rising
• The interest rate is rising
7272

Questions?
Lacy.Williams@joynerfineproperties.com
Lacy Williams
Joyner Fine Properties
804-864-0316
7373

Richmond Virginia Real Estate Market Report January 15

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