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Real Estate Market Trends 2010

Real Estate Market Trends 2010. RMA/CVR MLS Jurisdiction Single Family Residential Market. Year Units Sold Avg List Price Avg Sold Price 2005: 20,056 $264,667 $240,030 2006: 18,561 $298,368 $265,755 2007: 15,811 $310,386 $274,633 2008: 11,842 $299,100 $267,826

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Real Estate Market Trends 2010

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  1. Real Estate Market Trends 2010

  2. RMA/CVR MLS JurisdictionSingle Family Residential Market Year Units Sold Avg List Price Avg Sold Price 2005:20,056 $264,667 $240,030 2006:18,561 $298,368 $265,755 2007:15,811 $310,386 $274,633 2008:11,842 $299,100 $267,826 2009:11,279 $275,112 $236,694 2010: (YTD – August 31, 2010): 7,331 $254,585 $235,991 Data collected: 9/15/2010

  3. 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

  4. 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

  5. All politics are local . . . …And so is Real Estate

  6. Single Family Residential – 2010Average List Price - Sold Price Area Units Sold Avg LP Avg SP Charles City21 $263,997 $289,520 Chesterfield2,106 $257,858 $239,940 Goochland127 $469,856 $408,707 Hanover:528 $313,132 $269,069 Henrico:1,762 $258,327 $254,783 New Kent104 $309,483 $262,985 Powhatan140 $314,713 $288,919 Richmond:1,284 $208,901 $208,624 2010 Year-to-Date: August 31, 2010 Data collected 9/17/2010

  7. Single Family Residential – 2010Sold Price: YTD - 2009 vs 2010 Area Units Sold Avg SP-09 Avg SP-10 (%Chng) Charles City21 $186,500 $289,520 (+55.23%) Chesterfield2,106 $253,776 $239,940 (-5.45%) Goochland127 $439,179 $408,707 (-6.93%) Hanover:528 $281,752 $269,069 (-4.50%) Henrico:1,762 $254,080 $254,783 (+0.27%) New Kent104 $281,510 $262,985 (-6.58%) Powhatan140 $264,759 $288,919 (+9.12%) 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

  8. What’s Selling in 2010? Area (% Sold under): $200,000 $300,000 Charles City85.71% 95.24% Chesterfield44.44% 77.54% Goochland14.17% 37.80% Hanover:31.44% 67.80% Henrico:46.31% 75.37% New Kent33.65% 69.23% Powhatan32.86% 65.71% Richmond:61.70% 80.34% CVR MLS Region:52.78% 78.41% Cumulative 2010 Year-to-Date: August 31, 2010 Data collected 9/15/2010

  9. RMA/CVR MLS Jurisdiction:Single Family Residential PendingTransactions 1,217 1,202 1,202 1,217 1,158 1,158 1,140 1,081 1,140 1,081 943 943 879 791 676 675 611 577 Pendings: 1 year Pendings: 6 months Blue: 2009 – Red: 2010 September 2009 thru August 2010 Data collected 9/17/2010

  10. 1338 251,968 249,655 247,809 1216 244,505 242,511 1111 242,716 242,964 242,478 969 925 851 231,826 792 652 769 781 224,975 533 220,167 573 219,928 Average Sold Price Average Sold Units RMA/CVR MLS Jurisdiction:Single Family Residential Closed Transactions Blue: 2009 – Red: 2010 September 2009 thru August 2010 Data collected 9/17/2010

  11. RMA/CVR MLS Jurisdiction:Inventory Absorption *Active Inventory as of 9/20/2010

  12. 2009-2010 YTDThe Direction We’re Heading June YTD July YTD August YTD Pending Units: +1.7 % -2.6% -5.2% Sold Units: +18.5% +9.5% +5.0% Avg Sold Price: -4.0% -3.4% -2.5% RMA/CVR MLS Region Single Family Updated as of 9/15/2010

  13. 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?

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