J. Van Rose, Jr. MIRMPresident
Rose and Womble New Homes
Residential Market Review
If we build it, they will come.Sequestration took a serious bite out of the
Hampton Roads Market in 2014
If we build it, they will come.
$26.8B legislated cap on discretionary spending (sequestration relief)
The Military The Port
A $17.06M loss in 2013 to a $13.61M gain in 2015
Port of VA signs trade pact with Cuba
Tourism
$1.3 billion in VB
Hotel Revenue exceeded 2007 peak
Biomedical
More than 20,000 people in VB employed in health care field
New Construction SalesDetached 2015
City
< 20
0,00
0
200-
249,
999
250-
299,
999
300-
349,
999
350-
399,
999
400-
449,
999
450-
499,
999
500-
549,
999
550-
599,
999
600-
649,
999
650-
699,
999
700-
749,
999
750-
799,
999
800-
849,
999
850-
899,
999
900-
949,
999
950-
999,
999
> 1
mil City
Mkt Sh
2015 Total Sales
YTD Avg. Sales
Per Mo.
# Sales Chesapeake 16 57 57 84 142 178 84 21 7 5 1 0 0 1 0 0 0 0 37.59% 653 54.42
Virginia Beach 3 1 31 57 50 91 75 24 19 21 15 3 4 1 1 0 1 2 22.97% 399 33.25Suffolk 24 33 76 53 30 23 12 4 4 4 1 2 1 1 0 0 0 0 15.43% 268 22.33Norfolk 13 100 69 26 13 4 6 6 2 0 2 4 3 2 0 1 2 1 14.62% 254 21.17
Portsmouth 25 56 4 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 5.01% 87 7.25IoW/Smith 1 13 2 9 16 23 5 3 3 0 1 0 0 0 0 0 0 0 4.38% 76 6.33
Total 82 260 239 230 252 319 182 58 35 30 20 9 8 5 1 1 3 3 100.00% 1737 144.75Mos to Absorb
InventoryChesapeake 0.75 3.58 3.16 1.29 3.38 1.48 1.14 5.14 8.57 2.40 12.00 N/A N/A 0.00 N/A N/A N/A N/A
Virginia Beach 0.00 0.00 3.10 2.32 3.60 1.19 0.80 2.00 1.89 1.71 9.60 4.00 3.00 24.00 0.00 N/A 24.00 30.00
Suffolk 2.00 3.27 3.00 2.26 5.20 6.78 5.00 12.00 12.00 12.00 12.00 0.00 12.00 0.00 N/A N/A N/A N/A
Norfolk 3.69 5.16 4.70 2.31 3.69 0.00 0.00 4.00 18.00 N/A 12.00 12.00 4.00 0.00 N/A 0.00 0.00 24.00
Portsmouth 2.40 4.93 9.00 0.00 0.00 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
IoW/Smith 0.00 1.85 6.00 4.00 0.00 1.04 14.40 8.00 8.00 N/A 0.00 N/A N/A N/A N/A N/A N/A N/A
Resale Southside SalesDetached 2015
Pent up demand
Continued economic improvement
Interest rates still low
Rising prices due to low inventory & strong sales
Decrease in distress home sales
Predictions for 2016
E.V. Williams Center for Real Estate2088 Constant HallNorfolk, VA 23529
www.odu.edu/business/center/creed
2016 Hampton Roads Real Estate Market Review & Forecast