Greater Richmond Real Estate Market Report

www.RichmondHousingToday.com

The Greater Richmond Real
Estate Market
Lacy Williams
Joyner Fine Properties

February 2013

Property of Lacy Williams, Joyner Fine Properties 1

Quiz www.RichmondHousingToday.com

NUMBER OF SALES:
• What percentage did the number of single family sales
increase between 2010 and 2012?
• Where was the greatest percentage increase in the number
of sales (lower, middle or higher price points)?
INVENTORY:
• What is the inventory (in months) of single family houses in
Greater Richmond today?
• Which price point has the greatest inventory (lower, middle
or higher)?
• Which location (City, Henrico, Hanover, Chesterfield,
Goochland or Powhatan) has the highest inventory? And
the lowest inventory?
• Which MLS area of Richmond has the lowest inventory?
• How many houses are for sale today in Greater Richmond?

Quiz www.RichmondHousingToday.com

PRICES:
• What is the average single family sales price in Greater
Richmond in 2012?
• What is the average single family price per square foot
in Greater Richmond in 2012?
• How did single family prices change between 2011 and
2012?
• Which location (City, Henrico, Hanover, Chesterfield,
Goochland or Powhatan) has the greatest price
increases in 2012 for Single Family? And the larges
price drop in 2012?
• Which price point has the greatest percentage price
increase (lower, middle or higher)?
• In which quarter did the market turn?

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 the Central Virginia Regional Multiple
Listing Service (CVRMLS) data. Data was extracted in January 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.



The National Market


Pending Home Sales www.RichmondHousingToday.com

105
Source: Keeping Current Matters 1/13

100

95

90

85

80
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
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. Forecasts are for the
number of sales to continue to increase as the economy improves.
Property of Lacy Williams, Joyner Fine Properties 6 NAR 12/2012

Month’s Inventory of Homes for Sale www.RichmondHousingToday.com

10.0

9.0 Source: Keeping Current Matters 1/13

8.0

7.0

6.0 5-6 Months = Normal Market Inventory

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 Aug Sep Oct Nov

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.

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 8 FHFA 2Q HPI Report

S&P Case-Shiller Home Price Indices

5.0%
Year-over-Year Change in Prices 4.3%
4.0% 3.6%

3.0%
S&P Case Shiller 12/2012
2.0%
2.0% Source: Keeping Current Matters 1/13
1.1%
1.0% 0.6%
Jan Feb Mar Apr May
0.0%
Jun Jul Aug Sep Oct
-1.0% -0.5%

-2.0% -1.7%

-3.0% -2.5%

-4.0% -3.5%
-3.9%
-5.0%

As shown above, prices have stopped dropping year over year and have shown considerable increases nationwide.


Projected % Change in Home Prices

Source 2013

JP Morgan 9.7%
Barclays 5.5%
Capital Economics 5%
Freddie Mac 2-3%
This slide has 2013 house price projections from 4 major real estate organizations.


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.


Average Annual Appreciation www.RichmondHousingToday.com

12.0%

10.0% Source: Keeping Current Matters 1/13
10.4%
Home Price Expectation Survey 12/2012
8.0%

6.0%

4.0%
3.6% 3.3%
2.0%

0.0%

-2.0%

-4.0%
-5.7%
-6.0%
Pre-Bubble (1987-1999) Bubble (Q1 2000 - Q2 2006) Bust (Q3 2006 - Q2 2012) Expectations (2013 - 2017)

Before the real estate bubble, prices rose an average of 3.6% per year. And now, prices are expected to return to the pre-
bubble healthy appreciation levels.

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 13 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
show 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%

20%
Jan Feb Mar Apr May Jun Jul Aug
24%
Sept

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


Highest Foreclosure Inventory


Some states shown in red still have large backlogs of foreclosures to work through.


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 16450
15262 15533 15074
16000
14000 12737 12644
House Sales

12000 9482 9069 10177
8574 9051
10000
8000
6000
4000
2000
0
2 3 4 5 6 7 8 9 0 1 2
200 200 200 200 200 200 200 200 201 201 201

Year
Source: CVRMLS data 1/6/13

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%.

2011 vs 2012 Single Family Sales By Month

2011 vs 2012 Sales By Month
Number of Closed Single

1250
1050
Family Sales

850 2011
650 2012

450
250

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Se
A

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M

A

Month


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

Greter Richmond Single Family Sales By Month and Year

2000
Number of Closed Sales

1800
1600
1400 2006
1200
2007
1000
2008
800
2009
600
400
200
0
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

Month
Source: CVRMLS data

This graph shows the number of sales by month and year. The number of sales dropped every year from 2006 through 2010. There was
a housing stimulus tax credit that started in the latter half of 2009.


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

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

There was real estate tax credit in the second half on 2009 that ended June 30, 2010. After that sales dropped drastically but they have
been increasing since then.


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 2622
3000 2533
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
2526 2692 2772
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 House Sales in
Fourth Quarter by Year

Sales in the third quarter of 2012 3500 3222
were higher than sales for the
Number of Sales

3000
2362 2357 2347
2500 2123
past 4 years!! 2012 fourth 2000 1707 1847

quarter sales are 10.6% 1500
1000
higher than 2011 fourth 500
quarter sales. Note that 2009 0
2006 2007 2008 2009 2010 2011 2012
had a tax credit during the
Year
fourth quarter.

Condominium Sales in Greater Richmond www.RichmondHousingToday.com

Greater Richmond Condominium/Townhouse Sales
Number of Condominium

2500
2035
2000 1761 1757
1382 1416
1500
Sales

1154 1201
1093
1000

500

0
2005 2006 2007 2008 2009 2010 2011 2012

Year

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!!!


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

Year
2012 sales were 10% higher than 2011 sales.
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

previous 3 years. The second quarter 600 529
420 431
Sales

344 389
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 Condominium and
Townhouse Sales in Fourth Quarter

Third quarter sales in 2012 were
Fourth Quarter Sales
500 424
higher than third quarter sales of the 400 339 338
previous 4 years!!. The fourth quarter 300
288 287
233 225
of 2012 had 18% more sales than the
200
fourth quarter of 2011.
100

2011 sales were 27% higher than 2010 sales. 0
2006 2007 2008 2009 2010 2011 2012

Year


Year Over Year Change in Number of Sales

Number of Single Family House Sales in Greater Richmond

Price Range 1/11-12/11 1/12-12/12 Change

$0-$250,000 6259 6799 8.63%

$250,001-$500,000 2317 2755 18.90% In the Condominium market,
Year over Year number of sales
$500,001-$750,000 395 470 18.99% by price point have increased in
all price points with dramatic
$750,001-$1,000,000 102 106 3.92% increases in the higher price
$1,000,001+ 30 47 56.67% points..

In the single family market, Number of Condominium/Townhouse Sales in Greater
Year over Year number of Richmond
sales by price point have
increased in all price points Price Range 1/11-12/11 1/12-12/12 Change
with the greatest increase in
the high end market..
$0-$250,000 932 1078 15.67%

$250,001-$500,000 268 300 11.94%
$500,001+ 14 39 178.57%


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 at a normal market amount of inventory.

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

Inventory of single Family Houses By Month

12.0

10.0
Inventory of Houses

8.0
2010
2011
6.0
2012
2013
4.0

2.0

0.0
1 2 3 4 5 6 7 8 9 10 11 12
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 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 3640. A normal market is 5-6 months of inventory.

Single Family Inventory by Price Range


Price Range Inventory (Months)
$0-$250,000 4.1
$250,001-$500,000 5.3
$500,001-$750,000 6.0
$750,001-$1,000,000 9.5
$1,000,001+ 12.8
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

10.0 8.3
7.3
Inventory

8.0
4.3 5.0 4.2 4.3
6.0 3.7
4.0
2.0
0.0
Richmond

Richmond
Henrico

Goochland
Hanover

Chesterfield

Powhatan
City of

All
County

The inventory of single family homes in the city of Richmond, Henrico, Hanover 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 Townhouse/Condominiums by Year
and Month in Greater Richmond
Months of Inventory

12.0
10.0 2010
8.0 2011
6.0
4.0 2012
2.0 2013
0.0

v
n

n

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c
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p
r
ar
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Ju
Ap

No
Ja

Ju

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Au

Se
Fe

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M

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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 440.. The inventory in February 2013 is more than 7 months less than in December of 2010.



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
Source: CVRMLS data 1/13/13 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
$139.64
$140 $135.82
$132.43
$130 $123.38
$117.82
$120 $112.24
$107.60 $104.98 $106.16
$110
$99.65
$100 $92.37
$90
$80
02

03

04

05

06

07

08

09

10

11

12
20

20

20

20

20

20

20

20

20

20

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 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%
1.1%
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 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. Prices in 2012 are up 1.1% from
2011.

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
The turn in the market!!!
$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

2012-04
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
42
almost equal to 2011. 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 prices are higher than 2011 third Source: CVRMLSfourth quarter is in green and 2012 fourth quarter prices are
quarter prices. The data
significantly higher than 2011 fourth quarter prices.

2011 vs 2012 Prices By County www.RichmondHousingToday.com

Change in Prices Between 2011 and 2012

8.00% 6.54%
6.00%
4.00% 2.29%
1.85%
2.00% 0.75%
-0.10%
0.00%
d

-2.00%

nd
o

ld
er

an
on

ri c

ie
ov

la

t
m

ha
rf
en

ch
an
ch

-4.00%

e

w
H

st
oo
H
Ri

Po
he
G
of

-6.00%

C
ity
C

-8.00% CVRMLS data 1/13/13
Source: -6.70%

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
Price Per Square Foot

$160.00
$150.00
$140.00
$130.00
$120.00
$110.00
$100.00
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
Month Source: CVRMLS data 1/13/13

Price per square foot is a good indicator or 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

$160 $154.00 $152.70
$149.49
Price per Square Foot

$150
$133.49 $135.62
$140 $131.55
$130 $119.16 $121.13
$120 $113.32
$110 $100.03
$100 $90.84
$90
$80
$70
02 03 04 05 06 07 08 09 10 11 12
20 20 20 20 20 20 20 20 20 20 20

Source: CVRMLS data `1/13/13 Year

The price per square foot for condominium sales is between 2004 and 2005 levels. But more significantly, prices
in 2012 are 1.7% higher than 2011 indicating that prices have starting to rise. Prices are expected to start 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
Condominium Price per Square Foot Change in Greater
Richmond
$0-$250,000 $86.12 $86.91 0.92%

$250,001-$500,000 $120.78 $122.15 1.13% $0-$250,000 $108.35 $106.83 -1.40%

$500,001-$750,000 $153.92 $150.30 -2.35% $250,001-$500,000 $150.05 $151.83 1.19%
$750,001-$1,000,000 $181.46 $175.17 -3.47%
$500,001+ $180.98 $190.96 5.51%
$1,000,001+ $220.51 $235.24 6.68%

In the condominium market, price per square foot is
In the single family market, prices have increased in increasing in the higher price points.
the lower prices and also in the top end market.
Prices in the middle should start to rise in the next
few months.



Greater Richmond 2012 Top 10 Single
Family Sales www.RichmondHousingToday.com

Price Per
Square Square
Rank Area Address Feet Bedrooms Sale Price Foot
1 Richmond 6107 Three Chopt 9100 6 $2,900,000 $318.68
2 Goochland 1686 Broad Street Road 6382 5 $2,750,000 $430.90
3 Richmond 390 and 400 Old Lock Ln 5630 5 $2,300,000 $408.53
4 Goochland 970 Millers Lane 8044 7 $2,000,000 $248.63
5 Henrico 8 W Glenbrooke Cir 5650 4 $1,962,725 $347.38
6 Richmond 5 Hampton Hills Lane 7104 7 $1,960,000 $275.90
7 Henrico 215 Dryden Lane 8600 7 $1,800,000 $209.30
8 Henrico 5 Kanawha Rd 7777 7 $1,800,000 $231.45
9 Henrico 228 Cragmont Cir 7693 5 $1,710,000 $222.28
10 Goochland 712 Old Stream Road 5932 4 $1,635,000 $275.62


Top 10 Condominiums Sales for 2012 www.RichmondHousingToday.com

2012 TOP 10 Condominium Sales
Rank Area Subdivision Address Sale Price Sq Ft Price/Sq/Ft
301 Virginia Street Unit
1 10 Vistas on the James 1803 & 1805 $1,050,000 2987 $351.52
2 40 Rocketts Landing 4820 Old Main St #609 $985,000 4560 $216.01
3 34 The Villas at Grey Oaks 4905 Grey Oaks Villas Dr $565,821 3129 $180.83
5 34 Bellingham -Twin Hickory 5201 Belva Rd $527,796 3324 $158.78
6 34 Club Commons 12053 Layton Drive $509,000 3337 $152.53
301 Virginia Street Unit
9 10 Vistas on the James 1601 $507,500 1371 $370.17
10 34 Bellingham -Twin Hickory 5105 Belva Rd $485,598 2711 $179.12

This includes condominium sales and not townhouse sales. 9 of the 10 top townhouse sales in 2012 were in Grayson
Hill.


Why Does it Still Feel Like A Buyers’s Market?

Number of Sales vs Price Per Square Foot for
Single Family Sales By Year

20000 $160
$140
Closed Sales

Square Foot
15000 $120

Price Per
$100 Closed Sales
10000 $80
$60 Price Per Sq Ft
5000 $40
$20
0 $0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Year

The purple bars are the number of sales by year and the blue line is price per square foot. Note that sales were dropping
in 2006 and 2007 while prices were still rising. In 2011 and early 2012, prices were dropping while the number of sales
was increasing.

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 1/13/13)
Number of Active Single

500 451
420
Family Listings

400
317
300 222
217
184 180 193 206 194 188
200 152 161 139
131 134 131
100 52

0
10 20 22 24 30 32 34 36 40 42 44 50 52 54 60 62 64 66
Area

The number of active listings by area is shown. Active listings are down significantly over last year. There are
approximately 3800 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
Sales (1/1/12-12/31/12)

$430,639

$390,136

$339,772
$320,726
$500,000
$308,686
Average Sales Price

$275,815

$250,435
$237,573

$233,031
$222,605
$220,778

$400,000

$207,974
$185,099
$158,023
$142,220

$140,602
$125,806
$300,000

$101,570

$60,542
$200,000
$100,000
$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
Area

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

Greater Richmond Real Estate Market Report

Greater Richmond Real Estate Market Report

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