1.www.RichmondHousingToday.comThe Greater Richmond RealEstate Market Lacy WilliamsJoyner Fine PropertiesProperty of Lacy Williams, Joyner Fine Properties1

2. Backgroundwww.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.Property of Lacy Williams, Joyner Fine Properties 2 3. www.RichmondHousingToday.comThe National MarketProperty of Lacy Williams, Joyner Fine Properties 3 4. US Pending Home Saleswww.RichmondHousingToday.com105.0 Source: Keeping Current Matters 11/12100.0 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.Property of Lacy Williams, Joyner Fine Properties 4 5. US Inventory of Homes for Sale www.RichmondHousingToday.com10.0Source: Keeping Current Matters 11/12 9.0Months of Inventory 8.0 7.0 6.0 5.0 4.0 NovJan Mar MayJul Sep Nov Jan Mar MayJulSeptAs the number of sales has gone up, the inventory of available houses for sale has been dropping. The national market isapproximately a 6 month inventory which is considered to be a normal market.Property of Lacy Williams, Joyner Fine Properties5 NAR 10/2012 6. US Home Prices Y-O-Y Changeswww.RichmondHousingToday.comSource: Keeping Current Matters 11/12 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 Properties6 FHFA 2Q HPI Report 7. US Home Prices Next Yearwww.RichmondHousingToday.com 3.5 3.25Source: Keeping Current Matters 11/12 3 2.8 2.52.44 2 1.5 1 0.5 0Home Price Expectation Survey National Association of Business WSJ Economic SurveyEconomistsThree leading National Groups are forecasting price increases to continue next year.Property of Lacy Williams, Joyner Fine Properties 7 8. Mortgage Rates Moving Forward www.RichmondHousingToday.comAfter reaching record lows in 2012, mortgage rates areexpected to creep up slowly in the year ahead, theMortgage Bankers Association predicted.Rates on the 30-year fixed-Projected Average 30 Year Rate 4.5 4.4rate mortgage are expected 4.4to average 3.8% in the 4.3 4.2fourth quarter of 2012, rising 4.14to 3.9% in the first quarter 3.9 3.93.8of 2013 and eventually rising3.8 3.7to an average 4.4% by the3.6fourth quarter of next year.3.52012 4Q 2013 1Q2013 4Q Source: Keeping Current Matters 11/12Property of Lacy Williams, Joyner Fine Properties8MarketWatch 10/24/2012 9. The Cost of Waiting a Year www.RichmondHousingToday.comSource: Keeping Current Matters 11/12 Source: Keeping Current Matters 11/12InterestDatePrice P&IRate Today$200,0003.5% $898.092013 4Q $204,8804.4%$1,025.96Difference in Payment $127.87With prices rising and the interest rate going up, waiting to buy a house will cost you significantly more. The example aboveshows that waiting just a year will cost you $127.87 more for a $200,000 house.Property of Lacy Williams, Joyner Fine Properties 9 10. US Percentage of Distressed Property Saleswww.RichmondHousingToday.com 35% Source: Keeping Current Matters 11/1235% 30% 25%24% 20%Jan Feb Mar AprMay JunJulAug Sept Another positive sign is that the percentage of distressed property sales (including foreclosures and short sales) has been declining.Property of Lacy Williams, Joyner Fine Properties 10NAR 10/2012 11. 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.Property of Lacy Williams, Joyner Fine Properties 11 12. Housing Facts www.RichmondHousingToday.com Median Home PricesUP 7.3% rose in 110 out of 147 MSAs Existing Distressed -33% Home Sales +8.6% Properties Existing Mortgage Inventory-24.4%- .86%RatesSource: Keeping Current Matters 9/12 NAR 2nd Quarter 2012 vs. 2nd Quarter 2011Property of Lacy Williams, Joyner Fine Properties12 13. www.RichmondHousingToday.com 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)Property of Lacy Williams, Joyner Fine Properties13 14. www.RichmondHousingToday.comMarket Indicator #1:The Number of Sales isUp!!!Property of Lacy Williams, Joyner Fine Properties 14 15. Number of Single Family House Sales by Year www.RichmondHousingToday.com Greater Richmond Single Family SalesNumber of Single Family1800015262 15533 16450 15074House Sales16000 12737 126441400012000 9482 9069 8574 9051 907110000 8000 6000 4000 20000 23 4 5 678901 )200200 200 200 200 2 00 2 00200201 201/2611uhr (T1220Year 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!!!.Property of Lacy Williams, Joyner Fine Properties15 16. Number of Single Family House Sales by Month and Yearwww.RichmondHousingToday.com Single Family House Sales in Greater Richmond ByMonth and Year2000 Number of Closed Sales180020061600200714001200200810002009 8002010 600 4002011 2002012 0 Aug Apr May Jul Jan Jun Oct Mar Nov Dec FebSept 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.Property of Lacy Williams, Joyner Fine Properties16 17. Single Family Sales By Year and Quarterwww.RichmondHousingToday.comGreater Richmond Single Family First QuarterSales by Year4000Number of First 3161 Quarter Sales2892300020881903 1612 17862000 148710000 2006 20072008 20092010 20112012Source: CVRMLS Data 7/15/12 Year2012 is 6.5% higher than 2011. Greater Richmond Single Family Second QuarterSales in the first quarter of 2012Sales by Yearwere higher than sales for the 4567Number of Secondpast 3 years. And sales in the 5000 3919Quarter Salessecond quarter were higher than4000301330402910 2533 2622 3000sales in 2008, 2009, 2010 and 20002011 second quarters. Note that 1000there was a tax credit stimulus 0that expired during the second 20062007 2008 20092010 2011 2012quarter of 2010 making sales Year2012 is 15.9% higher than 2011.then artificially high.Property of Lacy Williams, Joyner Fine Properties17 18. Third and Fourth Quarter Sales www.RichmondHousingToday.comGreater Richmond Single Family Third Quarter Salesby Year Source: CVRMLS Data 11/26/125000 Number of Closed 411140003421 2692 27722526 Sales300024961999200010000 20062007 2008 2009 201020112012 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 35003222 past 4 years!! Sales in the fourth Number of Sales 3000 quarter of 2011 were higher than 2362 2357 the fourth quarter of 2010. Note25002123 that we had a tax credit during 2000 1707 1847 the fourth quarter of 2009 making 1500 sales artificially high.20062007 20082009 2010 2011 2011 is 15% higher than 2010. YearProperty of Lacy Williams, Joyner Fine Properties 18 19. Condominium Sales in Greater Richmond www.RichmondHousingToday.comGreater Richmond Condominium/Townhouse Sales Number of Condominium 2500 2035 2000 1761 175713821253 Sales 1500 11541093 1201 1000 500 0 2005 2006 2007 200820092010 20112012(Thru11/25) Year Source: CVRMLS data 11/25/12 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!!!Property of Lacy Williams, Joyner Fine Properties19 20. Condominium Sales - First and Second Quarterwww.RichmondHousingToday.comGreater Richmond First Quarter CondominiumSales by Year 500 No of First Quarter 428376 400310267Source: CVRMLS dataSales 300 242 190189 200 1000 2006 20072008 200920102011 2012 2012 sales were 10% higher than 2011 sales. YearGreater Richmond Second Quarter CondominiumSales by Year The first quarter of 2012 had more sales than the first quarter of the 800 Condominium 601No of Closed 529 previous 3 years. The second quarter600 420431 Sales 389 344 of 2012 had more sales than 2011 or 400324 2009 second quarters. There was a 200 tax credit which ended in the second 0 quarter of 2010 so sales were 2006 2007 2008 2009201020112012 artificially stimulated. 2012 sales were 13% higher than 2011 sales.Year Source: CVRMLS data 8/16/12Property of Lacy Williams, Joyner Fine Properties20 21. Condominium Sales Third and Fourth Quarters www.RichmondHousingToday.comGreater Richmond Third Quarter CondminiumSales by Year800Number of Sales578600499393400355345 325Source: CVRMLS data219200 0 2006 20072008 2009 2010 2011 2012 Year2012 salesCVRMLS data 10/1/12 Source: were 21% higher than 2011 sales.Greater Richmond Fourth Quarter Condominium Sales by Year Fourth Quarter Sales500 Third quarter sales in 2012 were424400 339 higher than third quarter sales of the 288287300233225 previous 4 years!! The fourth quarter200 of 2011 had higher sales than the100 fourth quarter of 2010. 0 2006 2007 2008 20092010 2011 Year2011 sales were 27% higher than 2010 sales.Property of Lacy Williams, Joyner Fine Properties 21 22. Year Over Year Change in Number of Saleswww.RichmondHousingToday.comNumber of Single Family House Sales in Greater Richmond Price Range 11/10-10/11 11/11-10/12 Change $0-$250,00060576814 12.50% $250,001-$500,00023182656 14.58% In the Condominium market,Year over Year number of sales $500,001-$750,000393 45816.54% by price point have increased inall price points with dramatic $750,001-$1,000,000103 104 0.97% increases in the higher price $1,000,001+34 4017.65% 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 Range11/10-10/11 11/11-10/12 Change $0-$250,000 879108323.21% $250,001-$500,000 259 29614.29%Source: CVRMLS data 11/25/12 $500,001+1331138.46%Property of Lacy Williams, Joyner Fine Properties22 23. www.RichmondHousingToday.comMarket Indicator #2:Inventory is Down!!!Property of Lacy Williams, Joyner Fine Properties 23 24. Months Supplys Impact on Pricewww.RichmondHousingToday.comMonthsMarket Pricing 1-4 SellersAppreciation 5-6EvenThe Norm 7+Buyers Depreciation Source: Keeping Current Matters 8/10As shown on the graph, a 7 month or greater supply of houses causes depreciation of prices. We arecurrently almost at a normal market amount of inventory.Property of Lacy Williams, Joyner Fine Properties 24 25. Inventory of Single Family Houses by Month in Greater Richmondwww.RichmondHousingToday.com Inventory of Greater Richmond Single Family Houses12.0 Months of Inventory10.0 8.02010 6.02011 4.02012 2.0 0.0vn nlc g p r arbct ayJuAp NoJa 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.Property of Lacy Williams, Joyner Fine Properties 25 26. Single Family Inventory by Price Rangewww.RichmondHousingToday.com Source: CVRMLS data 11/25/12Price Range Inventory (Months)$0-$250,000 4.6$250,001-$500,000 5.2$500,001-$750,000 7.5$750,001-$1,000,00012.0$1,000,001+16.9The inventory of houses is lowest at the lower price points. As lower priced houses sell, the Sellers will move upto higher priced houses and the inventory of higher priced houses should start going down. There are clearly stillchallenges for Sellers at the higher price points. However, the number of sales at the higher price points isincreasing.Property of Lacy Williams, Joyner Fine Properties 26 27. Single Family Inventory by Countywww.RichmondHousingToday.comInventory By County/City 12.0 9.5 10.08.4 Inventory8.0 4.9 5.84.7 4.86.0 4.04.02.00.0 RichmondRichmondHenricoGoochlandHanover ChesterfieldPowhatan City ofAllSource: CVRMLS data 11/25/12County 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.Property of Lacy Williams, Joyner Fine Properties 27 28. Inventory of Condominiums www.RichmondHousingToday.com Inventory of Condominiums in Greater Richmond12.0Months of Inventory10.0 8.0 2010 6.0 2011 4.0 2012 2.0 0.0vn nlc g p r arbct ayJuAp NoJa 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.Property of Lacy Williams, Joyner Fine Properties28 29. www.RichmondHousingToday.comMarket Indicator #3:Prices have bottomed outand are rising!!!Property of Lacy Williams, Joyner Fine Properties 29 30. Single Family Average Sales Price By Month www.RichmondHousingToday.com Average Sales Price By Month$330,000Average Sales Price$310,000$290,000$270,000$250,000$230,000$210,000$190,000$170,000$150,000 Jan-06Jul-06 Jan-07Jul-07 Jan-08Jul-08 Jan-09 Jul-09Jan-10 Jul-10Jan-11 Jul-11Jan-12 Jul-12 MonthSource: CVRMLS data 11/25/12 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.Property of Lacy Williams, Joyner Fine Properties 30 31. Greater Richmond Single Family PricePer Square Foot by Month www.RichmondHousingToday.comAverage Price Per Square Foot By Month For ClosedHouse Sales in Greater RichmondPrice Per Square Foot For$150.00$140.00 Closed Sales$130.00$120.00$110.00$100.00 $90.00 $80.00Jan-06 Jul-06Jan-07 Jul-07Jan-08 Jul-08Jan-09 Jul-09 Jan-10Jul-10 Jan-11Jul-11 Jan-12Jul-12Month Source: CVRMLS data 11/25/12 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.Property of Lacy Williams, Joyner Fine Properties 31 32. Average Price Per Square Foot By Year for Single Family House Sales in Greater Richmondwww.RichmondHousingToday.com Greater Richmond Single Family Price Per Square FootFor Closed House Sales By YearPrice 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 030405060708 09 10 11 /2 2020 20 20 20 20 20202020 11ru h(T 1220Year Source: CVRMLS data 11/25/12 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.Property of Lacy Williams, Joyner Fine Properties32 33. Single Family Price Per Square Foot By Quarterwww.RichmondHousingToday.comGreater Richmond Single FamilyPrice Per Square Foot by Quarter Source: CVRMLS data 11/25/12$145.00Price per Square Foot$135.00$125.00$115.00$105.00 $95.00 $85.00 $75.002007-012007-022007-032007-042008-01 2008-02 2008-03 2008-04 2009-01 2009-02 2009-032009-042010-012010-022010-032010-042011-01 2011-02 2011-03 2011-04 2012-01 2012-02 2012-03Quarter First Quarter Second QuarterThird Quarter Fourth Quarter Sales Sales Sales SalesWhen 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 and332012 is equal to 2011. The third quarter is in blue and 2012 third quarter prices are higher than 2011 third quarter prices. Property of Lacy Williams, Joyner Fine Properties33 34. Single Family Year over Year Price Changewww.RichmondHousingToday.comPercent Change in Price Per Square Foot From Previous Year for Closed Sales in Greater RichmondSource: CVRMLS data 11/25/12 20.0% 14.7% 15.0% 10.1% 10.0%7.9%8.0%5.0% 2.8%0.8%0.0%20032004 200520062007200820092010 20112012-5.0%-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.Property of Lacy Williams, Joyner Fine Properties34 35. 2011 vs 2012 Prices By Countywww.RichmondHousingToday.comChange in Prices Between 2011 and 2012 (Thru8/15)8.00% 5.64%6.00%4.00% 2.61%1.76% 1.48%2.00%0.00% -2.00% dnd o-1.26% ld eran on ri cieov la -4.00%tm ha rfen ch an chewH st -6.00%oo HRiPoheG ofC -8.00% ityC -10.00%CVRMLS data 10/1/12Source:-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.Property of Lacy Williams, Joyner Fine Properties35 36. Condominium Price Per Square Footwww.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 Jan-06Jul-06 Jan-07Jul-07 Jan-08Jul-08 Jan-09Jul-09 Jan-10Jul-10 Jan-11Jul-11 Jan-12Jul-12Month 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.Property of Lacy Williams, Joyner Fine Properties36 37. Price Per Square Foot for Greater Richmond Condominium Sales By Year www.RichmondHousingToday.comPrice Per Square Foot for Condominium Sales ByYearPrice 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 $70234 5 6 78901 ) 200200200 200 200 200200200201201 /25 11 u hr(T2 201Source: CVRMLS data 11/25/11 YearThe price per square foot for condominium sales is between 2004 and 2005 levels. But more significantly, pricesin 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.Property of Lacy Williams, Joyner Fine Properties 37 38. Year of Year Price Per Square Foot ChangeBy Price Rangewww.RichmondHousingToday.com Single Family Condominium/TownhousePrice per Square Foot Change in Greater RichmondPrice per Square Foot Change in Greater RichmondPrice Range11/10-10/1111/11-10/12 Change Price Range 11/10-10/1111/11-10/12Change$0-$250,000$86.82 $86.55-0.31% $0-$250,000 $109.87$106.89-2.71%$250,001-$500,000 $121.06$122.060.83% $250,001-$500,000 $149.59$152.021.62%$500,001-$750,000 $153.84$154.130.19%$750,001-$1,000,000 $180.47$176.85-2.01% $500,001+ $180.00$191.456.36%$1,000,001+ $214.61$238.3911.08%In the condominium market, price per square foot isincreasing 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.Source: CVRMLS data 11/25/12Property of Lacy Williams, Joyner Fine Properties38 39. Richmond Real Estate Areaswww.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.Property of Lacy Williams, Joyner Fine Properties 39 40. Active Single Family Listings By Areawww.RichmondHousingToday.comActive Listings By Area (As of 11/25/12)Number of Active Single600 483 Family Listings500448 373400300 223227 225 250 201 254 218 193 174 167 149 146 121 158200621000 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.Property of Lacy Williams, Joyner Fine Properties40 41. Single Family Average Sales Price By Areawww.RichmondHousingToday.com 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 $0All 10 2022 2430 3234 364042 445052 5460 6264 66 Source: CVRMLS data 11/25/12AreaAverage sales price varies considerably by area with area 20 having the highest and area 50having the lowest.Property of Lacy Williams, Joyner Fine Properties41 42. Single Family Price Per Square Foot By Area www.RichmondHousingToday.com Average Price Per Square Foot For Single Family HouseClosed Sales By Area (11/1/11-10/31/12)$176.34 Price Per Square Foot$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$0.0010 2022 24303234 36404244 50 52 54 60 62 64 66 don hmRicAll Source: CVRMLS data 11/25/12 AreaPrice per square foot also varies by Area with Area 20 (West end of the city) having the highestprice per square foot.Property of Lacy Williams, Joyner Fine Properties 42 43. Inventory of Single Family Houses www.RichmondHousingToday.comSupply of Houses by Area in Months 12.0 Months of Supply9.5 10.0 8.47.3 6.8 7.98.0 6.25.4 5.9 5.75.1 4.9 5.26.0 4.23.8 3.6 4.24.0 2.3 2.8 2.82.00.0 All Richmond 102022 2430 32 343640424450 52 546062 64 66Source: CVRMLS data 11/25/12 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 trendpeople are moving back into the cities.Property of Lacy Williams, Joyner Fine Properties43 44. 2010 vs. 2012www.RichmondHousingToday.comSupply of Inventory of Houses 2010 vs 2012 Houses 18.0 7/19/10Supply of 16.0 Houses Months of Inventory11/25/12 14.0 12.0 10.08.06.04.02.00.010 2022 2430 3234 3640 4244 5052 5460 6264 hm 66 d on icR llA Source: CVRMLS data Area As shown above, the inventory in all areas in Greater Richmond has declined significantly over the past 2 years.Property of Lacy Williams, Joyner Fine Properties 44 45. www.RichmondHousingToday.com SummaryProperty of Lacy Williams, Joyner Fine Properties 45 46. Existing Home Saleswww.RichmondHousingToday.com 12,109 US Homes Sell Every Day and 8,718 Buyers Receive a MortgageIn spite of the recentdownturn, homeownershipcontinues to be thebest long-terminvestment in theUS!!!Source: Keeping Current MattersProperty of Lacy Williams, Joyner Fine Properties46NAR 12/2011 47. Summarywww.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!!!Property of Lacy Williams, Joyner Fine Properties 47