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 Port  $26.8B legislated cap on  A $17.06M loss in 2013 to a discretionary spending $13.61M gain in 2015 (sequestration relief)  Port of VA signs trade pact with Cuba

Tourism Biomedical  $1.3 billion in VB  More than 20,000 people in VB  Hotel Revenue employed in health exceeded 2007 peak care field

New Construction S ales Detached 2015 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 < 200,000 YTD > 1 mil City 2015 Avg. City Mkt Total Sales Sh Sales Per Mo. # Sa le s Chesapeake 16 57 57 84 142 178 84 21 7 5 1 0 0 1 0 0 0 0 6 5 3 5 4 .4 2 37.59% Virginia Beach 3 1 31 57 50 91 75 24 19 21 15 3 4 1 1 0 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 0 0 0 0 15.43% 2 6 8 2 2 .3 3 Norfolk 13 100 69 26 13 4 6 6 2 0 2 4 3 2 0 1 2 1 14.62% 2 5 4 2 1 .1 7 Portsmouth 25 56 4 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 8 7 7 .2 5 5.01% IoW/Smith 1 13 2 9 16 23 5 3 3 0 1 0 0 0 0 0 0 0 4.38% 7 6 6 .3 3 Total 100.00% 1 7 3 7 82 260 239 230 252 319 182 58 35 30 20 9 8 5 1 1 3 3 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

Resale S outhside S ales Detached 2015

Predictions for 2016  Pent up demand  Continued economic improvement  Interest rates still low  Rising prices due to low inventory & strong sales  Decrease in distress home sales

2016 Hampton Roads Real Estate Market Review & Forecast E.V. Williams Center for Real Estate 2088 Constant Hall Norfolk, VA 23529 www.odu.edu/business/center/creed