Real Estate Market TrendsReal Estate Market Trends

2010

RMA/CVR MLS JurisdictionRMA/CVR MLS JurisdictionSingle Family Residential MarketSingle Family Residential Market

YearYear Units SoldUnits Sold Avg List Price Avg Sold PriceAvg List Price Avg Sold Price2005:2005: 20,056 $264,667 $240,0302006:2006: 18,561 $298,368 $265,7552007:2007: 15,811 $310,386 $274,6332008:2008: 11,842 $299,100 $267,8262009:2009: 11,279 $275,112 $236,6942010: 2010: (YTD – August 31, 2010):(YTD – August 31, 2010):

7,331 $254,585 $235,991

Data collected: 9/15/2010

When a Home is Sold in Virginia…When a Home is Sold in Virginia…

Income Generated from real estate related industries is:

$29,979 Additional expenditure on consumer items

such as on furniture, appliances, and paint service is:

$5,331 Bureau of Economic Analysis; Harvard Joint Center for Housing Studies, NAR

Economic Contributions are derived from …Economic Contributions are derived from …

–Home construction –Real estate brokerage –Mortgage lending –Title insurance –Rental and Leasing –Home appraisal –Moving truck service –Other related activities

All politics are locallocal . . . …And so is Real EstateReal Estate

Single Family Residential – 2010Single Family Residential – 2010Average List Price - Sold PriceAverage List Price - Sold Price

AreaArea Units SoldUnits Sold Avg LP Avg LP Avg SP Avg SP Charles CityCharles City 21 $263,997 $289,520 ChesterfieldChesterfield 2,106 $257,858 $239,940 GoochlandGoochland 127 $469,856 $408,707Hanover:Hanover: 528 $313,132 $269,069 Henrico:Henrico: 1,762 $258,327 $254,783 New KentNew Kent 104 $309,483 $262,985 PowhatanPowhatan 140 $314,713 $288,919Richmond:Richmond: 1,284 $208,901 $208,624

2010 Year-to-Date: August 31, 2010

Data collected 9/17/2010

Single Family Residential – 2010Single Family Residential – 2010Sold Price: YTD - 2009 vs 2010Sold Price: YTD - 2009 vs 2010

AreaArea Units SoldUnits Sold Avg SP-09 Avg SP-09 Avg SP-10 Avg SP-10 (%Chng)(%Chng)Charles CityCharles City 21 $186,500 $289,520 (+55.23%)ChesterfieldChesterfield 2,106 $253,776 $239,940 (-5.45%)GoochlandGoochland 127 $439,179 $408,707 (-6.93%)Hanover:Hanover: 528 $281,752 $269,069 (-4.50%)Henrico:Henrico: 1,762 $254,080 $254,783 (+0.27%)New KentNew Kent 104 $281,510 $262,985 (-6.58%)PowhatanPowhatan 140 $264,759 $288,919 (+9.12%)Richmond:Richmond: 1,282 $194,168 $208,624 (+7.44%)

2010 Year-to-Date: August 31, 2010 - (%Chng) compared to same period 2009

Data Collected 9/17/2010

What’s Selling in 2010?

Area Area ((% Sold under):% Sold under): $200,000 $200,000 $300,000$300,000Charles CityCharles City 85.71% 95.24%ChesterfieldChesterfield 44.44% 77.54%GoochlandGoochland 14.17% 37.80%Hanover:Hanover: 31.44% 67.80%Henrico:Henrico: 46.31% 75.37%New KentNew Kent 33.65% 69.23%PowhatanPowhatan 32.86% 65.71%Richmond:Richmond: 61.70% 80.34%CVR MLS Region:CVR MLS Region: 52.78% 78.41%

Cumulative 2010 Year-to-Date: August 31, 2010

Data collected 9/15/2010

RMA/CVR MLS Jurisdiction:RMA/CVR MLS Jurisdiction:Single Family Residential PendingTransactionsSingle Family Residential PendingTransactions

Blue: 2009 – Red: 2010September 2009 thru August 2010

Data collected 9/17/2010

Pendings: 6 months

943

1,217 1,2021,140 1,158

1,081

Pendings: 1 year

879

675611 577

943

676

1,217

791

1,081

1,202

1,140

1,158

RMA/CVR MLS Jurisdiction:RMA/CVR MLS Jurisdiction:Single Family Residential Closed TransactionsSingle Family Residential Closed Transactions

Blue: 2009 – Red: 2010September 2009 thru August 2010

Average Sold Units

925851

652 769 781

573

533

792

969

1338

1216

1111

Average Sold Price

244,505

242,716

251,968

247,809

231,826

220,167219,928

224,975

249,655

242,964242,478

242,511

Data collected 9/17/2010

RMA/CVR MLS Jurisdiction:RMA/CVR MLS Jurisdiction:Inventory AbsorptionInventory Absorption

*Active Inventory as of 9/20/2010

2009-2010 YTD2009-2010 YTDThe Direction We’re Heading

June YTD July YTD August YTDPending Units: +1.7 % -2.6% -5.2%

Sold Units: +18.5% +9.5% +5.0%

Avg Sold Price:Avg Sold Price: -4.0% -3.4% -2.5%

RMA/CVR MLS RegionRMA/CVR MLS RegionSingle Family

Updated as of 9/15/2010

What Does the Future Hold?

Continued, Controlled Release of Foreclosure Inventory into the Market

Continuation of Short Sales

Sale Price Will Continue to Lag

Stagnant Economic Growth = Continued Low Interest Rates

A Buyer’s Market in 2011, But Will Buyers Be Motivated to Buy?

Smart Buyers with Equity Should Do the “Move” Math & Buy

The $64,000 Question:  How will the housing market perform without a stimulus?