Richmond Housing Today October 2013

Property of Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
11
The Greater Richmond Real
Estate Market
Lacy Williams
Joyner Fine Properties
October 2013

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.

33
The National Market

44 NAR 8/2013
Sales
Started Sustained Recovery
September 2011
Prices
June 2012
Inventory
January 2013
National Real Estate Recovery
Source: Keeping Current Matters 9/13

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
In spite of recent downturns, real estate continues to be the best long term investment.

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.

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.

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
Inventory has risen nationwide over the past few months.

99
2012 3Q 2012 4Q
2013 1Q 2013 2Q
As shown in these graphs, prices are now rising in all areas of the country.

1010
FHFA State Home Prices
(year-over-year)
FHFA 2013 2Q HPI ReportSource: Keeping Current Matters 9/13

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
Nationwide, prices have been rising year over year and the increase has stabilized in recent months.

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.

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

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
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.

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

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

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

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)

1919
Market Indicator #1:
The Number of Sales is
Up!!!

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

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

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.
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

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

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
This graph shows the number of pending sales by month in blue and the number of closed sales by month in pink for
2013.

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.

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

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
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

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..
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%

2929
Inventory is Down!!!

3030
Months Market Pricing
1-4 Sellers Appreciation
5-6 Even The Norm
7+ Buyers Depreciation
Months Supply’s Impact on Price
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.

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

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
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

3333
Single Family Inventory by Area
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)

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

3535
Prices have bottomed out
and are rising!!!

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.

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.

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.

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%.

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.
The turn in the market!!!

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

4242
Monthly Change in Prices
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

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.

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.

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..
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%

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.

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.

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

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.

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.
Red Line represents a normal market.

5151
Summary

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.

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

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!!

Richmond Housing Today October 2013

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