This document provides a summary of the national and Greater Richmond real estate markets in January 2015. It includes graphs and analysis on topics like the national economy, jobs, home sales, prices, inventory, distressed sales, and mortgage rates. For the national market, it shows improvements in jobs gained since 2008 but notes more jobs are still needed. Home sales, prices and inventory are trending positively. The Greater Richmond section focuses on rising home sales and notes the local market is improving.
This document is a slide presentation by Lacy Williams of Joyner Fine Properties on the Greater Richmond real estate market and national housing market trends. It provides background on the data sources used and then analyzes national economic data, including job growth, employment rates, household formation, homeownership rates, and inventory levels. It also examines interest rates and projections for 2015. Overall, it finds that while the national housing market has improved since the recession, full recovery is still needed, and interest rate increases in 2015 could impact affordability.
This is a description of the National Real Estate Market as well as the Richmond VA real estate market. The local real estate market has been improving for three straight years.
This document contains slides from a presentation by Lacy Williams of Joyner Fine Properties on the Greater Richmond real estate market. The slides provide information on national economic data, the national housing market, and the Richmond area housing market. Key points covered include sluggish US and Virginia economic growth, declining homeownership rates, low housing inventory nationally, and inadequate new home construction starts. National consumer confidence and small business optimism increased significantly following the 2016 US election.
This report describes the national and local Greater Richmond real estate market. Please contact Lacy Williams at 804-864-0316 for additional information
The document provides an overview of the national and Richmond, VA housing markets in October 2013. It includes the following:
- The national housing market has been in sustained recovery since 2011 with rising home sales, stabilizing prices, and declining inventory.
- The Richmond housing market has also seen rising home sales, with 2013 quarterly sales higher than previous years.
- Inventory levels have dropped significantly since 2010 in both the national and Richmond markets.
The document analyzes the real estate market in Greater Richmond from 2010 to 2012. It finds that the number of single family home sales increased by 18.7% between 2010 and 2012, with the greatest increase occurring at higher price points. Inventory levels are below normal in most of the region. Home prices rose overall in this period, with the greatest increases in the city of Richmond and higher price points.
This document provides a summary of the national and local real estate markets in December 2013. It includes graphs and analysis of national housing indicators such as home prices, sales, inventory and distressed properties showing the market has stabilized and is recovering. The local Richmond, VA market summary shows an increase in home sales, prices and declining inventory over the past two years, indicating the local market is also improving from the downturn. Overall, the national and local housing markets are recovering from the recession of 2006-2012.
This document is a slide presentation by Lacy Williams of Joyner Fine Properties on the Greater Richmond real estate market and national housing market trends. It provides background on the data sources used and then analyzes national economic data, including job growth, employment rates, household formation, homeownership rates, and inventory levels. It also examines interest rates and projections for 2015. Overall, it finds that while the national housing market has improved since the recession, full recovery is still needed, and interest rate increases in 2015 could impact affordability.
This is a description of the National Real Estate Market as well as the Richmond VA real estate market. The local real estate market has been improving for three straight years.
This document contains slides from a presentation by Lacy Williams of Joyner Fine Properties on the Greater Richmond real estate market. The slides provide information on national economic data, the national housing market, and the Richmond area housing market. Key points covered include sluggish US and Virginia economic growth, declining homeownership rates, low housing inventory nationally, and inadequate new home construction starts. National consumer confidence and small business optimism increased significantly following the 2016 US election.
This report describes the national and local Greater Richmond real estate market. Please contact Lacy Williams at 804-864-0316 for additional information
The document provides an overview of the national and Richmond, VA housing markets in October 2013. It includes the following:
- The national housing market has been in sustained recovery since 2011 with rising home sales, stabilizing prices, and declining inventory.
- The Richmond housing market has also seen rising home sales, with 2013 quarterly sales higher than previous years.
- Inventory levels have dropped significantly since 2010 in both the national and Richmond markets.
The document analyzes the real estate market in Greater Richmond from 2010 to 2012. It finds that the number of single family home sales increased by 18.7% between 2010 and 2012, with the greatest increase occurring at higher price points. Inventory levels are below normal in most of the region. Home prices rose overall in this period, with the greatest increases in the city of Richmond and higher price points.
This document provides a summary of the national and local real estate markets in December 2013. It includes graphs and analysis of national housing indicators such as home prices, sales, inventory and distressed properties showing the market has stabilized and is recovering. The local Richmond, VA market summary shows an increase in home sales, prices and declining inventory over the past two years, indicating the local market is also improving from the downturn. Overall, the national and local housing markets are recovering from the recession of 2006-2012.
Keep up-to-date- on the real estate market in Richmond, VA. Lacy Williams, REALTOR in Richmond presents data to show what's really going on in the real estate market.
This document is a slide presentation by Lacy Williams of Joyner Fine Properties analyzing the real estate market in Richmond, Virginia and nationally. It provides data and graphs on economic indicators, housing inventory levels, home sales, prices and mortgage rates from 2008 to the present. It shows that while the national market has recovered since the recession, inventory remains low leading to further price increases in many areas including Richmond.
This document contains slides from a presentation on the Greater Richmond real estate market given by Lacy Williams of Joyner Fine Properties in April 2017. The slides provide information on national economic data, the national housing market, and prices and inventory in the Greater Richmond area using data from January to April 2017. Key graphs show trends in employment rates, GDP growth, homeownership rates, housing inventory levels, and home price appreciation at the national and state levels.
This is a description of the national and Richmond VA real estate market produced by Lacy Williams of Joyner Fine Properties. Contact Lacy at 804-864-0316 for all of you real estate needs.
February 19 Greater Richmond Real Estate StatisticsLacy Williams
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
This document discusses the state of homeownership in the US. It argues that while media coverage has focused on negatives like the financial crisis, homeownership remains a solid financial decision and part of the American Dream. It summarizes the benefits of owning a home, like tax deductions, appreciation, and building equity, compared to renting. The document encourages readers not to be misinformed by past crises and movies about Wall Street, and advocates that Main Street homeownership is still an excellent choice for those in stable careers.
This document provides an overview of the national and Richmond, VA housing markets. For the national market, pending home sales, inventory levels, home prices, and forecasts are presented showing an improving market. The Richmond market summary shows that after declines from 2005-2010, the number of single family home sales has increased each year since 2011. Sales for 2012 are up from 2011 levels. Condominium sales have also risen since 2011. Overall, the data indicates the local housing market is recovering.
Housing and the Economy: Impacts and Forecasts - presented by Dr. Geoffrey J.D. Hewings, Director - Regional Economics Applications Laboratory (REAL), University of Illinois Institute of Government and Public Affairs
This document discusses how Oregon's Elderly Persons and Persons with Disabilities Abuse Prevention Act (EPDAPA) can apply to securities law cases involving financial exploitation of elders.
The EPDAPA allows for treble damages, attorney fees, and other substantial remedies in elder abuse claims. While family members are often the perpetrators of elder financial abuse, one-third of abusers in Oregon are strangers involved in investment schemes. Contemporary schemes increasingly involve investments presented as securities like real estate interests, annuities, and life insurance products.
For an EPDAPA claim to apply in a securities case, the investment at issue must meet the definition of a security. Oregon courts use the Howey
This document fact checks an Obama campaign ad that criticizes Mitt Romney for shipping American jobs overseas during his time at Bain Capital. [1] While Romney was officially CEO of Bain until 1999, reports conflict on whether he was actively managing the company as jobs were outsourced. [2] The ad also questions Romney's finances, including past holdings in Swiss bank accounts and investment funds listed in offshore tax havens like Bermuda and the Cayman Islands. [3] However, there is no evidence Romney did anything illegal with these accounts and funds.
Over 80% of home buyers use the internet during their home search, with 41% starting their search online and an additional 11% researching the home buying process online before searching. In comparison, less than 2% of buyers look in print sources when beginning their search. As the East Bay's premier real estate company, J. Rockcliff uses its knowledge of online marketing to effectively market homes to the right online audience.
This document analyzes home mortgage and small business lending patterns in Baltimore City and surrounding counties. It finds that in Baltimore City, the racial composition of neighborhoods is the strongest predictor of lending levels, with majority-white neighborhoods receiving significantly more lending than majority-black neighborhoods. In contrast, in the surrounding counties, economic factors like income and homeownership rates are better predictors of lending. The report concludes that disinvestment has left many Baltimore City neighborhoods, especially majority-black areas, as "islands of decay" surrounded by thriving communities in the counties seeing more lending activity.
This document summarizes economic data for Sonoma County from July 2013. It reports that the county's unemployment rate dropped to 6.5% in April 2013, the lowest in 5 years. Between 2000-2011, median household income grew 16.9% to $64,031, and is projected to increase another 16.2% by 2016. Nearly half of employed residents work in services, with retail being the second largest sector. Sonoma County experienced higher employment growth than the national and Bay Area averages in recent years.
This document summarizes the history and current state of minimum wage policies in the United States. It discusses how the minimum wage movement began in the early 20th century and the key milestones in establishing federal and state minimum wage laws. It also outlines the demographics of minimum wage workers, arguments for and against increasing the minimum wage, the relationship between productivity/poverty and the minimum wage rate, and the public costs of low wages.
The article summarizes an interview with Bill Curry, a former Democratic gubernatorial nominee in Connecticut. Curry discusses the major public corruption scandal unfolding in Connecticut involving Governor John Rowland. Curry alleges that Rowland accepted bribes and favors from state contractors in exchange for directing lucrative state contracts their way. Curry had previously accused Rowland of corruption during past campaigns but it is only now, with criminal investigations underway, that the allegations are being taken seriously. Curry believes Rowland should resign from office.
CAM Student - Learning how the body fits together - June 2016Jan Clementson
This document discusses how students can learn to connect different body systems and biological concepts together. It emphasizes the importance of mastering anatomy and physiology fundamentals to understand how the body works. It recommends using case studies to identify connections between systems, such as how iron-deficiency anemia impacts energy production. The author also suggests mapping energy production and regulation mechanisms to see how different parts contribute to overall health. With a strong foundation in basics and practicing seeing the big picture, students can develop the skills to think like clinical detectives and better understand health conditions.
Keep up-to-date- on the real estate market in Richmond, VA. Lacy Williams, REALTOR in Richmond presents data to show what's really going on in the real estate market.
This document is a slide presentation by Lacy Williams of Joyner Fine Properties analyzing the real estate market in Richmond, Virginia and nationally. It provides data and graphs on economic indicators, housing inventory levels, home sales, prices and mortgage rates from 2008 to the present. It shows that while the national market has recovered since the recession, inventory remains low leading to further price increases in many areas including Richmond.
This document contains slides from a presentation on the Greater Richmond real estate market given by Lacy Williams of Joyner Fine Properties in April 2017. The slides provide information on national economic data, the national housing market, and prices and inventory in the Greater Richmond area using data from January to April 2017. Key graphs show trends in employment rates, GDP growth, homeownership rates, housing inventory levels, and home price appreciation at the national and state levels.
This is a description of the national and Richmond VA real estate market produced by Lacy Williams of Joyner Fine Properties. Contact Lacy at 804-864-0316 for all of you real estate needs.
February 19 Greater Richmond Real Estate StatisticsLacy Williams
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
This document discusses the state of homeownership in the US. It argues that while media coverage has focused on negatives like the financial crisis, homeownership remains a solid financial decision and part of the American Dream. It summarizes the benefits of owning a home, like tax deductions, appreciation, and building equity, compared to renting. The document encourages readers not to be misinformed by past crises and movies about Wall Street, and advocates that Main Street homeownership is still an excellent choice for those in stable careers.
This document provides an overview of the national and Richmond, VA housing markets. For the national market, pending home sales, inventory levels, home prices, and forecasts are presented showing an improving market. The Richmond market summary shows that after declines from 2005-2010, the number of single family home sales has increased each year since 2011. Sales for 2012 are up from 2011 levels. Condominium sales have also risen since 2011. Overall, the data indicates the local housing market is recovering.
Housing and the Economy: Impacts and Forecasts - presented by Dr. Geoffrey J.D. Hewings, Director - Regional Economics Applications Laboratory (REAL), University of Illinois Institute of Government and Public Affairs
This document discusses how Oregon's Elderly Persons and Persons with Disabilities Abuse Prevention Act (EPDAPA) can apply to securities law cases involving financial exploitation of elders.
The EPDAPA allows for treble damages, attorney fees, and other substantial remedies in elder abuse claims. While family members are often the perpetrators of elder financial abuse, one-third of abusers in Oregon are strangers involved in investment schemes. Contemporary schemes increasingly involve investments presented as securities like real estate interests, annuities, and life insurance products.
For an EPDAPA claim to apply in a securities case, the investment at issue must meet the definition of a security. Oregon courts use the Howey
This document fact checks an Obama campaign ad that criticizes Mitt Romney for shipping American jobs overseas during his time at Bain Capital. [1] While Romney was officially CEO of Bain until 1999, reports conflict on whether he was actively managing the company as jobs were outsourced. [2] The ad also questions Romney's finances, including past holdings in Swiss bank accounts and investment funds listed in offshore tax havens like Bermuda and the Cayman Islands. [3] However, there is no evidence Romney did anything illegal with these accounts and funds.
Over 80% of home buyers use the internet during their home search, with 41% starting their search online and an additional 11% researching the home buying process online before searching. In comparison, less than 2% of buyers look in print sources when beginning their search. As the East Bay's premier real estate company, J. Rockcliff uses its knowledge of online marketing to effectively market homes to the right online audience.
This document analyzes home mortgage and small business lending patterns in Baltimore City and surrounding counties. It finds that in Baltimore City, the racial composition of neighborhoods is the strongest predictor of lending levels, with majority-white neighborhoods receiving significantly more lending than majority-black neighborhoods. In contrast, in the surrounding counties, economic factors like income and homeownership rates are better predictors of lending. The report concludes that disinvestment has left many Baltimore City neighborhoods, especially majority-black areas, as "islands of decay" surrounded by thriving communities in the counties seeing more lending activity.
This document summarizes economic data for Sonoma County from July 2013. It reports that the county's unemployment rate dropped to 6.5% in April 2013, the lowest in 5 years. Between 2000-2011, median household income grew 16.9% to $64,031, and is projected to increase another 16.2% by 2016. Nearly half of employed residents work in services, with retail being the second largest sector. Sonoma County experienced higher employment growth than the national and Bay Area averages in recent years.
This document summarizes the history and current state of minimum wage policies in the United States. It discusses how the minimum wage movement began in the early 20th century and the key milestones in establishing federal and state minimum wage laws. It also outlines the demographics of minimum wage workers, arguments for and against increasing the minimum wage, the relationship between productivity/poverty and the minimum wage rate, and the public costs of low wages.
The article summarizes an interview with Bill Curry, a former Democratic gubernatorial nominee in Connecticut. Curry discusses the major public corruption scandal unfolding in Connecticut involving Governor John Rowland. Curry alleges that Rowland accepted bribes and favors from state contractors in exchange for directing lucrative state contracts their way. Curry had previously accused Rowland of corruption during past campaigns but it is only now, with criminal investigations underway, that the allegations are being taken seriously. Curry believes Rowland should resign from office.
CAM Student - Learning how the body fits together - June 2016Jan Clementson
This document discusses how students can learn to connect different body systems and biological concepts together. It emphasizes the importance of mastering anatomy and physiology fundamentals to understand how the body works. It recommends using case studies to identify connections between systems, such as how iron-deficiency anemia impacts energy production. The author also suggests mapping energy production and regulation mechanisms to see how different parts contribute to overall health. With a strong foundation in basics and practicing seeing the big picture, students can develop the skills to think like clinical detectives and better understand health conditions.
This document contains the resume of Rahul Kumar Reddy from Hyderabad, India. He has been working as an SAP Basis consultant since June 2015. He has a Bachelor's degree in Electronics and Communication Engineering from JNTU Hyderabad. His responsibilities include installation of SAP software, user management, transport management, and monitoring daily activities for clients.
Konstantin Dorichev successfully completed an online course on Software Defined Networking from Georgia Institute of Technology. The course introduced software defined networking, an emerging paradigm that allows centralized software to control an entire computer network. The document acknowledges Dorichev's completion of the online course but notes it does not reflect the full curriculum or confer any credit or affiliation with Georgia Tech.
The document announces a call for papers for the 2nd Peaceful Coexistence Colloquium to be held in June 2017 in Finnish Lapland. The colloquium will focus on reimagining ethics and politics in the Anthropocene by emphasizing the question of space. It seeks to move beyond techno-capitalist solutions and frameworks to address the current socio-ecological crisis and instead envision deep transformations through highlighting non-Western ways of relating to the earth. The organizing university invites abstract submissions by December 2016 on developing new and radical ways of thinking about and acting in the Anthropocene.
The document summarizes an agenda for a CloudCamp Chicago event on February 21, 2013. It includes lightning talks on transforming IT operations in the cloud era, electronic crime, integrating cloud services, and roles that are hot in 2013. There will also be an un-panel discussion on hot roles for 2013 and optional breakout sessions. The event aims to discuss how roles fit with the new cloud landscape and allow attendees to network and learn from speakers.
Gas Strategies is an energy advisory firm that needed a database solution to store and model trend data in the changing energy market. ACUTEC created new databases to support Gas Strategies' consultancy work and decision making. ACUTEC placed a technical expert with Gas Strategies on a trial project to develop databases for liquefied natural gas data. This proved successful, and ACUTEC was awarded additional work to link the databases to Gas Strategies' website for improved client and staff access to information.
Richmond VA Real Estate Market January 2016Lacy Williams
This document is a slide presentation by Lacy Williams of Joyner Fine Properties analyzing the real estate market in Richmond, Virginia and nationally. It provides data and graphs on economic indicators, housing inventory levels, home sales, prices and mortgage rates from 2008 to the present. It shows that while the national market has recovered since the recession, inventory remains low leading to further price increases in many areas including Richmond.
The document analyzes the real estate market in Greater Richmond from 2010 to 2012. It finds that the number of single family home sales increased by 18.7% between 2010 and 2012, with the greatest increase occurring at higher price points. Inventory levels are below normal in most areas. Home prices rose overall in this period, with the greatest increases in the city of Richmond and at higher price points.
Weichert, Princeton January Market Recap & ForecastWeichert Realtors
Want your Phd in Princeton area real estate? Have a look at some of the most detailed data on the Mercer, Middlesex and Somerset County real estate markets. Whether you are buying or selling this will give you insight into both.
This document provides information about buying a home on the San Francisco Peninsula in 2010. It discusses the benefits of first-time homebuyer tax credits and low mortgage rates available at the time. The document outlines the current state of the real estate market in San Mateo County, which is considered a buyer's market. Key steps in the home buying process are reviewed such as getting pre-approved, making an offer, and completing inspections.
The document summarizes recent developments in the US housing market. It discusses signs of recovery including lower mortgage rates and inventory. Government programs like the FDIC principal reduction program aim to help troubled homeowners. Jumbo mortgages are becoming more available again. The tax filing season brings deductions and credits for homeowners from 2009. Local market conditions vary so buyers and sellers should consult their real estate agent.
The document summarizes recent developments in the US housing market. It discusses signs of recovery including lower mortgage rates and inventory. The government is taking actions like testing principal reduction to help homeowners. Topics covered for buyers, sellers and owners include tax deductions and credits. The local market varies so talking to a real estate agent is advised.
The document summarizes recent developments in the US housing market. It discusses signs of recovery including lower mortgage rates and inventory. The government is taking actions like testing principal reduction to help homeowners. Topics covered for buyers, sellers and owners include tax deductions and credits. The local market varies so talking to a real estate agent is advised.
The document summarizes recent developments in the US housing market. It discusses signs of recovery including lower mortgage rates and inventory. Government programs like the FDIC principal reduction program aim to help troubled homeowners. Jumbo mortgages are becoming more available again after tightening during the financial crisis. The tax deadline is approaching and the document provides tips for homeowner tax deductions and credits.
The document summarizes recent developments in the US housing market. It discusses signs of recovery including lower mortgage rates and inventory. Government programs like the FDIC principal reduction program aim to help troubled homeowners. Jumbo mortgages are becoming more available again after tightening during the financial crisis. The document provides tips for homeowners regarding tax deductions and credits.
The leaders of finance are in our new issue of Private Money411, brought to you by the leaders of creative real estate investing, Realty411 magazine. Since 2007, Realty411 has delivered vital information to help investors grow their portfolio and expand their passive income streams. Download this important issue and study it today, and watch your financial future improve with the added knowledge you gain from it. To meet us in person in a city near you, visit: http://realty411expo.com or http://realty411guide.com/events
The Source for Real Estate Finance. A special supplement published by Realty411. This NEW Issue of Private Money411 features Randy Reiff, CEO of FirstKey Lending. Inside he reveals their innovative NEW program that makes 30-Year loans available to portfolio borrowers.
PLUS: Tim Herriage, Managing Director of B2R Finance; Leonard Rosen, from Pitbull Hard Money Conference, writes on Why Bankers Rule; as well as Insight from GCA Equity Partners
Is it all going to fall apart in 2020? Let's see what Steve Harney says! The founder of the popular real estate publications "Keeping Current Matters' says something that may surprise you: Although there is uncertainty in the market ahead, Steve is confident he can successfully tackle and approach it. He will show you how. Steve brings his data and research based prognostication for 2020 to share with us January 22, 2020. Don't miss it!
This document provides information about buying a home on the San Francisco Peninsula, including details about financing options, home buying tax benefits, and the current real estate market. It discusses:
- Federal stimulus programs that provide tax credits for first-time homebuyers and current homeowners making purchases through 2010.
- Historically low mortgage rates and the benefits of owning versus renting, such as building equity over time.
- An overview of the process for purchasing a home, from getting pre-approved to closing.
- Factors that make the San Francisco Peninsula housing market desirable such as location, schools, and weather.
California and Southwest Distressed Real Estate: How Much Debt is in Distress...Ryan Slack
While signs of hope could be seen in the broader economy, the commercial real estate market continues to struggle with rising default rates and falling property values. Many borrowers have started handing back property keys to lenders. The distressed loan market is becoming more active but has not yet reached the scale of the underlying problem. Banks remain hesitant to sell large portfolios, so the FDIC currently dominates the market and more bank failures are expected to add to the volume of distressed debt available.
Small Balance Multifamily Research on Alex Chatter 2017 Q3Ivan Kaufman
This presentation discusses; the changing rental preferences of aging millennials, renter commute trends, and vehicle ownership rates in the multifamily market.
Princeton Real Estate Market Presentation March 2017Weichert Realtors
Here is the slide deck from the Weichert, Princeton office Real Estate Market Update. Shows the Princeton area real estate trends and buyer and seller strategies for the 2017 market.
Similar to Richmond Virginia Real Estate Market Report January 15 (20)
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
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Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
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BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
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Addis Bleaching Mixed use Apartment- Documentation 6.pdf
Richmond Virginia Real Estate Market Report January 15
1. 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
2. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
3. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
National
Economic Data
33
4. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
5. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
55
Employment Rate
Source: National Association of Realtors 11/14
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.
6. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
Jobs to Polulation Ratio
66
Source: National Association of Realtors 9/14
The Jobs to Population Ratio shows that s smaller percentage of the population is working than any time back to the early
1980s.
7. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
77
Job Change By State
Source: National Association of Realtors 9/14
8. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
88
Household Formation
There has been a decrease of 1 million households since 2007.
Number of Households
Source: National Association of Realtors 11/14
9. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
99
Rentals Have Had Huge Increases
Number of Rental Units
Source: National Association of Realtors 11/14
There has been an increase in rental households since 2004. Once these people start buying houses,
the real estate market will greatly improve..
10. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
1010
Homeownership Rate
Lowest in 30+ years!.
US Homeownership Rate
Source: National Association of Realtors 11/14
11. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
1111
First Time Homebuyer Share
Lowest rate since 1987!
Source: National Association of Realtors 11/14
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.
Source: National Association of Realtors 11/14
12. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
1212
Student Loan Debt ($Billions)
Student Loan Debt
Source: National Association of Realtors 11/14
One factor affecting First Time Homebuyers is Student Loan debt
which has been increasing for the past 8 years.
13. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
The Interest Rate
1313
14. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
15. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
Source: Keeping Current Matters 1/15
Fannie Mae, Freddie Mac, the Mortgage Bankers Association and the National
Association of Realtors are all projecting that mortgage rates will increase in 2015.
16. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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.
18. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
National
Number of Sales
1818
19. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
Source: Keeping Current Matters 1/15
Nationwide sales have been strong.
20. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
by Price Range
NAR 10/2014
% Change in Sales from Last Year
Source: Keeping Current Matters 11/14
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)
21. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
Foreclosures by State
as a percentage of all homes with a mortgage
Source: Keeping Current Matters 8/14
22. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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%
Source: Keeping Current Matters 1/15
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.
23. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
2323
Single Family Housing Starts
Housing Starts
200
1400
1200
1000
800
600
400
1600
HousingStartsinThousands
Source: National Association of Realtors 11/14
New Construction is still significantly down. The
Construction industry creates many jobs. This is an
area that is expected to improve in 2015.
24. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
2424
Multi Family Housing
Multi-Family Housing Starts
HousingStartsinThousands
Source: National Association of Realtors 11/14
There has been improvement in multi-family construction.
25. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
Vacation Home Sales
2525
Source: National Association of Realtors 9/14
The second home market has also been improving.
26. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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)
Source: Keeping Current Matters 1/15
The National Association of Realtors, Freddie Mac and the Mortgage Bankers Associations are all projecting
an increase in the number of sales in 2015.
27. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
Inventory of Homes
2727
28. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
Source: Keeping Current Matters 7/14
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. .
29. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
Inventory By Week and Year
Source: Keeping Current Matters 8/14
The inventory of houses has been dropping for four straight years with a slight uptick in 2014.
30. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
Source: Keeping Current Matters 1/15
Nationwide inventory is at 5.1 months which is better than a normal market. Inventory dropped in the later half of 2014.
31. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
Prices
3131
32. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
3232
Median Home Price
realtor.org 5/2014
*projected
Source: Keeping Current Matters 6/14
Nationwide, prices have risen for three straight years.
33. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
-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.
34. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
12-Month Home Price Change
CoreLogic Market Pulse 8.2014
Source: Keeping Current Matters 9/14
35. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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..
Source: Keeping Current Matters 9/14
36. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
Prices & Time Since The Peak
CoreLogic Market Pulse 8.2014
Source: Keeping Current Matters 9/14
In some states, prices are still significantly down from
peak prices.
37. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
3737 Home Price Expectation Survey 2014 2Q
PROJECTEDPercentage Appreciation
Source: Keeping Current Matters 6/14
A panel of 100 leading housing experts has projected normal price rises for the next five years.
38. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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)
39. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
Market Indicator #1:
Sales are Up!!!
3939
40. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
41. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
42. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
43. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
44. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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.
Source: CVRMLS data 1/15/15
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
45. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
46. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
47. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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%
48. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
49. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
Market Indicator #2:
Inventory is Low!!!
4949
50. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Greater Richmond Single Family Inventory
2010
2011
2012
2013
2014
2015
51. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
Source: CVRMLS data 10/23/14
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.
52. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Inventory of Townhouse/Condominiums
2010
2011
2012
2013
2014
2015
53. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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
Source: CVRMLS data 8/5/14
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.
54. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
Market Indicator #3:
Prices are rising!!!
5454
55. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
$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
Source: CVRMLS data 1/15/15
56. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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.
Source: CVRMLS data 1/15/15
$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
57. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
$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
58. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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%.
Source: CVRMLS data 1/15/15
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
59. Slides Produced by Lacy Williams, Joyner Fine Properties
www.RichmondHousingToday.com
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.
Source: CVRMLS data 1/15/15
$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
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$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
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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.
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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.
Source: CVRMLS data 10/23/14
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$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
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Greater Richmond Single Family Price per
Square Foot 10/13-9/14)
6464
Source: CVRMLS data 10/23/14
$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)
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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.
Source: CVRMLS data 10/23/14
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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
Source: CVRMLS 1/15/15
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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
4 5 Bankside Mews 40 Rocketts Landing $1,096,015 4415 $248.25
5 3 Bankside Mews 40 Rocketts Landing $1,024,711 4120 $248.72
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
Source: CVRMLS 1/15/15
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Summary
6868
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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%
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NAR Housing Forecast
7070
Source: National Association of Realtors 9/14
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2000 vs 2014
7171
Source: National Association of Realtors 9/14
+12%
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Summary
• Sales are up
• Inventory is low
• Prices are rising
• The interest rate is rising
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Questions?
Lacy.Williams@joynerfineproperties.com
Lacy Williams
Joyner Fine Properties
804-864-0316
7373