Residential Market Review New Construction and Resale History J. - PDF document

15 Year Residential Market Review New Construction and Resale History J. Van Rose, Jr. MIRM President Rose & Womble Enterprises 2 50 0 0 Principal Owner of Rose & Womble Realty 2 0 0 0 0 150 0 0 Lifetime Teacher & Motivator 10 0 0 0 Travels the country sharing his knowledge 50 0 0 and unique perspective. 0 19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 8 19 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 Resale NC January New Home Sales Hampton Roads Housing Stats 1994 - 2007 450 400 • Average Price of SF New Home 350 $445,316 N u m b e r o f S a le s 300 • An Increase of $38,048 or 9.3% in 250 200 one year 1 50 • Average Price of SF Existing Home 1 00 $270,511 50 • An Increase of $45,317 or 7.8% in 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 one year Year 2006 Southside Average Closing Prices 2006 Southside Average Closing Prices Resale and New Construction Resale and New Construction Single Family Detached Homes Single Family Detached Homes $600,000 Resale NC Diff Resale NC Diff $430,514 $450,000 $399,538 $470,764 $448,731 $500,000 $557,004 $400,000 $350,000 $305,931 $400,000 $346,963 $270,955 $301,537 $300,000 $281,289 $221,057 $300,000 $250,000 $184,406 $210,041 $178,481 $200,000 $169,227 $167,442 $200,000 $124,583 $150,000 $89,549 $100,000 $100,000 $50,000 $0 $0 VB Ches Suff Ports Norf I/W 1

2006 Peninsula Average Closing Prices 2006 Peninsula Average Closing Prices Resale and New Construction Resale and New Construction Single Family Detached Homes Single Family Detached Homes $450,000 Resale NC Diff $390,943 Resale NC Diff $444,199 $404,194 $400,000 $500,000 $465,010 $450,000 $350,000 $363,733 $400,000 $357,686 $300,000 $337,119 $334,388 $350,000 $250,000 $300,000 $200,000 $212,773 $250,000 $193,421 $191,102 $150,000 $200,000 $53,256 $140,967 $100,000 $107,324 $150,000 $50,000 ($40,461) $100,000 $0 $50,000 $0 ($50,000) Hamp NN YC JCC WMSB Sales By Month Jan 2005 through Nov 2006 A 3000 2500 Market 2000 Units per Month 1500 1000 In Transition 500 0 Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 New Construction Date Resale New Construction Price Points Growth of Home Sizes & Price Per S. F. 100.00% 2 0 0 3 $ 2 6 0 K $ 1 0 4 SF >$1000K 90.00% 2 ,5 7 0 SF $901K-$1000K 80.00% 2 0 0 4 $ 3 2 7 K $ 1 2 3 SF 70.00% $801K-$900K 2 ,6 7 3 SF 60.00% 2 0 0 5 $ 4 1 6 K $ 1 4 9 SF $701K-800K 50.00% 2 ,7 8 1 SF $601K-$700K 6 1 % 40.00% 2 0 0 6 $ 4 4 5 $ 1 6 1 SF 30.00% $501K-$600K 2 ,6 7 2 SF 20.00% $401K-$500K 2 0 0 7 $ 3 9 4 $ 1 5 2 SF 10.00% 2 ,5 8 9 SF <$401K 0.00% 2

New Construction Product Mix Current Active Listings by Month 1% 100% 2004 2005 2006 3% 90% 8% 12,000 80% 10,000 31% 70% Mixed Use 8,000 High Rise 60% Tow nhome 4% Units 6,000 50% Att Condo 7% SFD Condo 40% 4,000 SFD Custom 46% SFD Production 30% 2,000 20% 0 January February March April May June July September October November December August 10% Month 0% 1 Average Market Time By Month Existing Homes – Sales and Listings by Month December 2005 – November 2006 Sales Listings 90 3500 80 3000 70 A verag e M arket T im e 2500 60 2000 50 1500 40 1000 30 500 20 0 Dec 05 Jan 06 Feb 06 Mar 06 May 06 Jun 06 Jul 06 Sep 06 Oct 06 Nov 06 10 Apr 06 Aug 06 2004 0 Jan Feb M ar Apr May Jun Jul Aug Sep Oct Nov 2005 Month 2006 Future of Hampton Roads SOUTHSIDE MLS ACTIVE DETACHED LISTINGS BY PRICE RANGE - FEBRUARY 2007 750 699 700 650 New Construction Resale 600 608 545 550 500 463 447 450 400 Number of Active Listings 350 264 300 219 250 199 200 137 120 97 100 150 52 59 43 29 39 100 33 43 28 30 5 16 15 9 7 112 14 50 113 65 61 60 76 65 70 0 44 44 50 20 36 18 29 0 0 4 12 8 5 4 6 6 -50 5 3 4 $950K - $1MIL $1MIL - $1.1MIL $1.1MIL - $1.2MIL $1.2MIL - $1.3MIL $1.3MIL - $1.4MIL $1.4MIL - $1.5MIL $1.5MIL - $1.750MIL $1.750MIL - $2MIL > $2MIL < $100K $100K - $150K $150K - $200K $200K - $250K $250K - $300K $300K - $350K $350K - $400K $400K - $450K $450K - $500K $500K - $550K $550K - $600K $600K - $650K $650K - $700K $700K - $750K $750K - $800K $800K - $850K $850K - $900K $900K - $950K Price Range 3

PENINSULA MLS Defense Budget in Billions 2005-2008 ACTIVE DETACHED LISTINGS BY PRICE RANGE - FEBRUARY 2007 280 258 260 240 New Construction Resale 229 217 220 500 200 180 480 165 160 Number of Active Listings 138 140 460 126 120 100 73 440 64 80 60 420 39 34 61 36 40 28 25 14 49 19 13 15 10 44 44 2 11 10 4 20 0 8 6 5 31 36 4 400 19 21 25 18 0 13 6 0 1 3 2 2 0 1 0 2 0 3 0 1 2 0 -20 380 $1MIL - $1.1MIL $1.1MIL - $1.2MIL $1.2MIL - $1.3MIL $1.3MIL - $1.4MIL $1.4MIL - $1.5MIL $1.5MIL - $1.750MIL $1.750MIL - $2MIL < $100K $100K - $150K $150K - $200K $200K - $250K $250K - $300K $300K - $350K $350K - $400K $400K - $450K $450K - $500K $500K - $550K $550K - $600K $600K - $650K $650K - $700K $700K - $750K $750K - $800K $800K - $850K $850K - $900K $900K - $950K $950K - $1MIL > $2MIL 2005 2006 2007 2008 Year Price Range Hampton Roads Share Hampton Roads Share � Homeland Security - Includes Hampton Roads in Share of $1.143 Billion Dollars in Grants Proposed 2008 Government Spending – � $5.5 Billion to Northrop Grumman � APM Terminals $450 Million Dollar Portsmouth Newport News Shipyard Facility to Open in 2007 � $288 Million for Construction Projects at Hampton Roads Military Facilities � $2.2 Billion Dollar Expansion Craney Island Marine Cargo Terminal Mixed Use In Hampton Roads Mixed Use In Hampton Roads Bellharbour Station at SoNo Chesapeake 580 Units Bryans Cove Chesapeake 596Units Culpepper Landing Chesapeake 983 Units Gateway at SoNo Chesapeake 108 Units H20 Hampton 500 Units Benns Grant Isle of Wight Co. 1098 Units St. Lukes Village Isle of Wight Co. 430 Units Governors Grove at Five Forks James City Co. 132 Units New Town James City Co. 1000+ Units Asheton Newport News 1578 Units City Center Newport News 420 Units Patrick Henry Place Newport News 700 Units 4

Mixed Use In Hampton Roads 327 Units Spectrum at Willoughby Norfolk Hampton Roads Crossing Suffolk 600 Units Harbour View Station Suffolk 1000 Units Obici Place Suffolk 225 Units Blenheim Park Virginia Beach 1000 Units City View Virginia Beach 600+ Units City Walk Virginia Beach 450 Units Cascades at Woods Corner Virginia Beach 192 Units High Street Williamsburg 482 Units Yorktown Green York County 74 Units TOTALS 13,075 5