Richmond Housing Today June 2013

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

22
Background
• This report is designed to provide information on the Richmond VA
housing Market as well as the National Market.
• Graphs in this report on the National Market are obtained from
Keeping Current Matters and from the National Association of
Realtors (NAR). For additional information on Keeping Current
Matters, or to subscribe to this service, please go to
www.KeepingCurrentMatters.com. For additional information on
the National Association of Realtors, go to www.realtor.org.
• The graphs and analysis of the Richmond area are produced by
Joyner Fine Properties using the Central Virginia Regional Multiple
Listing Service (CVRMLS) data. Data was extracted in June 2013 for
most of the graphs. The Greater Richmond area is defined as the city
of Richmond and the counties of Henrico, Chesterfield, Hanover,
Goochland and Powhatan.

33
The National Market

44
January 2012 – December 2012
January 2011 – December 2011
80
90
100
110
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013 2012 2011
100 = Historically Healthy Level
National Pending Home Sales
NAR 4/2013
The number of sales has been rising (with monthly fluctuation) since June of 2010. You can see that the past year in dark
green has been significantly higher than the previous two years shown in lighter green.
Source: Keeping Current Matters 5/13

55
National New Home SALES
Compared to
December 2012
Compared to
January 2012
January 2013 Sales
+15.6%
+28.9%
Census 3/1/2013
New home construction is up
significantly.

66
Nationwide Month’s Inventory of
Homes for Sale
4.0
5.0
6.0
7.0
8.0
9.0
10.0
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
NAR 4/2013
5-6 Months = Normal Market Inventory
As the number of sales has gone up, the inventory of available houses for sale has been dropping. The national market is
below a 6 month inventory which is considered to be a normal market. Nationwide, we have a shortage of inventory as we
do in parts of the Greater Richmond area.

77 Calculated Risk 2/2013
The inventory in 2012 was the lowest it has been at any time since 2001. Even the boom years of 2005-2007 had higher
inventory than today.
National Number of Homes for Sale

88
1st Quarter
2012
2nd Quarter
2012
3rd Quarter
2012
4th Quarter
2012

99 FHFA 2/2013
FHFA State Home Prices (year-over-year)
Year over Year change in home prices show that prices in Virginia were up 4.4% in 2012 over 2011 prices.

1010
-3.9%
-3.5%
-2.5%
-1.7%
-0.5%
0.6%
1.1%
2.0%
3.6%
4.3%
5.5%
6.8%
8.1%
9.3%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Jun Jul Aug Sep Oct Nov Dec Jan Feb
Year-over-Year Change in Prices
Jan Feb Mar Apr May
S&P Case Shiller 4/2013
Case-Shiller National Home Price Indices
This graph shows year over year changes in home prices
by month. January 2012 prices were 3.9% lower than
January 2011 prices. By February of 2013, prices were
9.3% higher than the previous year.
2012
2013

1111
Metropolitan Area Year-over-Year
Atlanta 16.5%
Boston 5.2%
Charlotte 6.2%
Chicago 5.1%
Cleveland 5.3%
Dallas 7.1%
Denver 9.9%
Detroit 15.2%
Las Vegas 17.6%
Los Angeles 14.1%
Metropolitan Area Year-over-Year
Miami 10.4%
Minneapolis 12%
New York 1.9%
Phoenix 23%
Portland 9.4%
San Diego 10.2%
San Francisco 18.9%
Seattle 9.3%
Tampa 10%
Washington 6.9%
S&P Case-Shiller Home Price Indices
S&P Case Shiller 4/2013
Year over year prices are up in all 20 of the US major markets!!!

1212
U. S. Negative Equity Decreasing
Negative Equity Loan Count (millions of mortgages – left axis) Negative Equity Share (percentage– right axis)
2009 2010 2011 2012
Fannie Mae 4/2013
Negative equity occurs when the homeowner owes more on the house than the house is worth. Negative equity can cause
foreclosures and short sales. As you can see, negative equity has decreased dramatically.

1313
20%
25%
30%
35%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
U. S. Percentage of Distressed Property Sales
35%
21%
NAR 4/2013
Distressed properties include Short Sales and Foreclosures. The percentage of Distressed Property sales has dropped
significantly. Foreclosures and short sales tend to drag down prices so this reduction has a positive impact on prices.

1414
USA Foreclosure Inventory
RealtyTrac 4/2013
Overall, national foreclosure inventory has declined but the following slides will show that some states are doing better than
others.

1515
USA Foreclosure Inventory Non-Judicial
RealtyTrac 4/2013
In non-judicial states such as Virginia, you do not have to go through the court system to do a foreclosures so foreclosures
have happened quickly and these states have been working through their foreclosure inventory and there has been a
significant decline in the number of active foreclosures.

1616
USA Foreclosure Inventory Judicial
RealtyTrac 4/2013
In judicial states such as New Jersey, you have to go through the court system to do a foreclosures so foreclosures have
been backed up in the courts for years and these states have large inventories of foreclosure properties and it will take
several more years to work through this inventory.

1717
Foreclosure Inventory by State
Percentage of mortgages that have been
placed in the process of foreclosure. CoreLogic Foreclosure Report 3/2013
As shown above, Virginia has a low inventory of homes in foreclosures because it is a non-judicial state and has already
worked through most of the foreclosures.

1818
Impact of Increasing Rates
Price Rate P&I
200,000 3.4 886.96
200,000 4.4 1,001.52
Monthly Savings $114.56
The interest rate has already jumped up from 3.5% to 4% and it is expected to rise even more this year. This graph shows
the impact of the interest rate on the cost of a house.

1919
What are the Experts Saying?
“Americans are as bullish on the housing market as they have been at any time
since before the housing bubble burst several years ago. This surely reflects the
stabilization of the housing market, and the fact that home prices are generally
heading up in most parts of the country.” “Gallup data on homeownership
provide strong support for the idea that the American Dream of owning a home
continues to be alive and well. The majority of Americans who own a home plan
on continuing to do so in the future, and most of those who don't own a home
plan on buying one.” (Gallup.com)
“If, as the Federal Open Market Committee (FOMC) anticipates, the economic
recovery continues at a moderate pace, with unemployment slowly declining
and inflation expectations remaining near 2 percent, then long-term interest
rates would be expected to rise gradually toward more normal levels over the
next several years… (Ben Bernanke of Federal Reserve on interest rates).
“It’s quite possible that the next decade might bear a resemblance to the 1960s
or ’70s...Homeowners did very well if they bought in 1960 or 1970, locked in
low fixed-rate mortgages and saw the nominal values of their homes soar while
their real mortgage balances declined. This could be an auspicious time to buy
a house…for people who aren’t out to bet on the housing or mortgage markets
but are instead focused on settling into a home for the long term.” (NY Times)

2020
Greater Richmond
Housing Market
Note: All Greater Richmond graphs include the city of
Richmond and the counties of Henrico, Hanover, Chesterfield,
Goochland and Powhatan. All data is taken from the Central
Virginia Regional Multiple List Service (CVRMLS)

2121
Market Indicator #1:
The Number of Sales is
Up!!!

2222
Greater Richmond Single Family Closed Sales
12737
15262 15533 16450 15074
12644
9482 9069 8574 9051 10177
4089
0
5000
10000
15000
20000
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
(Thru
6/3)
Year
NoofClosedSales
Number of Single Family House Sales by Year
The number of single sales dropped every year from 2005 to 2010. The number of sales in 2010 was approximately half
of the number of sales in 2005. After 5 straight years of declining sales, the number of sales in 2011 was 5.5% higher than
2010 and 2012 sales were 12.5 % higher than 2011 sales. Between 2010 and 2012, sales increased 18.7%.
Source: CVRMLS data 6/3/13

2323
Single Family Sales By Year and Quarter
The second quarter graphs shows
that 2012 sales were up significantly
from 2011. The second quarter of
2010 was when the homebuyers tax
credit expired so sales were
artificially high during this time.
Source: CVRMLS Data 6/5/13
The first Quarter of 2013 is 7% higher than
2012 and 26% higher than 2010.
Sales in the first quarter were higher than
the past 5 years.
Single Family Sales By Year in First Quarter
3161
2892
2088
1487 1612
1786 1903 2036
0
500
1000
1500
2000
2500
3000
3500
2006 2007 2008 2009 2010 2011 2012 2013
Year
NoofClosedFirst
QuarterSales
Greater Richmond Single Family Second Quarter
Sales
4567
3919
2910
2533
3013
2657
3069
0
1000
2000
3000
4000
5000
2006 2007 2008 2009 2010 2011 2012
Year
NumberofSales

2424
Greater Richmond Single Family Third Quarter Sales
by Year
4111
3421
2526 2692
1999
2496
2772
0
1000
2000
3000
4000
5000
2006 2007 2008 2009 2010 2011 2012
Year
NumberofClosed
Sales
Third and Fourth Quarter Sales
2012 is 11% higher than 2011.
Source: CVRMLS Data
Sales in the third quarter of 2012
were higher than sales for the
past 4 years!! 2012 fourth
quarter sales are 10.6%
higher than 2011 fourth
quarter sales. Note that 2009
had a tax credit during the
fourth quarter.
Greater Richmond Single Family House Sales in
Fourth Quarter by Year
3222
2362
1707
2357
1847
2123
2347
0
500
1000
1500
2000
2500
3000
3500
2006 2007 2008 2009 2010 2011 2012
Year
NumberofSales

2525
Greater Richmond Condominium/Townhouse Sales
1761
2035
1757
1382
1154 1093 1201
1420
587
0
500
1000
1500
2000
2500
2005 2006 2007 2008 2009 2010 2011 2012 2013
(Thru
6/4/13)
Year
NumberofCondominium
Sales
Condominium Sales in Greater Richmond
In the condominium/townhouse market, after 4 years of dropping sales, 2011 sales (shown in light green) were 10%
higher than 2010 and higher than 2009. And 2012 sales (shown in green) 18% higher than 2011 sales!!!

2626
Greater Richmond Second Quarter Condominium
Sales by Year
601
529
420
324
431
344 389
0
200
400
600
800
2006 2007 2008 2009 2010 2011 2012
Year
NoofClosed
Condominium
Sales
Condominium Sales - First and Second Quarter
The first quarter of 2013 had more
sales than the first quarter of the
previous 4 years. The second quarter
of 2012 had more sales than 2011 or
2009 second quarters. There was a
tax credit which ended in the second
quarter of 2010 so sales were
artificially stimulated.
Source: CVRMLS data
2013 first quarter sales were 4% higher than
2012 sales and 52% higher than 2012 sales..
2012 sales were 13% higher than 2011 sales.
Greater Richmond First Quarter Condominium
Sales by Year
428
376
310
190 189
242
275 287
0
100
200
300
400
500
2006 2007 2008 2009 2010 2011 2012 2013
Year
NoofFirstQuarter
Sales

2727
Source: CVRMLS data
Greater Richmond Third Quarter Condminium
Sales by Year
578
499
355 345
219
325
393
0
200
400
600
800
2006 2007 2008 2009 2010 2011 2012
Year
NumberofSales
Third quarter sales in 2012 were
higher than third quarter sales of the
previous 4 years!!. The fourth quarter
of 2012 had 18% more sales than the
fourth quarter of 2011.
Condominium Sales – Third and Fourth Quarters
Greater Richmond Condominium and
Townhouse Sales in Fourth Quarter
424
339
233
288
225
287
338
0
100
200
300
400
500
2006 2007 2008 2009 2010 2011 2012
Year
FourthQuarterSales

2828
Year Over Year Change in Number of Sales
In the Condominium market,
Year over Year number of sales
by price point have increased in
all price points with dramatic
increases in the higher price
points..
In the single family market,
Year over Year number of
sales by price point have
increased in all price points
Number of Single Family House Sales in Greater
Richmond
Price Range 6/11-5/12 6/12-5/13 Change
$0-$250,000 6564 6776 3.23%
$250,001-$500,000 2438 2938 20.51%
$500,001-$750,000 417 515 23.50%
$750,001-$1,000,000 88 116 31.82%
$1,000,001+ 34 46 35.29%
Number of Condominium Sales in Greater
Richmond
$0-$250,000 983 1057 7.53%
$250,001-$500,000 293 350 19.45%
$500,001+ 19 56 194.74%

2929
Inventory is Down!!!

3030
Months Market Pricing
1-4 Sellers Appreciation
5-6 Even The Norm
7+ Buyers Depreciation
Months Supply’s Impact on Price
As shown on the graph, the amount of inventory determines if it is a Sellers or a Buyers market. In most
areas of Richmond, we are now in a Buyer’s market.

3131
Inventory of Single Family Houses By Month
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Month
InventoryofHouses
2010
2011
2012
2013
Inventory of Single Family Houses
by Month in Greater Richmond
The supply 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. We are following a nationwide trend of declining inventory. In May 2010, there were
7455 houses listed for sale in Greater Richmond and now there are 4045. A normal market is 5-6 months of inventory.
Source: CVRMLS data

3232
Single Family Inventory by Price Range
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. However, the number of sales at the higher price points is
increasing.
Price Range
Inventory
(Months)
$0-$250,000 4.2
$250,001-$500,000 4.9
$500,001-$750,000 8.9
$750,001-$1,000,000 12.7
$1,000,001+ 21.5

3333
Inventory By County/City
4.6
3.6
4.9
8.3
4.2
8.0
4.7
0.0
2.0
4.0
6.0
8.0
10.0
Cityof
Richmond
Henrico
Hanover
Goochland
Chesterfield
Powhatan
All
Richmond
County
Inventory
Single Family Inventory by County
The inventory of single family homes in the city of Richmond, Henrico, Hanover and Chesterfield are indicative of a
normal market or even a Seller’s market. Areas that are further out (Goochland, Powhatan) have higher inventories and
fewer sales and are still Buyer’s markets..

3434
Inventory of Townhouse/Condominiums by Year
and Month in Greater Richmond
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Jan
Feb
M
ar
Apr
M
ay
Jun
Jul
Aug
Sep
O
ct
Nov
Dec
Month
MonthsofInventory
2010
2011
2012
2013
Inventory of Condominiums
The inventory of condominiums (determined by the active listing and the sales rate) began dropping in the second half of
2011 and has continued to drop in 2012 and 2013. In April 2011, there were 966 active condominium listings in Greater
Richmond and today there are 487.. The inventory in June 2013 is more than 7 months less than in December of 2010.
Source: CVRMLS data

3535
Prices have bottomed out
and are rising!!!

3636
Average Sales Price By Month
$150,000
$170,000
$190,000
$210,000
$230,000
$250,000
$270,000
$290,000
$310,000
$330,000 Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Month
AverageSalesPrice
Single Family Average Sales Price By Month
The average sales price in Greater Richmond is rising. Note that the spring peak in prices in 2012 was higher than 2011
and the low points during the winter are also higher. We have not yet hit the spring peak of 2013.

3737
Average Price Per Square Foot By Month For Closed
House Sales in Greater Richmond
$80.00
$90.00
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00 Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Month
PricePerSquareFootFor
ClosedSales
Greater Richmond Single Family Price
Per Square Foot by Month
Price per square foot is a good indication of what is really happening. Note that the spring high in 2013 is already higher
than in 2012 year and the winter low did not occur in 2013..

3838
Greater Richmond Single Family Price Per Square Foot
For Closed House Sales By Year
$92.37
$99.65
$107.60
$123.38
$135.82$139.64
$132.43
$117.82
$112.24
$104.98$106.16
$110.17
$80
$90
$100
$110
$120
$130
$140
$150
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
(Thru
6/3)
Year
PricePerSquareFoot
Average Price Per Square Foot By Year for
Single Family House Sales in Greater Richmond
Prices have started to rise in Greater Richmond with 2013 prices being approximately 3.8% higher than 2012 prices. With
a 25% decrease in prices between 2007 and 2011, prices are still between 2004 and 2005 levels as indicated in the red line
on this graph.

3939
Single Family Year over Year Price Change
Year over year price change shows that as 2012 and 2013 prices increasing after 4 years of declines. In this graph, the
7.9% increase in 2003 is the increase in prices between 2002 and 2003 etc. In 2013, prices are up 3.8%.
Percent Change in Price Per Square Foot From
Previous Year for Closed Sales in Greater Richmond
7.9% 8.0%
14.7%
10.1%
2.8%
-5.2%
-11.0%
-4.7%
-6.5%
1.1%
3.8%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
(Thru
6/3)

4040
Greater Richmond Single Family
Price Per Square Foot by Quarter
$75.00
$85.00
$95.00
$105.00
$115.00
$125.00
$135.00
$145.00
2007-01
2007-02
2007-03
2007-04
2008-01
2008-02
2008-03
2008-04
2009-01
2009-02
2009-03
2009-04
2010-01
2010-02
2010-03
2010-04
2011-01
2011-02
2011-03
2011-04
2012-01
2012-02
2012-03
2012-04
2013-01
Quarter
PriceperSquareFoot
40
Single Family Price Per Square Foot By Quarter
First Quarter
Sales
Second Quarter
Sales
Fourth Quarter
Sales
Third Quarter
Sales
Source: CVRMLS data
When looking at this graph, look at one color at a time. First look at the first quarter prices in pink: dropping in 2008, 09, 10 and 11. 2013 is
higher than the previous two years. Likewise, the second quarter sales in yellow dropped from 2007 to 2011 and 2012 is equal to 2011. The
third quarter is in blue and 2012 third quarter 2012 prices are higher than 2011 third quarter prices. The fourth quarter is in green and 2012
fourth quarter prices are significantly higher than 2011 fourth quarter prices.
The turn in the market!!!

4141
Change in Prices Between 2011 and 2012
6.54%
1.85%
0.75%
2.29%
-0.10%
-6.70%-8.00%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
C
ity
ofRichm
ond
H
enrico
H
anover
G
oochland
C
hesterfield
Pow
hatan
2011 vs 2012 Prices By County
Prices have risen in some areas between 2011 and 2012 shown in green. But Chesterfield was slightly down and
Powhatan still has some challenges.

4242
Monthly Change in Prices
Change in Price Per Square Foot in Greater Richmond
from Previous Year-5.79%
4.74%
-2.81%
-2.24%
1.16%
3.71%
1.64%
1.16%
3.08%
10.46%
6.21%
2.73%
8.74%
7.88%
8.33%
13.42%
9.51%
-10%
-5%
0%
5%
10%
15%
Jan11-Jan12
Feb11-Feb12
Mar11-Mar12
Apr11-Apr12
May11-May12
Jun11-Jun12
Jul11-Jul12
Aug11-Aug12
Sep11-Sep12
Oct11-Oct12
Nov11-Nov12
Dec11-Dec12
Jan12-Jan13
Feb12-Feb13
Mar12-Mar13
April12-April13
May12-May13
Month of Comparison
ChangeinPricePerSquare
FootSource: CVRMLS data 6/3/13
This graph shows the change in price per square foot from one month to the same month a year later. For example on the
right of the graph, May of 2013 price per square foot was 9.51% higher than in May of 2012. There are a normal monthly
fluctuation but the trend in prices is significantly up.

4343
Condominium Price Per Square Foot
Condominiums and townhouse are showing a similar trend as single family homes with prices trending up for the past
year.
Price Per Square Foot For Closed Condominium
Sales in Greater Richmond
$100.00
$110.00
$120.00
$130.00
$140.00
$150.00
$160.00
$170.00
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Month
PricePerSquareFoot

4444
Price Per Square Foot for Condominium Sales By
Year
$90.84
$100.03
$113.32
$133.49
$149.49$154.00$152.70
$135.62$131.55
$119.16$121.13$126.36
$70
$80
$90
$100
$110
$120
$130
$140
$150
$160
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
(Thru
6/4/13)
Year
PriceperSquareFoot
Price Per Square Foot for Greater Richmond
Condominium Sales By Year
The price per square foot for condominium sales is between 2004 and 2005 levels. But more significantly, prices
in 2013 are 4.3% higher than 2012. Prices are expected to continue rising for 2013 and 2014. There was a 23%
decrease in prices between 2007 and 2011.
Source: CVRMLS data `6/4/13

4545
Year of Year Price Per Square Foot Change
By Price Range
In the single family market, prices have increased in
all price points.
In the condominium market, price per square foot is
increasing in the lower and middle price point.
Single Family Condominium/Townhouse
Price per Square Foot Change in Greater Richmond
$0-$250,000 $85.71 $89.25 4.13%
$250,001-$500,000 $121.30 $124.49 2.63%
$500,001-$750,000 $151.64 $152.87 0.81%
$750,001-
$1,000,000 $178.80 $181.48 1.50%
$1,000,001+ $221.90 $235.22 6.00%
Condominium Price per Square Foot Change
in Greater Richmond
Price Range
6/11-
5/12
6/12-
5/13
Chang
e
$0-$250,000 $106.39 $111.75 5.04%
$250,001-
$500,000 $148.32 $152.98 3.14%
$500,001+ $190.33 $186.46 -2.03%

4646
Richmond Real Estate Areas
The Richmond Association of
Realtors (RAR) uses Real estate areas
as shown in the graph. The following
analysis covers areas 10, 20, 22, 24,
30, 32, 34, 40, 42, 44, 50, 52, 54, 60,
62, 64 and 66 shown on the map.

4747
Active Listings By Area (As of 6/3/13)
211
80
263
186
124 108
198
237 220 197 224
156
437
510
189
348
155
202
0
100
200
300
400
500
600
10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 66
Area
NumberofActiveSingle
FamilyListings
Active Single Family Listings By Area
The number of active listings by area is shown. Active listings are down significantly over last year. There are
approximately 3560 fewer homes on the market than two years age. Richmond is following a nationwide trend of
declining inventory. Inventory varies by area with area 54 having the highest number of homes for sale and Area 20
having the lowest.

4848
Average Sales Price By Area For Single Family House
Sales (6/1/12-5/31/13)
$239,847
$449,541
$312,102
$414,068
$137,281
$146,400
$332,000
$275,667
$143,180
$107,802
$224,769
$59,534
$164,531
$211,466
$196,842
$239,195
$348,578
$258,897
$235,858
$0
$100,000
$200,000
$300,000
$400,000
$500,000
10
20
22
24
30
32
34
36
40
42
44
50
52
54
60
62
64
66
A
llR
ichm
ond
Area
AverageSalesPrice
Single Family Average Sales Price By Area
Average sales price varies considerably by area with area 20 having the highest and area 50
having the lowest.

4949
Average Price Per Square Foot For Single Family House
Closed Sales By Area (6/1/12-5/31/13)
$115.10
$181.27
$125.93
$131.37
$75.66
$92.48
$121.21
$114.28
$82.30
$66.95
$109.25
$42.50
$83.31
$93.54
$100.19
$100.53
$112.86
$109.99
$101.93
$0.00
$50.00
$100.00
$150.00
$200.00
10
20
22
24
30
32
34
36
40
42
44
50
52
54
60
62
64
66
AllRichmond
Area
PricePerSquareFoot
Single Family Price Per Square Foot By Area
Price per square foot also varies by Area with Area 20 (West end of the city) having the highest
price per square foot. The average across greater Richmond is $101.93.

5050
Supply of Houses by Area in Months
4.5
2.9 3.0
9.9
4.4
3.3 2.9
5.9
6.6 6.5
4.6
7.7
6.0
4.9 5.0
3.3
3.9
8.2
4.7
0.0
2.0
4.0
6.0
8.0
10.0
12.0
10
20
22
24
30
32
34
36
40
42
44
50
52
54
60
62
64
66
AllRichmond
Area
MonthsofSupply
Inventory of Single Family Houses
As shown above, the supply of houses varies greatly in Greater Richmond. Generally, the areas that are further out have
the largest supply of houses while those that are closer in have lower inventories of houses. Goochland (Area 24) and
Powhatan (Area 66) have the higher supplies of houses at 9.9 and 8.2 months. Area 50 had a lot of foreclosures and it has
a higher inventory at 7.7 months.
Red Line represents a normal market.

5151
Summary

5252
Existing Home Sales
12,109 US Homes Sell Every Day
and 8,718 Buyers Receive a Mortgage
NAR 12/2011
In spite of the recent
downturn, home
ownership
continues to be the
best long-term
investment in the
US!!!
Source: Keeping Current Matters

5353
Summary
• Sales are up
• Inventory is down
• Prices have started to rise in most
areas.
• This is the chance of a lifetime to
BUY!!!

Richmond Housing Today June 2013

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Richmond Housing Today June 2013