Greater Richmond, VA area market update for October 2012 provided by Lacy Williams, Joyner Fine Properties.
Transcript of Richmond Housing Today October 2012
1. The Greater Richmond Real Estate Market Lacy Williams Joyner
Fine PropertiesProperty of Lacy Williams, Joyner Fine Properties 1
www.RichmondHousingToday.com
2. 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 August 2012 for most
of the graphs. The Greater Richmond area is defined by Joyner Fine
Properties as the city of Richmond and the counties of Henrico,
Chesterfield, Hanover, Goochland and Powhatan.Property of Lacy
Williams, Joyner Fine Properties 2
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3. The National MarketProperty of Lacy Williams, Joyner Fine
Properties 3 www.RichmondHousingToday.com
4. The National Economy Source: NAR Real Gross Domestic Product
(GDP) is a measure of everyones income. It is adjusted for
inflation. Nominal GDP is the raw dollar figure not adjusted for
inflation Historically GDP grows by 3% per year. GDP is forecast to
grow at less than 2% for 2012.Property of Lacy Williams, Joyner
Fine Properties 4 www.RichmondHousingToday.com
5. Payroll Job Changes Source: NAR Payroll jobs are based on
figures reported by companies. 89,000 jobs were added in June. This
is like treading water given the 3 million additional people in our
country every year. We need to add approximately 100,000 new jobs
every month to keep up with our increase in population.Property of
Lacy Williams, Joyner Fine Properties 5
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6. Unemployment Rate Source: NAR The unemployment rate is the
number of unemployed people divided by the number of people in the
labor force. The unemployed people have to be looking for a job to
be counted as being in the labor force. The unemployment rate is
forecast to remain at or near 8% for the rest of 2012 and to
decrease slightly next year.Property of Lacy Williams, Joyner Fine
Properties 6 www.RichmondHousingToday.com
7. Labor Force Participation Rate Source: NAR Source: NAR The
labor Force participation Rate has been falling since the beginning
of the Recession. Many went back to school or took early retirement
packages and are therefore no longer counted as part of the labor
force. It is highly unusual for the labor force participation rate
to collapse so steeply since late 2008. There will be recent school
graduates who will need to re-enter the workforce as prolonged
student loan borrowing is not sustainable. If the labor force
participation rate were to be normal (or if it had not fallen),
then the corresponding unemployment rate would be approximately
11%.Property of Lacy Williams, Joyner Fine Properties 7
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8. Job Losses During Post-WWII Recessions Source: Keeping
Current Matters This graph shows job losses in every recession
since the Great Depression. This recession has been longer and
deeper than any recession since the great depression. But
employment is improving and there are signs of recovery. But
unemployment is still higher than the low point of all but 2 post
depression recessions.Property of Lacy Williams, Joyner Fine
Properties 8 Calculated Risk 2/3/2012
www.RichmondHousingToday.com
9. Pending Home Sales 105.0 Source: Keeping Current Matters
9/12 100.0 95.0 90.0 85.0 80.0 75.0 Jun Jul Aug Sept Oct Nov Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Jun Jul The stimulus tax credit expired in April of 2010. There was
a sharp drop in the number of sales after that but the number of
sales has been rising (with monthly fluctuation) since June of 2010
without government intervention.Property of Lacy Williams, Joyner
Fine Properties 9 NAR 7/2012 www.RichmondHousingToday.com
10. Housing Starts Source: NAR Housing starts measure the
number of newly constructed homes. The U.S. Population grows by
approximately 3 million per year (though it is estimated to have
slowed to 2 million in 2011). Based on population growth and the
need to replace some of the demolished housing units, most
economists believe about 1.5 million housing units need to be built
each year, which also happens to be the historical average (shown
with the green line). In recent years, new home construction has
been well below the norm contributing to more job losses in the
construction industry. Multifamily units are primarily for rentals
and this sector is experiencing a recovery due to rising rents.
Housing starts have risen by 20% so far this year. Falling
inventory means that builders need to ramp up production. But many
smaller builders cannot obtain construction loans. Housing starts
are forecast to rise 25% in 2012 and by 50% in 2013.Property of
Lacy Williams, Joyner Fine Properties 10
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11. Months Inventory of Homes for Sale 10.0 Source: Keeping
Current Matters 9/12 9.0 8.0 7.0 6.0 5.0 4.0 Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
NARProperty of Lacy Williams, Joyner Fine Properties 11
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12. House Prices Source: Keeping Current Matters 7/12 Home
prices have started to recover in some markets. The composite 10 is
the 10 largest US cities and the composite 20 is the 20 largest
cities.Property of Lacy Williams, Joyner Fine Properties 12 S&P
Indices 6/27/2012 www.RichmondHousingToday.com
13. Home Price Expectation Survey Source: Keeping Current
Matters 7/12 As shown, home prices are expected to start rising
next year nationwide although they have already starting rising in
some markets as indicated on the previous slide.Property of Lacy
Williams, Joyner Fine Properties 13 Home Price Expectation Survey
6/27/2012 www.RichmondHousingToday.com
14. Prices By StateSource: Keeping Current Matters 9/12 FHFA
8/2012Property of Lacy Williams, Joyner Fine Properties 14
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15. Foreclosure Inventory Source: Keeping Current Matters 7/12
In millions as of April 2012 Foreclosures have a negative impact on
home prices. As shown above, the number of people delinquent on
their loans (shown in red) is declining. Most delinquent loans
become foreclosures. Also, the number of foreclosures in process
(shown in the dark and light blue) is declining.Property of Lacy
Williams, Joyner Fine Properties 15 CoreLogic 6/14/2012
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16. Percentage of Distressed Property Sales 35% 35% Source:
Keeping Current Matters 9/12 30% 25% 24% 20% Jan Feb Mar Apr May
Jun JulProperty of Lacy Williams, Joyner Fine Properties 16 NAR
8/2012 www.RichmondHousingToday.com
17. Highest Foreclosure Inventory Source: Keeping Current
Matters 9/12Property of Lacy Williams, Joyner Fine Properties 17
www.RichmondHousingToday.com
18. Housing Facts Median Home Prices UP 7.3% rose in 110 out of
147 MSAs Existing Distressed -33% Home Sales +8.6% Properties
Existing Mortgage Inventory -24.4% - .86% Rates Source: Keeping
Current Matters 9/12 NAR 2nd Quarter 2012 vs. 2nd Quarter
2011Property of Lacy Williams, Joyner Fine Properties 18
www.RichmondHousingToday.com
19. Housing Recovery Strengthening Category Sales Prices
Existing Home Sales + 10.4% + 9.4% Pending Sales + 12.4% N/A New
Construction + 25% -2.5% Year-Over-Year Changes Source: Keeping
Current Matters 9/12 NAR 8/2012Property of Lacy Williams, Joyner
Fine Properties 19 www.RichmondHousingToday.com
20. Greater Richmond Housing Market Note: All Greater Richmond
graphs include the city of Richmond and the counties of Henrico,
Hanover, Chesterfield, Goochland and Powhatan.Property of Lacy
Williams, Joyner Fine Properties 20
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21. Market Indicator #1: The Number of Sales is Up!!!Property
of Lacy Williams, Joyner Fine Properties 21
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22. Number of Single Family House Sales by Year Greater
Richmond Single Family Sales Number of Single Family 18000 15262
15533 16450 15074 House Sales 16000 12737 12644 14000 12000 9482
9069 8574 9051 10000 7636 8000 6000 4000 2000 0 00 2 00 3 00 4 00 5
00 6 00 7 00 8 00 9 01 0 01 1 1) 2 2 2 2 2 2 2 2 2 2 10/ h ru (T 2
201 Year Source: CVRMLS data 10/1/12 The number of 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
significantly higher than 2010 and indications are that 2012 sales
will be even higher. 2011 sales were 5.5% higher than 2010.Property
of Lacy Williams, Joyner Fine Properties 22
www.RichmondHousingToday.com
23. Number of Single Family House Sales by Month and Year
Single Family House Sales in Greater Richmond By Month and Year
2000 Number of Closed Sales 1800 2006 1600 2007 1400 1200 2008 1000
2009 800 2010 600 400 2011 200 2012 0 Aug Apr May Jul Jan Jun Oct
Mar Nov Dec Feb Sept Month Source: CVRMLS data 10/2/12 This graph
shows the number of sales by month and year. The number of sales
has been dropping every year from 2006 through 2010. In the later
part of 2011, sales started to increase Sales have continued to
increase in 2012 have been higher than sales for the same months in
the past 3 years!! June 2012 sales were equivalent to June 2010
sales when we had a tax credit. And July sales were higher than the
past 4 years.Property of Lacy Williams, Joyner Fine Properties 23
www.RichmondHousingToday.com
24. Sales by Month and Year Greater Richmond Single Family
Sales by Month and Year 1300 1100 Number of Sales 2009 900 2010 700
2011 2012 500 300 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Month Source: CVRMLS data 10/2/12Property of Lacy Williams, Joyner
Fine Properties 24 www.RichmondHousingToday.com
25. Sales By Year and Quarter Greater Richmond Single Family
First Quarter Sales by Year 4000 Number of First 3161 Quarter Sales
2892 3000 2088 1903 1612 1786 2000 1487 1000 0 2006 2007 2008 2009
2010 2011 2012 Source: CVRMLS Data 7/15/12 Year 2012 is 6.5% higher
than 2011. Greater Richmond Single Family Second Quarter Sales in
the first quarter of 2012 Sales by Year were higher than sales for
the 4567 Number of Second past 3 years. And sales in the 5000 3919
Quarter Sales second quarter were higher than 4000 3013 3040 2910
2533 2622 3000 sales in 2008, 2009, 2010 and 2000 2011 second
quarters.. Note that 1000 there was a tax credit stimulus 0 that
expired during the second 2006 2007 2008 2009 2010 2011 2012
quarter of 2010 making sales Year 2012 is 15.9% higher than 2011.
then artificially high.Property of Lacy Williams, Joyner Fine
Properties 25 www.RichmondHousingToday.com
26. Third and Fourth Quarter Sales Greater Richmond Single
Family Third Quarter Sales Number of Closed Sales 5000 4111 4000
3421 Source: CVRMLS Data 10/1/12 2692 2598 3000 2526 2496 1999 2000
1000 0 2006 2007 2008 2009 2010 2011 2012 2012 is 4% higher than
2011. Year Greater Richmond Single Family House Sales in Fourth
Quarter by Year 3500 3222 Number of Sales 3000 2500 2362 2357 2123
2000 1847 1707 1500 2006 2007 2008 2009 2010 2011 YearProperty of
Lacy Williams, Joyner Fine Properties 26
www.RichmondHousingToday.com
27. New Construction Closed Single Family New Homes by Quarter
350 Number of Closed New 300 250 2009 Homes 200 2010 150 2011 100
2012 50 0 1st 2nd 3rd 4th Quarter Source: RAR This graph shows the
number of new single family closings by year and quarter. Not that
2012 in the green is higher in the first and second quarter than
2011 (in the yellow).Property of Lacy Williams, Joyner Fine
Properties 27 www.RichmondHousingToday.com
28. Condominium Sales in Greater Richmond Greater Richmond
Condominium/Townhouse Sales Number of Condominium 2500 2035 2000
1761 1757 1382 Sales 1500 1154 1093 1201 986 1000 500 0 2005 2006
2007 2008 2009 2010 2011 2012 (Thru 10/1) Year Source: CVRMLS data
10/1/12 In the condominium/townhouse market, after 4 years of
dropping sales, 2011 sales (shown in dark blue) were higher than
2009 and 2010 levels. And 2012 sales (shown in green) are on track
to be even higher than 2011.Property of Lacy Williams, Joyner Fine
Properties 28 www.RichmondHousingToday.com
29. Condominium Sales By Month and Year Greater Number of
Closed Condominium Sales By month and Year in Greater Richmond 250
Number of Closed 200 2006 150 2007 Sales 2008 100 2009 50 2010 0
2011 Nov Oct Dec Jul Jan Feb Jun Aug Apr May Sept Mar 2012 Month
Source: CVRMLS data This graph shows sales by month and year. The
number of sales dropped between 2006 and 2009. In the second half
of 2011, sales were higher than 2010. 2012 sales thru July have
been higher than the past 3 years except for May and June 2010 when
the tax credit stimulus was ending.Property of Lacy Williams,
Joyner Fine Properties 29 www.RichmondHousingToday.com
30. Condominium Sales Greater Richmond First Quarter
Condominium Sales by Year 500 No of First Quarter 428 376 400 310
267 Source: CVRMLS data Sales 300 242 190 189 200 100 0 2006 2007
2008 2009 2010 2011 2012 Year Greater Richmond Condominium Sales in
Second Quarter The first quarter of 2012 had more sales than the
first quarter of the 800 Condominium 601 No of Closed 529 previous
3 years. The second quarter 600 420 431 Sales 389 344 of 2012 had
more sales than 2011 or 400 324 2009 second quarters. There was a
200 tax credit which ended in the second 0 quarter of 2010 so sales
were 2006 2007 2008 2009 2010 2011 2012 artificially stimulated.
Year Source: CVRMLS data 8/16/12Property of Lacy Williams, Joyner
Fine Properties 30 www.RichmondHousingToday.com
31. Third and Fourth Quarter Condominium Sales Third Quarter
Greater Richmond Condminium Sales 800 Number of Sales 578 600 499
355 345 357 400 325 Source: CVRMLS data 219 200 0 2006 2007 2008
2009 2010 2011 2012 Year Source: CVRMLS data 10/1/12 Greater
Richmond Condominium and Townhouse Sales in Fourth Quarter Fourth
Quarter Sales 500 424 400 339 288 287 300 233 225 200 100 0 2006
2007 2008 2009 2010 2011 YearProperty of Lacy Williams, Joyner Fine
Properties 31 www.RichmondHousingToday.com
32. Year Over Year Change in Number of Sales Number of Single
Family House Sales in Greater Richmond Price Range 9/10-8/11
9/11-8/12 Change $0-$250,000 5585 6792 21.61% $250,001-$500,000
2342 2585 10.38% In the Condominium market, Year over
$500,001-$750,000 397 435 9.57% Year number of sales by price point
have increased in all price points. $750,001-$1,000,000 96 100
4.17% $1,000,001+ 33 36 9.09% In the single family marker, Year
over Year number of sales by price point have increased in all
price points Number of Condominium Sales in Greater with more
dramatic increases in the lower price Richmond points. As lower
priced houses sell, people will start moving up into the higher
price points so we expect Price Range 9/10-8/11 9/11-8/12 Change to
see increase in the higher price point in the coming $0-$250,000
847 1042 23.02% months. $250,001-$500,000 251 291 15.94% $500,001+
13 24 84.62% Source: CVRMLS data 10/1/12Property of Lacy Williams,
Joyner Fine Properties 32 www.RichmondHousingToday.com
33. Market Indicator #2: Inventory is Down!!!Property of Lacy
Williams, Joyner Fine Properties 33
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34. Months Supplys Impact on Price Months Market Pricing 1-4
Sellers Appreciation 5-6 Even The Norm 7+ Buyers Depreciation
Source: Keeping Current Matters 8/10As shown on the graph, a 7
month or greater supply of houses causes depreciation of prices. We
arecurrently almost at a normal market amount of inventory.Property
of Lacy Williams, Joyner Fine Properties 34
www.RichmondHousingToday.com
35. Inventory of Single Family Houses by Month in Greater
Richmond Inventory of Greater Richmond Single Family Houses 12.0
Months of Inventory 10.0 8.0 2010 6.0 2011 4.0 2012 2.0 0.0 v n n l
c g p r ar b ct ay Ju Ap No Ja Ju De Au Se Fe O M M Month Source:
CVRMLS dataThe supply of houses is determined by the number of
active listings divided by the monthly sales rate for the past
year.Inventory began to drop in 2011 and has continued to drop in
2012. We are following a nationwide trend of declininginventory. In
May 2010, there were 7455 houses listed for sale in Greater
Richmond and now there are 4392. A normalmarket is 5-6 months of
inventory.Property of Lacy Williams, Joyner Fine Properties 35
www.RichmondHousingToday.com
36. Single Family Inventory by Price Range Source: CVRMLS data
10/1/12 Price Range Inventory (Months) $0-$250,000 4.7
$250,001-$500,000 5.6 $500,001-$750,000 7.7 $750,001-$1,000,000
11.8 $1,000,001+ 17.0 The inventory of houses is lowest at the
lower price points. As lower priced houses sell, the Sellers will
move up to higher priced houses and the inventory of higher priced
houses should start going down. There are clearly still challenges
for Sellers at the higher price points.Property of Lacy Williams,
Joyner Fine Properties 36 www.RichmondHousingToday.com
37. Single Family Inventory by County Inventory By County/City
12.0 10.1 10.0 8.6 Inventory 8.0 5.3 6.3 5.2 4.3 5.0 6.0 4.0 2.0
0.0 Richmond Richmond Henrico Goochland Hanover Chesterfield
Powhatan City of All Source: CVRMLS data 10/1/12 County The
inventory of single family homes in the city of Richmond, Henrico
and Chesterfield are indicative of a normal market. Areas that are
further out have higher inventories.Property of Lacy Williams,
Joyner Fine Properties 37 www.RichmondHousingToday.com
38. Inventory of Condominiums Inventory of Condominiums in
Greater Richmond 12.0 Months of Inventory 10.0 8.0 2010 6.0 2011
4.0 2012 2.0 0.0 v n n l c g p r ar b ct ay Ju Ap No Ja Ju De Au Se
Fe O M M Month Source: CVRMLS data 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. In April 2011, there were 966 active condominium listings in
Greater Richmond and today there are 575.. The inventory in August
of 2012 is 5 months less than in August of 2010. This is a sign of
recovery.Property of Lacy Williams, Joyner Fine Properties 38
www.RichmondHousingToday.com
39. Market Indicator #3: Prices appear to have bottomed out and
are rising in some areas!!!Property of Lacy Williams, Joyner Fine
Properties 39 www.RichmondHousingToday.com
40. Single Family Average Sales Price By Month Greater Richmond
Single Family Average Sales Price By Month $350,000 Average Sales
Price $300,000 $250,000 $200,000 $150,000 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 Month Source: CVRMLS data 10/1/12 The average sales
price in Greater Richmond appears to have nit the bottom and be
rising. Prices rise every year during the spring but they appear to
be higher than last year.Property of Lacy Williams, Joyner Fine
Properties 40 www.RichmondHousingToday.com
41. Greater Richmond Single Family Price Per Square Foot
Average Price Per Square Foot By Month For Closed House Sales in
Greater Richmond Price Per Square Foot For $150.00 $140.00 Closed
Sales $130.00 $120.00 $110.00 $100.00 $90.00 $80.00 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 Source: CVRMLS data 10/1/12 Month Price per
square foot is a good indication of what is really
happening.Property of Lacy Williams, Joyner Fine Properties 41
www.RichmondHousingToday.com
42. Average Sales Price By Year for Single Family House Sales
in Greater Richmond Greater Richmond Single Family Price Per Square
Foot For Closed House Sales By Year Price Per Square Foot $150
$135.82 $139.64 $132.43 $140 $130 $123.38 $117.82 $120 $112.24
$107.60 $104.98 $105.46 $110 $99.65 $100 $92.37 $90 $80 ) 02 03 04
05 06 07 08 09 10 11 /1 10 20 20 20 20 20 20 20 20 20 20 ru h (T 12
20 Year Source: CVRMLS data 10/1/12 The average price per square
foot for single family sales in Greater Richmond for 2012 has been
at 2004 levels. But price per square foot for 2012 is higher than
for 2011. There was a 25% decrease in prices between 2007 and
2011.Property of Lacy Williams, Joyner Fine Properties 42
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43. Price Per Square Foot By Quarter Greater Richmond Single
Family Price Per Square Foot by Quarter Source: CVRMLS data 10/1/12
$145.00 Price per Square Foot $135.00 $125.00 $115.00 $105.00
$95.00 $85.00 $75.00 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 Quarter First Quarter Second Quarter Third Quarter
Fourth Quarter Sales Sales Sales Sales 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. 12 is virtually equal to
11. Likewise, CVRMLS data Source: the second quarter sales in
yellow dropped from 2007 to 2011 43 and 2012 is equal to
2011.Property of Lacy Williams, Joyner Fine Properties 43
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44. Year over Year Price Change for Single Family Homes Percent
Change in Price Per Square Foot From Previous Year for Closed Sales
in Greater Richmond Source: CVRMLS data 10/1/12 20.0% 14.7% 15.0%
10.1% 10.0% 7.9% 8.0% 5.0% 2.8% 0.5% 0.0% 2003 2004 2005 2006 2007
2008 2009 2010 2011 2012 -5.0% -5.2% -4.7% -10.0% -6.5% -11.0%
-15.0% Source: CVRMLS data 10/1/12 Year over year price change
shows that as 2012 prices are increasing over 2011 prices after 4
years of declines. In this graph, the 7.9% increase in 2003 is the
increase in prices between 2002 and 2003 etc.Property of Lacy
Williams, Joyner Fine Properties 44
www.RichmondHousingToday.com
45. 2011 vs 2012 Prices By County Price Change Between 2011 and
2012 by County 8.00% 5.64% 6.00% 4.00% 2.61% Price Change 1.76%
1.48% 2.00% 0.00% -2.00% r o nd d -1.26% n ve ld ric on ta fie la o
-4.00% ha en hm an ch er w H H oo st ic Po -6.00% he R G of C
-8.00% ity C -10.00% -8.89% City/County Source: CVRMLS data 10/1/12
Prices have risen in some areas between 2011 and 2012 shown in
green. But Chesterfield is slightly down and Powhatan still have
some challenges.Property of Lacy Williams, Joyner Fine Properties
45 www.RichmondHousingToday.com
46. Greater Richmond Average Condominium Sales Price Average
Sales Price for Greater Richmond Condominium Sales By Month
$280,000 Average Sales Price $260,000 $240,000 $220,000 $200,000
$180,000 $160,000 $140,000 $120,000 Jul-06 Jul-07 Jul-08 Jul-09
Jul-10 Jul-11 Jul-12 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11
Jan-12 Source: CVRMLS data 10/1/12 MonthProperty of Lacy Williams,
Joyner Fine Properties 46 www.RichmondHousingToday.com
47. Condominium Price Per Square Foot Price Per Square Foot For
Closed Condominium Sales in Greater Richmond $170.00 Price Per
Square Foot $160.00 $150.00 $140.00 $130.00 $120.00 $110.00 $100.00
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 Month Source: CVRMLS data
10/1/12 Price per square foot is a good indicator or prices. Notice
that the highs and lows in price per square foot are about equal to
last year.Property of Lacy Williams, Joyner Fine Properties 47
www.RichmondHousingToday.com
48. Price Per Square Foot for Greater Richmond Condominium
Sales By Year Price Per Square Foot for Condominium Sales By Year
Price per Square Foot $160 $149.49 $154.00 $152.70 $150 $133.49
$135.62 $131.55 $140 $130 $119.16$119.36 $113.32 $120 $110 $100.03
$100 $90.84 $90 $80 $70 00 2 00 3 00 4 00 5 00 6 00 7 00 8 00 9 01
0 01 1 1) 2 2 2 2 2 2 2 2 2 2 10/ u hr (T 2 201 Source: CVRMLS data
10/1/11 Year The price per square foot for condominium sales is
between 2004 and 2005 levels. But more significantly, prices in
2012 are on average about the same as 2011 indicating that prices
have bottomed out. Prices are expected to start rising next year.
Ther was a 23% decrease in prices between 2007 and 2011.Property of
Lacy Williams, Joyner Fine Properties 48
www.RichmondHousingToday.com
49. Year of Year Price Per Square Foot Change By Price Range
(Single Family) Single Family Price per Square Foot Change
Condominium Price per Square Foot Change in Greater Richmond in
Greater Richmond Price Range 9/10-8/11 9/11-8/12 Change Price Range
9/10-8/11 9/11-8/12 Change $0-$250,000 $87.61 $86.32 -1.47%
$0-$250,000 $111.38 $106.59 -4.30% $250,001-$500,000 $121.35
$121.32 -0.02% $250,001-$500,000 $147.77 $149.72 1.32%
$500,001-$750,000 $152.91 $149.43 -2.28% $500,001+ $186.42 $190.58
2.23% $750,001-$1,000,000 $181.85 $178.85 -1.65% $1,000,001+
$212.67 $229.15 7.75% In the single family market, prices were
dropping in In the condominium market, price per square foot is
Greater Richmond through the early spring of 2012 increasing in the
higher price points. but have been rising since then. So the
decreases seen in price per square foot on this graph should be
followed by increase in a few months. Source: CVRMLS data
10/1/12Property of Lacy Williams, Joyner Fine Properties 49
www.RichmondHousingToday.com
50. Richmond Real Estate Areas The 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. The analysis of MLS data was generally done for each
month during the middle of the following month. MLS analysis may
differ depending on what date the information is taken from the MLS
system.Property of Lacy Williams, Joyner Fine Properties 50
www.RichmondHousingToday.com
51. Active Single Family Listings By Area Active Listings By
Area (As of 10/1/12) Number of Active Single 600 513 Family
Listings 500 450 377 400 280 300 244 249 239 254 227 202 199 189
190 200 148 162 139 160 80 100 0 10 20 22 24 30 32 34 36 40 42 44
50 52 54 60 62 64 66 Area Source: CVRMLS data 10/1/12 The number of
active listings by area is shown. Active listings are down
significantly over last year. There are approximately 1500 fewer
homes on the market than at this time last year. Richmond is
following a nationwide trend of declining inventory.Property of
Lacy Williams, Joyner Fine Properties 51
www.RichmondHousingToday.com
52. Single Family Average Sales Price By Area Average Sales
Price By Area For Single Family House Sales (7/1/11-6/30-12)
$430,047 $382,398 $500,000 $334,527 $312,061 $302,444 Average Sales
Price $276,143 $400,000 $251,014 $234,686 $227,469 $217,765
$207,522 $203,025 $168,649 $300,000 $156,991 $141,326 $138,967
$121,960 $104,692 $200,000