RESIDENTIAL RESIDENTIAL MARKET UPDATE MARKET UPDATE 2011 2011 - - PDF document

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RESIDENTIAL RESIDENTIAL MARKET UPDATE MARKET UPDATE 2011 2011

Van Rose, MIRM Van Rose, MIRM President, Rose and President, Rose and Womble Womble New Homes New Homes

15 Year Closing 15 Year Closing New Construction & Resale History New Construction & Resale History

Source:

Hampton Roads Hampton Roads Average Closing Price Average Closing Price

Source:

Hampton Roads Hampton Roads Average Price per Square Foot Average Price per Square Foot

Source:

New Construction Product Mix New Construction Product Mix 2010 Closings 2010 Closings

Source:

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Average Market Time Average Market Time Existing Existing Home Home

Source:

Hampton Roads Residential Inventory Hampton Roads Residential Inventory 2007 to 2011 2007 to 2011

Source: Analysis by:

• Single Family Detached:

8,635 units 10.4 month supply

• Single Family Attached:

Existing Home Inventory

2,317 units 11.9 month supply

• Multi-Story Condominium:

425 units 21.3 month supply

Source: Analysis by:

New Construction Inventory

• Single Family Detached:

688 units 5.8 month supply

• Single Family Attached:

Source: Analysis by:

261 units 4.6 month supply

• Multi-Story Condominium:

420 units 36 month supply

Southside Detached Inventory

Source: Analysis by:

Peninsula Detached Inventory

Source: Analysis by:

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The Year of the FORECLOSURE……

Hampton Roads Short Sale/Foreclosure Market Share

Source: Analysis by:

Foreclosure Inventory by City/County

Source: Analysis by:

The YearS of RECOVERY..………

Existing Home Average Closing Price Existing Home Average Closing Price Versus Standard Appreciation Versus Standard Appreciation

Source: Analysis by:

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Interest Rates will Rise Interest Rates will Rise

Source: Freddie Mac

From the IMF: Assessing Risks to Global Financial Stability

Closings as % of Total Households Closings as % of Total Households Hampton Roads Hampton Roads Employment to Permit Ratio Employment to Permit Ratio

Data Sources: Bureau of Economic Analysis, Bureau of Labor Statistics, U.S. Census Bureau (Permits) - 2010 #'s are preliminary

Hampton Roads Net Migration Hampton Roads Net Migration

Newport News Hampton Norfolk

Source: Internal Revenue Service Analysis by:

Suffolk Chesapeake Isle of Wight

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2005: 309 builders 2010: 187 builders

Source:

39%

*Builders with more than 1 closing

Hampton Roads

Top 5 Builders

Source:

# 5

68

# 4

93

# 3

127

# 2

137

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# 1

165