Richmond VA Real Estate Market January 2016

Slides Produced by Lacy Williams, Joyner Fine Properties

www.RichmondHousingToday.com

The Greater Richmond Real Estate Market

Lacy WilliamsJoyner Fine Properties

January 2016

11


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 2016 for most of the graphs. The Greater Richmond area is defined as the city of Richmond and the counties of Henrico, Chesterfield, Hanover, Goochland and Powhatan.

22

http://www.realtor.org/



National Economic Data

33


www.RichmondHousingToday.com Jobs, Jobs, Jobs

44

8 Million

lost

12 Milli

on

gained

8 Million

lost

12 Milli

on

gained

Between 2008 and 2010, 8 million jobs were lost. Since 2010, 12 million jobs have been gained. But since our population is growing, we need to gain 1 million jobs each year to keep the same employment rate. So since 2008, we need 7 million additional jobs to have the same employment rate so we are still 3 million jobs down.

Jobs

in

Thou

sand

sSource: National Association of Realtors 11/15



Annual Gross Domestic Product (GDP)

55

Gross Domestic Product should grow by 3% per year. We have had 10 straight years of lackluster growth or contraction.

Source: National Association of Realtors 11/15



Sluggish Growth + Gap after Recession

3% Growth Line

2.2% Growth Line

($1.7 trillion gap … $5,000 per person)

Since the recession, GDP has grown sluggishly at 2.2% per year rather than the historic average of 3%.




77

Employment Rate


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


www.RichmondHousingToday.com Homeownership Rate

(seasonally adjusted … 50-year low)


Homeownership is at the lowest rate in 50 years.



Young People: Under 35 years oldHistoric Low Homeownership Rate


One reason for the low homeownership rate is the Millennials who have not been buying houses. One reason for this is the large amount of student debt in this age group. As the number of jobs increase, There should be more millennials buying houses..


www.RichmondHousingToday.com Rental Rates

1010

Perc

enta

ge R

ate

of R

enta

l In

crea

ses

Source: National Association of Realtors



Economic Impact of Every Home SoldState-by-State

Source: NAR

Source: Keeping Current Matters 10/15

Every home that is sold generates an economic impact which is the total of the impact on Gross Domestic product. A house sale generates income for moving companies, painters, carpenters, etc..



1212

US Oil Prices

The recent drop in oil prices is a huge boom for the economy as it makes the cost of goods and services cheaper and gives households more discretionary income.




NationalNumber of Sales

1313


www.RichmondHousingToday.com Number of Home Sales

14

Although the number of sales has been increasing for 6 years, the number of nationwide sales is still below the year 2000. The red line shows the current level of sales vs other years.




Y-O-Y by region

NAR 10/2015

Existing Home Sales By Region




by Price Range

NAR 1/2016

Change in Sales By Price Range

There has been a drop in sales at the lower price points. This is because there are fewer foreclosures and thus fewer investors buying these homes. There is a real shortage of homes at the lower price points.



www.RichmondHousingToday.com New Home Sales in thousands

Freddie Mac


Sales in 2015 were up over 2014 in almost all months.



35%

9%9%

NAR 1/2016

January 2012 - Today

Percentage of Distressed Property Sales


Distressed properties include short sales and foreclosures and they have been dropping.



CoreLogic

Foreclosure Inventory by State



www.RichmondHousingToday.com Housing Starts

Thousand units


There has been in increase in multi-family housing starts primarily due to building of apartments. However, single family new homes are still significantly down and are not recovering very quickly.



Inventory of Homes

2121



The Impact of Monthly Housing Inventory on Home Prices

LESS THAN 6 MONTHS

BETWEEN6 MONTHS

GREATER THAN7 MONTHS

SELLERS MARKETHomes prices will appreciate

NEUTRAL MARKETHomes prices

will only appreciate with

inflation

BUYERS MARKETHomes prices will depreciate


Inventory is the average mount of time it takes to sell a house. A balanced market is an inventory of about 6 months. If inventory is less than 6 months, A Sellers market occurs with appreciating prices. If inventory is above 7 months, A Buyers market occurs with depreciating prices. .


www.RichmondHousingToday.com Months Inventory of HOMES FOR SALE

NAR 1/2016

2015 Source: Keeping Current Matters 1/16



Average Days on the Market

Source: NAR




Lawrence Yun, NAR’s Chief Economist

Months supply (Inventory) is already low at 4.4 months.

More inventories are needed, not less. Or else, home prices could re-accelerate.”

Inventory and Home PricesSource: National Association of Realtors



Prices

2626



Y-O-Y by region

NAR 1/2016

Home Prices by RegionSource: Keeping Current Matters 1/16



Mean Percentage Appreciation

Home Price Expectation Survey 2015 4Q

PROJECTED Mean Percentage Appreciation

This graph is a summary of price predictions by a panel of 100 US housing experts.




CoreLogic 12/2015

Forecasted Year-Over-Year % Change in Price




Source: CoreLogic

Price & Time Since The Peak




The Interest Rate

3131



A Look Back at Mortgage Rates

Record Date Average 30 year fixed rate mortgage

Approximate Payment on a $200K Mortgage*

All-Time

LOW 11/21/12 3.31% $877

All Time

HIGH 10/9/81 18.63% $3,177

*Monthly mortgage payments are principal and interest only, based on a $200,000 fully amortizing mortgage.

Freddie Mac




Quarter Fannie Mae

Freddie Mac MBA NAR Average

of all four

2016 1Q 4.0% 4.1% 4.2% 4.1% 4.10%

2016 2Q 4.0% 4.3% 4.4% 4.3% 4.25%

2016 3Q 4.1% 4.5% 4.6% 4.6% 4.45%

2016 4Q 4.1% 4.7% 4.8% 4.9% 4.63%

Mortgage Rate Projections

1/2016




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 PowerR

ATE

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. As shown in green, A buyer who can afford an $200,000 house today will only be able to afford a $180,000 house with the same mortgage payment if the interest rate rises one percent.




Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association

Mortgage Credit Availability



www.RichmondHousingToday.com Q: When do most listingscome on the market?

A: The 2nd Quarter of each Year

Source: Keeping Current Matters 2/15 and NAR



Greater Richmond Housing Market

3737

Note: All Greater Richmond graphs include the city of Richmond and the counties of Henrico, Hanover, Chesterfield, Goochland and Powhatan. Data for most graphs is taken from the Central Virginia Regional Multiple List Service (CVRMLS)



Number of Jobs in Richmond

3838

Source: National Association of Realtors

1000

s of

Ful

l Tim

e Jo

bs



Market Indicator #1:Sales are Up!!!

3939



Number of Single Family House Sales by Year

4040

Sales in 2015 were higher than 2014 sales in almost all months.

Source: CVRMLS data 1/5/16

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec0

200400600800

10001200140016001800

Greater Richmond Single Family Sales by Month and Year

201020112012201320142015

Month

Mon

thly

Sal

es



4141

The first quarter of 2015 was up significantly from the first quarter of 2014.

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

2006 2007 2008 2009 2010 2011 2012 2013 20140

500100015002000250030003500400045005000 4567

3919

29102533

30132657313533903407

Greater Richmond Single Fam-ily Second Quarter Sales

2006 2007 2008 2009 2010 2011 2012 2013 2014 20150

500

1000

1500

2000

2500

3000

3500 31612892

2088

1487161218011924205720472360

Greater Richmond Single Fam-ily Sales in First Quarter



Greater Richmond Single Family Third and Fourth Quarter Sales

4242

Sales in the third quarter of 2015 were higher than any year except 2006.

Sales in the fourth quarter of 2015 were higher than 2007 sales!

Source: CVRMLS data

2006 2007 2008 2009 2010 2011 2012 2013 2014 20150

50010001500200025003000350040004500 4111

3421

2526 2692

19992508

27933304 3274

3760

Greater Richmond Single Fam-ily Third Quarter Sales

Year

Clos

ed S

ales

20062007200820092010201120122013201420150

500

1000

1500

2000

2500

3000

3500 3222

2362

1707

23571847

21342347254726722835

Greater Richmond Single Fam-ily Fourth Quarter Sales



Condominium Sales in Greater Richmond

4343

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.


2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20150

500

1000

1500

2000

2500

9141147

1383

17612035

1757

13821154 1093 1201

14201623 1587

1844

Greater Richmond Condominium/Townhouse Sales by Year



Condominium Sales: First and Second Quarters

4444

Condominium sales in the first quarter of 2015 were higher than the past 7 years.

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

2006 2007 2008 2009 2010 2011 2012 2013 20140

100

200

300

400

500

600

700601

529

420

324

431344

402464 478

Greater Richmond Townhouse/Condominium Sales for Second

Quarter

2006 2007 2008 2009 2010 2011 2012 2013 2014 20150

50100150200250300350400450 428

376

310

190 189242

275 298 280316

Greater Richmond First Quarter Condominium Sales



4545

Source: CVRMLS data

Third quarter sales in 2015 were higher than any year other than 2006.

Sales in the fourth quarter of 2015 were higher than any previous year!

Condominium Sales – Third and Fourth Quarters

2006 2007 2008 2009 2010 2011 2012 2013 2014 20150

100200300400500600700

578499

355 345219

325393

466 457530

Greater Richmond Third Quarter Condominium/Townhouse Sales

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

0100200300400500 424

339233

288225

287 338395 372

447

Fourth Quarter Greater Richmond Condominium Sales

Year

No

of C

lose

d Sa

les



Year Over Year Change in Number of Sales

4646Source: CVRMLS 1/5/16

There has been large year-over-year increase in Single family sales at all but the highest price points.

Greater Richmond Year Over Year Single Family Sales By Price Range

1/14-12/14 1/15-12/15 Change0-$249,000 6736 7260 7.78%

$250,000-$499,000 3804 4517 18.74%

$500,000-$749,000 619 787 27.14%

$750,000+ 236 238 0.85%$1,000,000+ 72 59 -18.06%

Greater Richmond Year Over Year Condo/Townhouse Sales By Price Range

1/14-12/14 1/15-12/15 Change0-249,000 1055 1278 21.14%$250,000-$499,000 452 497 9.96%$500,000+ 83 61 -26.51%

Condo sales have had large increases at the lower price points and have declined at the higher price points.



New Home Price 3%

New Home Sales

4747

Source: HBAR No of Closings 2%No of Permits 13%



The Odds of Selling in Greater Richmond in 2015

4848

Source: CVRMLS 1/14/16

The odds of selling your house are determined by all properties that were listed during 2015 and all properties that were sold in 2015. The odds of selling a condo in 2015 were 75%

10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 66

All Rich

mond

0.00%

20.00%

40.00%

60.00%

80.00% 71.9

9%77

.83%

75.4

7%61

.22%

64.7

9%78

.84%

70.7

5%65

.73%

69.6

6%73

.98%

73.1

6%62

.75%

68.0

1%66

.18%

78.6

5%68

.94%

67.4

3%62

.35%

69.7

1%

The Odds of Selling Your House in 2015

AreaThe

Odd

s of

Sel

ling

Your

Hou

se



Market Indicator #2:Inventory is Low!!!

4949



Inventory of Single Family Houses by Month in Greater Richmond

5050

The supply (inventory) of houses is determined by the number of active listings divided by the monthly sales rate for the past year. After 2+ years of inventory between 8 and 10 months, inventory began to drop in the later months of 2011 and has continued to drop for five years. Inventory now is less than half of what it was three years ago. Inventory in December 2015 was 3.2 months.

Source: CVRMLS data

Jan

Feb

Mar Apr

May Ju

n Jul

Aug Sept Oct Nov Dec

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Greater Richmond Single Family Inventory (Months)

201020112012201320142015



Richmon

d

Henric

o

Cheste

rfield

Hanov

er

Gooch

land

Powha

tan

Great

er R

ichmon

d0.02.04.0 2.3 2.4 3.0 3.1 4.2 4.5

2.8

Greater Richmond Single Family In-ventory By Area

AreaMon

ths

of I

nven

tory

Single Family Inventory by Area

5151


The inventory of single family homes in the city of Richmond, Henrico, and Chesterfield are indicative of a Seller’s market. We have a shortage of inventory in most areas. The red line represents a normal market. Note that the inventory is typically very low in December and January and this graph was done on 1/14/16.



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. 2013, 2014 and 2015 inventory have been very similar. Inventory has stayed low for the past three years.

Source: CVRMLS data

Jan

Feb

Mar Apr May Jun Ju

lAug Se

pt Oct Nov Dec0.0

2.0

4.0

6.0

8.0

10.0

12.0

Inventory of Townhouse/Con-dominiums

201020112012201320142015



Single Family Inventory by Price Range

Condominium Inventory By Price Range

Price Range Inventory

0-249,000 2.5$250,000-$499,000 2.9$500,000+ 9.9

Single Family Inventory by Price Range

Price Range Inventory0-$249,000 2.1$250,000-$499,000 3.0$500,000-$749,000 5.6$750,000-$999,999 5.5$1,000,000+ 11.6

5353


Inventory is low at all price points but increases at the higher price points.



Market Indicator #3:Prices are rising!!!

5454



Jan-0

6

Jun-0

6

Nov-0

6

Apr-0

7

Sep-0

7

Feb-

08

Jul-0

8

Dec-0

8

May

-09

Oct-09

Mar

-10

Aug-10

Jan-1

1

Jun-1

1

Nov-1

1

Apr-1

2

Sep-1

2

Feb-

13

Jul-1

3

Dec-1

3

May

-14

Oct-14

Mar

-15

Aug-15

$150,000$170,000$190,000$210,000$230,000$250,000$270,000$290,000$310,000$330,000

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




Jan-0

6

Jun-0

6

Nov-0

6

Apr-0

7

Sep-0

7

Feb-

08

Jul-0

8

Dec-0

8

May

-09

Oct-09

Mar

-10

Aug-10

Jan-1

1

Jun-1

1

Nov-1

1

Apr-1

2

Sep-1

2

Feb-

13

Jul-1

3

Dec-1

3

May

-14

Oct-14

Mar

-15

Aug-15

$80.00

$90.00

$100.00

$110.00

$120.00

$130.00

$140.00

$150.00

Greater Richmond Single Family Average Price Per Square Foot

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.




$60.00

$70.00

$80.00

$90.00

$100.00

$110.00

$120.00

$130.00

$140.00

$150.00

$92.

37

$99.

65

$107

.60

$123

.38

$135

.82

$139

.64

$132

.43

$117

.82

$112

.24

$104

.98

$106

.16

$113

.02

$115

.19

$120

.55

Greater Richmond Single Family Price by Year

Single Family Price by Year

5757

Greater Richmond 2015 prices are 4.7% higher than 2014 prices and 14.8% higher than 2011 prices. With a 25% decrease in prices between 2007 and 2011, prices are at 2005 levels as indicated in the red line on this graph. 2015 prices are 15.8%% below 2007 prices.

Source: CVRMLS data



2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

7.9%8.0%

14.7%10.1%

2.8%

-5.2%

-11.0%

-4.7%-6.5%

1.1%6.5%

1.9%4.7%

Greater Richmond Single Family Percent Change in Price Per Sq.

Ft Year to Year

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 2015, prices were up 4.7% over 2014.




Jan-

06M

ay-0

6O

ct-0

6Fe

b-07

Jul-

07D

ec-0

7Ap

r-08

Sep-

08Ja

n-09

Jun-

09N

ov-0

9M

ar-1

0Au

g-10

Dec

-10

May

-11

Oct

-11

Feb-

12Ju

l-12

Nov

-12

Apr-

13Se

p-13

Jan-

14Ju

n-14

Oct

-14

Mar

-15

Aug-

15D

ec-1

5

$80.00$100.00$120.00$140.00$160.00$180.00

Price Per Square Foot for Condominium/Townhouse Sales

Month

Pric

e Pe

r Sq

. Ft

for

Clo

sed

Sale

s

Prices for Condominiums

5959

Condominiums and townhouse are showing a similar trend as single family homes with prices rising for the past four years.




2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

$60.00$70.00$80.00$90.00

$100.00$110.00$120.00$130.00$140.00$150.00$160.00

$91$100

$113

$133

$149$154 $153

$136$132

$119 $121$130

$139$137

Condominium/Townhouse Prices

Year

Pric

e Pe

r Sq

uare

Foo

t

Condominium/Townhouse Prices

6060

Condominium prices in 1.1% lower than 2014 and 14.85% 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



Top 10 2015 Single Family Sales

Address AreaSales Price

Sq Ft

Price/Sq/Ft

12315 Monument Ave 10

$2,225,000

7609

$292.42

21720 Huguenot Trail 66

$2,121,922

2396

$885.61


$1,963,500

6050

$324.55

4 101 Kennondale 20$1,950,00

0760

0$256.5

8

5 745 W River Rd 24$1,890,00

0622

5$303.6

1

6 6417 Roselawn Rd 20$1,800,00

0582

8$308.8

5

7 4310 Sulgrave Rd 20$1,700,10

0639

1$266.0

1

8 4105 Exeter Rd 20$1,675,00

0726

6$230.5

3

9805 Merchant Lee Ct 24

$1,655,000

9383

$176.38

10 5227 Cary St 20$1,535,00

0569

6$269.4

9

6161


www.RichmondHousingToday.com Top 10 2015 Condo Sales

Address Area SubdivisionSale Price Sq Ft

Price/Sq/Ft

1 7 Bankside Mews 40Rocketts Landing

$1,875,000 5441 $344.61

2 4820 Old Main St 40Rocketts Landing

$1,355,000 4560 $297.15

3250 Finial Ave #4A 22

Monument Square

$1,336,888 3412 $391.82

4250 Finial Ave #5A 22

Monument Square

$1,316,894 3427 $384.27


Monument Square

$1,195,000 3319 $360.05

6 1008 Basildon Ct 32 Grayson Hill$914,11

7 3700 $247.06


Monument Square

$875,000 3494 $250.43

8 1002 Basildon Ct 22 Grayson Hill$775,11

1 3700 $209.49

9 1109 Marney Ct 22 Grayson Hill$749,86

4 3200 $234.3310 1006 Basildon Ct 22 Grayson Hill

$741,915 3700 $200.52

6262



Richmond Real Estate Areas

6363

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, 36, 40, 42, 44, 50, 52, 54, 60, 62, 64 and 66 shown on the map.



10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 660

50100150200250300350400450

133

35

174

11290 89

234235

147

88138

89

294

385

89

415

116156

Single Family Active Listings By Area (1/14/16)

Area

No

of A

ctiv

e Li

stin

gsActive Single Family Listings By Area

6464

The number of active listings by area as shown. Inventory varies by area with area 62 having the highest number of homes for sale and Area 20 having the lowest.




10 22 30 34 40 44 52 60 64

All R

ichm

ond

$0$50,000

$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000

$270

,871 $4

39,4

28$3

46,0

88$4

25,4

13$1

75,1

16$1

58,6

40 $336

,298

$304

,978

$155

,011

$117

,245

$244

,570

$67,

844

$186

,330

$227

,052

$208

,293

$274

,776

$349

,354

$278

,067

$259

,769

Average Sales Price By Area (1/15-12/15)

Area

Aver

age

Sale

s Pr

ice

Single Family Greater Richmond Sales Price by Area

6565

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 is $259,769 shown by the red line.




Greater Richmond Single Family Price per Square Foot 3/14-2/15)

6666Source: CVRMLS data 1/14/16

10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 66

All Rich

mond

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$143

.77

$194

.35

$141

.09

$151

.23

$98.

32$9

4.60

$132

.04

$123

.17

$89.

55$7

6.68

$115

.58

$51.

16 $91.

25$1

02.7

4$1

08.7

1$1

12.1

1$1

22.7

1$1

25.6

5$1

17.6

3

Price per Square Foot By Area (1/15-12/15)

Area

Pric

e pe

r Sq

uare

Foo

t



10 22 30 34 40 44 52 60 64

All Rich

mond

0.0

2.0

4.02.3

1.31.8

4.22.82.22.7

3.83.62.52.4

4.23.03.2

1.73.12.4

4.52.8

Greater Richmond Single Family Inventory by Area

Area

Mon

ths

of I

nven

tory

Inventory of Single Family Houses

6767

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 2.8 months.




Summary

6868



NAR Economic Forecast

6969Source: National Association of Realtors11/14

2013 2014 2015 Foreca

st

2016 Foreca

stGDP Growth

2.2% 2.6% 2.3% 3.0%

Job Growth

+2.3 M

+3.0 M +2.4 M +2.7 M

CPI Inflation

1.5% 1.6% 0.3% 3.2%

Consumer Confidence

73 87 90 101

10-year Treasury

2.5% 2.6% 2.2% 3.3%


www.RichmondHousingToday.com NAR Housing Forecast

7070



www.RichmondHousingToday.com Pent Up Home Sellers?

7171

2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Median Years of Tenure Before Moving

0

12108

6

4

2


www.RichmondHousingToday.com Summary

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

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Questions?Lacy.Williams@joynerfineproper

ties.comLacy Williams

Joyner Fine Properties804-864-0316

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