Richmond Housing Today December 2012

www.RichmondHousingToday.com

The Greater Richmond Real
Estate Market
Lacy Williams
Joyner Fine Properties

Property of Lacy Williams, Joyner Fine Properties 1

Background www.RichmondHousingToday.com

• 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 Central Virginia Regional Multiple
Listing Service (CVRMLS) data. Data was extracted in November
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.



The National Market


US Pending Home Sales www.RichmondHousingToday.com

105.0

Source: Keeping Current Matters 11/12
100.0

95.0

90.0

85.0

80.0

75.0

The stimulus tax credit expired in April of 2010. There was a sharp drop in the number of sales at that time but the number of
sales has been rising (with monthly fluctuation) since June of 2010 without government intervention. Forecasts are for the
number of sales to continue to increase as the economy improves.

US Inventory of Homes for Sale

10.0

9.0
Months of Inventory

8.0

7.0

6.0

5.0

4.0
Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sept

As the number of sales has gone up, the inventory of available houses for sale has been dropping. The national market is
approximately a 6 month inventory which is considered to be a normal market.

Property of Lacy Williams, Joyner Fine Properties 5 NAR 10/2012

US Home Prices Y-O-Y Changes

As shown above, prices have risen during the past year in the Southeast including Virginia. Prices are still declining in the
Mid Atlantic and Northeast.
Property of Lacy Williams, Joyner Fine Properties 6 FHFA 2Q HPI Report

US Home Prices Next Year www.RichmondHousingToday.com

3.5
3.25
3
2.8

2.5
2.44

2

1.5

1

0.5

0
Home Price Expectation Survey National Association of Business WSJ Economic Survey
Economists

Three leading National Groups are forecasting price increases to continue next year.


Mortgage Rates Moving Forward

“After reaching record lows in 2012, mortgage rates are
expected to creep up slowly in the year ahead, the
Mortgage Bankers Association predicted.

Rates on the 30-year fixed- Projected Average 30 Year Rate
4.5
4.4
rate mortgage are expected 4.4

to average 3.8% in the 4.3
4.2
fourth quarter of 2012, rising 4.1
4
to 3.9% in the first quarter 3.9
3.9
3.8
of 2013 and eventually rising 3.8
3.7
to an average 4.4% by the 3.6

fourth quarter of next year.” 3.5
2012 4Q 2013 1Q 2013 4Q


Property of Lacy Williams, Joyner Fine Properties 8 MarketWatch 10/24/2012

The Cost of Waiting a Year www.RichmondHousingToday.com

Interest
Date Price P&I
Rate

Today $200,000 3.5% $898.09

2013 4Q $204,880 4.4% $1,025.96

Difference in Payment $127.87
With prices rising and the interest rate going up, waiting to buy a house will cost you significantly more. The example above
shows that waiting just a year will cost you $127.87 more for a $200,000 house.

US Percentage of Distressed Property Sales

35%


35%
30%

25%

24%

20%
Jan Feb Mar Apr May Jun Jul Aug Sept

Another positive sign is that the percentage of distressed property sales (including foreclosures and short sales) has been
declining.


US Housing Starts www.RichmondHousingToday.com

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.


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 2011


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)



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


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 9071
10000
8000
6000
4000
2000
0
2 3 4 5 6 7 8 9 0 1 )
200 200 200 200 200 2 00 2 00 200 201 201 /26
11
u
hr
(T
12
20

Year
Source: CVRMLS data 11/26/12

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 has, as of Nov 26, already had more sales than 2011!!!.

Number of Single Family House Sales by
Month and Year www.RichmondHousingToday.com

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

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 October sales were
higher than the previous 2 years in October.

Single Family 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.

Third and Fourth Quarter Sales www.RichmondHousingToday.com

Greater Richmond Single Family Third Quarter Sales
by Year Source: CVRMLS Data 11/26/12

5000
Number of Closed

4111
4000 3421
2692 2772
2526
Sales

3000 2496
1999
2000
1000
0
2006 2007 2008 2009 2010 2011 2012
2012 is 11% higher than 2011. Year
Greater Richmond Single Family Fourth Quarter sales
Sales in the third quarter of 2012 by Year
were higher than sales for the
3500 3222
past 4 years!! Sales in the fourth
Number of Sales

3000
quarter of 2011 were higher than
2362 2357
the fourth quarter of 2010. Note 2500
2123
that we had a tax credit during 2000 1707
1847

the fourth quarter of 2009 making 1500
sales artificially high. 2006 2007 2008 2009 2010 2011

2011 is 15% higher than 2010. Year


Condominium Sales in Greater Richmond www.RichmondHousingToday.com

Greater Richmond Condominium/Townhouse Sales
Number of Condominium

2500 2035
2000 1761 1757
1382 1253
Sales

1500 1154 1093 1201

1000
500
0
2005 2006 2007 2008 2009 2010 2011 2012
(Thru
11/25)

Year

In the condominium/townhouse market, after 4 years of dropping sales, 2011 sales (shown in dark blue) were 10% higher
than 2010 and higher than 2009. And 2012 sales (shown in green) through Nov 25 th are already higher than 2011 sales!!!


Condominium Sales - First and Second Quarter

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

2012 sales were 10% higher than 2011 sales.
Year
Greater Richmond Second Quarter Condominium
Sales by Year
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. 2012 sales were 13% higher than 2011 sales.
Year Source: CVRMLS data 8/16/12


Condominium Sales – Third and Fourth Quarters

Greater Richmond Third Quarter Condminium
Sales by Year

800
Number of Sales

578
600 499
393
400
355 345 325 Source: CVRMLS data
219
200

0
2006 2007 2008 2009 2010 2011 2012
Year
2012 salesCVRMLS data 10/1/12
Source: were 21% higher than 2011 sales. Greater Richmond Fourth Quarter
Condominium Sales by Year

Fourth Quarter Sales
500
Third quarter sales in 2012 were 424
400 339
higher than third quarter sales of the 288 287
300 233 225
previous 4 years!! The fourth quarter
200
of 2011 had higher sales than the
100
fourth quarter of 2010.
0
2006 2007 2008 2009 2010 2011

Year
2011 sales were 27% higher than 2010 sales.


Year Over Year Change in Number of Sales

Number of Single Family House Sales in Greater Richmond

Price Range 11/10-10/11 11/11-10/12 Change

$0-$250,000 6057 6814 12.50%

$250,001-$500,000 2318 2656 14.58% In the Condominium market,
Year over Year number of sales
$500,001-$750,000 393 458 16.54% by price point have increased in
all price points with dramatic
$750,001-$1,000,000 103 104 0.97% increases in the higher price
$1,000,001+ 34 40 17.65% points.

In the single family market,
Year over Year number of
sales by price point have
increased in all price points.
Number of Condominium Sales in Greater Richmond

Price Range 11/10-10/11 11/11-10/12 Change

$0-$250,000 879 1083 23.21%

$250,001-$500,000 259 296 14.29%
$500,001+ 13 31 138.46%


Inventory is Down!!!


Months Supply’s Impact on Price www.RichmondHousingToday.com

Months Market Pricing

1-4 Sellers Appreciation

5-6 Even The Norm

7+ Buyers Depreciation


As shown on the graph, a 7 month or greater supply of houses causes depreciation of prices. We are
currently almost at a normal market amount of inventory.

Inventory of Single Family Houses
by Month in Greater Richmond www.RichmondHousingToday.com

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 data

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. 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 4468. A normal market is 5-6 months of inventory.

Single Family Inventory by Price Range


Price Range Inventory (Months)
$0-$250,000 4.6
$250,001-$500,000 5.2
$500,001-$750,000 7.5
$750,001-$1,000,000 12.0
$1,000,001+ 16.9

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.


Single Family Inventory by County www.RichmondHousingToday.com

Inventory By County/City

12.0 9.5
10.0 8.4
Inventory

8.0 4.9 5.8 4.7 4.8
6.0 4.0
4.0
2.0
0.0
Richmond

Richmond
Henrico

Goochland
Hanover

Chesterfield

Powhatan
City of

All
Source: CVRMLS data 11/25/12 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 (Goochland, Powhatan) have higher inventories.

Inventory of Condominiums www.RichmondHousingToday.com

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 494.. The inventory in November of 2012 is more than 6 months less than in November of 2010. This
is a sign of recovery.


Prices have bottomed out
and are rising!!!


Single Family Average Sales Price By Month

Average Sales Price By Month

$330,000
Average Sales Price

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

The average sales price in Greater Richmond appears to have hit the bottom and are rising. Note that the spring peak in
prices in 2012 was higher than 2011 and the low points are also higher.

Greater Richmond Single Family Price
Per Square Foot by Month www.RichmondHousingToday.com

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
Month

Price per square foot is a good indication of what is really happening. Note that the spring high in 2012 is higher than last
year and the winter low does not seem to be occurring.

Average Price Per Square Foot By Year for
Single Family House Sales in Greater Richmond www.RichmondHousingToday.com

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 $105.83
$110 $99.65
$100 $92.37
$90
$80

6)
02

03

04

05

06

07

08

09

10

11

/2
20

20

20

20

20

20

20

20

20

20

11
ru
h
(T
12
20
Year

Prices have started to rise in Greater Richmond with 2012 prices being approximately 1% higher than 2011 prices. With a
25% decrease in prices between 2007 and 2011, prices are still at 2004 levels as indicated in the red line on this graph.

Single Family Price Per Square Foot By Quarter

Greater Richmond Single Family
Price Per Square Foot by Quarter
$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. 2012 is almost equal to 2011. Likewise, the second quarter sales in yellow dropped from 2007 to 2011 and33
2012 is equal to 2011. The third quarter is in blue and 2012 third quarter prices are higher than 2011 third quarter prices.

Single Family Year over Year Price Change

Percent Change in Price Per Square Foot From
Previous Year for Closed Sales in Greater Richmond
20.0%
14.7%
15.0%
10.1%
10.0% 7.9% 8.0%

5.0% 2.8%
0.8%
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%

Year over year price change shows that 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.


2011 vs 2012 Prices By County www.RichmondHousingToday.com

Change in Prices Between 2011 and 2012 (Thru
8/15)

8.00% 5.64%
6.00%
4.00% 2.61%
1.76% 1.48%
2.00%
0.00%
-2.00%
d

nd
o

-1.26%

ld
er

an
on

ri c

ie
ov

la
-4.00%

t
m

ha
rf
en

ch
an
ch

e

w
H

st
-6.00% oo
H
Ri

Po
he
G
of

C
-8.00%
ity
C

-10.00%CVRMLS data 10/1/12
Source: -8.89%

Prices have risen in some areas between 2011 and 2012 shown in green. But Chesterfield is slightly down and Powhatan
still has some challenges.


Condominium Price Per Square Foot www.RichmondHousingToday.com

Price Per Square Foot For Closed Condominium Sales
in Greater Richmond

$170.00

$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 of prices. Notice that the highs in price per square foot are higher than last year.


Price Per Square Foot for Greater Richmond
Condominium Sales By Year www.RichmondHousingToday.com

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 $119.16 $120.54
$130 $113.32
$120 $100.03
$110 $90.84
$100
$90
$80
$70
2 3 4 5 6 7 8 9 0 1 )
200 200 200 200 200 200 200 200 201 201 /25
11
u
hr
(T
2
201

Source: CVRMLS data 11/25/11 Year

The price per square foot for condominium sales is between 2004 and 2005 levels. But more significantly, prices
in 2012 are on average slightly higher than 2011 indicating that prices have bottomed out and are starting to rise.
Prices are expected to continue rising next year. There was a 23% decrease in prices between 2007 and 2011.

Year of Year Price Per Square Foot Change
By Price Range www.RichmondHousingToday.com

Single Family Condominium/Townhouse

Price per Square Foot Change in Greater Richmond Price per Square Foot Change in Greater Richmond

Price Range 11/10-10/11 11/11-10/12 Change Price Range 11/10-10/11 11/11-10/12 Change
$0-$250,000 $86.82 $86.55 -0.31%
$0-$250,000 $109.87 $106.89 -2.71%
$250,001-$500,000 $121.06 $122.06 0.83%
$250,001-$500,000 $149.59 $152.02 1.62%
$500,001-$750,000 $153.84 $154.13 0.19%

$750,001-$1,000,000 $180.47 $176.85 -2.01% $500,001+ $180.00 $191.45 6.36%

$1,000,001+ $214.61 $238.39 11.08%
In the condominium market, price per square foot is
increasing in the higher price points.
In the single family market, prices were dropping in
Greater Richmond through the early spring of 2012
but have been rising since then. So the decreases
seen in price per square foot on this graph should be
followed by increases in a few months. Note the
increase at the highest price point.


Richmond Real Estate Areas www.RichmondHousingToday.com

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. 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.


Active Single Family Listings By Area

Active Listings By Area (As of 11/25/12)
Number of Active Single

600
483
Family Listings

500 448
373
400
300 223 227 225 250 201 254 218
193 174 167
149 146 121 158
200
62
100
0
10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 66
Area Source: CVRMLS data 11/25/12

The number of active listings by area is shown. Active listings are down significantly over last year. There are
approximately 3500 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.

Single Family Average Sales Price By Area

Average Sales Price By Area For Single Family House

$423,448
Sales (11/1/11-10/31/12)

$387,164

$332,606
$450,000

$315,955
$307,427

$276,901
$400,000
Average Sales Price

$247,923
$235,302

$227,469
$350,000

$220,321
$215,248

$209,180
$179,057
$300,000

$156,854
$142,618
$138,951
$250,000 $123,710

$102,621
$200,000

$60,763
$150,000
$100,000
$50,000
$0

All
10
20
22
24
30
32
34
36
40
42
44
50
52
54
60
62
64
66
Source: CVRMLS data 11/25/12 Area

Average sales price varies considerably by area with area 20 having the highest and area 50
having the lowest.

Single Family Price Per Square Foot By Area

Average Price Per Square Foot For Single Family House
Closed Sales By Area (11/1/11-10/31/12)

$176.34

$124.87
$200.00

$122.60

$117.76
$112.13

$108.24
$107.59
$105.68

$106.91

$99.63
$97.94
$91.64
$92.73
$90.02
$150.00

$81.11

$81.19
$68.93

$66.32

$42.93
$100.00
$50.00
$0.00
10

20

22

24

30

32

34

36

40

42

44

50

52

54

60

62

64

66

d
on
hm
Ric
All
Source: CVRMLS data 11/25/12 Area

Price per square foot also varies by Area with Area 20 (West end of the city) having the highest
price per square foot.

Inventory of Single Family Houses www.RichmondHousingToday.com

Supply of Houses by Area in Months
12.0
Months of Supply

9.5
10.0 8.4
7.3 6.8 7.9
8.0 6.2
5.4 5.9 5.7
5.1 4.9 5.2
6.0 4.2
3.8 3.6 4.2
4.0 2.3 2.8 2.8
2.0
0.0

All Richmond
10

20

22

24

30

32

34

36

40

42

44

50

52

54

60

62

64

66

Area
As shown above, the supply of houses varies greatly in Greater Richmond. 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 highest supply of houses at 8.4 and 9.5 months. Richmond is following a nationwide trend—people
are moving back into the cities.


2010 vs. 2012 www.RichmondHousingToday.com

Supply of
Inventory of Houses 2010 vs 2012 Houses
18.0 7/19/10
Supply of
16.0 Houses
Months of Inventory

11/25/12
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
10

20

22

24

30

32

34

36

40

42

44

50

52

54

60

62

64

hm 66
d
on
ic
R
ll
A
Source: CVRMLS data Area

As shown above, the inventory in all areas in Greater Richmond has declined significantly over the past 2 years.



Summary


Existing Home Sales www.RichmondHousingToday.com

12,109 US Homes Sell Every Day
and 8,718 Buyers Receive a Mortgage
In spite of the recent
downturn, home
ownership
continues to be the
best long-term
investment in the
US!!!

Source: Keeping Current Matters


Summary www.RichmondHousingToday.com

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


Richmond Housing Today December 2012

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Richmond Housing Today December 2012