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- J. Van Rose, Jr. MIRM
President Rose and Womble New Homes
If we build it, they will come.
Sequestration took a serious bite out of the Hampton Roads Market in 2014
Residential Market Review J. Van Rose, Jr. MIRM President Rose - - PowerPoint PPT Presentation
Residential Market Review J. Van Rose, Jr. MIRM President Rose - - PowerPoint PPT Presentation
Residential Market Review J. Van Rose, Jr. MIRM President Rose and Womble New Homes If we build it, they will come. Sequestration took a serious bite out of the Hampton Roads Market in 2014 If we build it, they will come. The Military The
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If we build it, they will come.
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$26.8B legislated cap on
discretionary spending (sequestration relief)
The Military The Port
A $17.06M loss in 2013 to a
$13.61M gain in 2015
Port of VA signs trade pact
with Cuba
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Tourism
$1.3 billion in VB Hotel Revenue
exceeded 2007 peak
Biomedical
More than 20,000
people in VB employed in health care field
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New Construction S ales Detached 2015
City
< 200,000 200-249,999 250-299,999 300-349,999 350-399,999 400-449,999 450-499,999 500-549,999 550-599,999 600-649,999 650-699,999 700-749,999 750-799,999 800-849,999 850-899,999 900-949,999 950-999,999 > 1 mil
City Mkt Sh 2015 Total Sales YTD Avg. Sales Per Mo.
# Sa le s
Chesapeake
16 57 57 84 142 178 84 21 7 5 1 1
37.59%
6 5 3 5 4 .4 2
Virginia Beach
3 1 31 57 50 91 75 24 19 21 15 3 4 1 1 1 2
22.97%
3 9 9 3 3 .2 5
Suffolk
24 33 76 53 30 23 12 4 4 4 1 2 1 1
15.43%
2 6 8 2 2 .3 3
Norfolk
13 100 69 26 13 4 6 6 2 2 4 3 2 1 2 1
14.62%
2 5 4 2 1 .1 7
Portsmouth
25 56 4 1 1
5.01%
8 7 7 .2 5
IoW/Smith
1 13 2 9 16 23 5 3 3 1
4.38%
7 6 6 .3 3 Total
82 260 239 230 252 319 182 58 35 30 20 9 8 5 1 1 3 3
100.00% 1 7 3 7
1 4 4 .7 5
Mos to Absorb Inventory
Chesapeake
0.75 3.58 3.16 1.29 3.38 1.48 1.14 5.14 8.57 2.40 12.00 N/A N/A 0.00 N/A N/A N/A N/A
Virginia Beach
0.00 0.00 3.10 2.32 3.60 1.19 0.80 2.00 1.89 1.71 9.60 4.00 3.00 24.00 0.00 N/A 24.00 30.00
Suffolk
2.00 3.27 3.00 2.26 5.20 6.78 5.00 12.00 12.00 12.00 12.00 0.00 12.00 0.00 N/A N/A N/A N/A
Norfolk
3.69 5.16 4.70 2.31 3.69 0.00 0.00 4.00 18.00 N/A 12.00 12.00 4.00 0.00 N/A 0.00 0.00 24.00
Portsmouth
2.40 4.93 9.00 0.00 0.00 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
IoW/Smith
0.00 1.85 6.00 4.00 0.00 1.04 14.40 8.00 8.00 N/A 0.00 N/A N/A N/A N/A N/A N/A N/A
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Resale S
- uthside S
ales Detached 2015
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Pent up demand Continued economic
improvement
Interest rates still low Rising prices due to low
inventory & strong sales
Decrease in distress home
sales
Predictions for 2016
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E.V. Williams Center for Real Estate
2088 Constant Hall Norfolk, VA 23529 www.odu.edu/business/center/creed