RESIDENTIAL RESIDENTIAL MARKET UPDATE MARKET UPDATE 2011 2011 - PDF document

3/3/2011 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 Hampton Roads Hampton Roads New Construction & Resale History New Construction & Resale History Average Closing Price Average Closing Price Source : Source: Hampton Roads Hampton Roads New Construction Product Mix New Construction Product Mix Average Price per Square Foot Average Price per Square Foot 2010 Closings 2010 Closings Source: Source: 1

3/3/2011 Hampton Roads Residential Inventory Hampton Roads Residential Inventory Average Market Time Average Market Time 2007 to 2011 2007 to 2011 Existing Home Existing Home Source: Analysis by: Source: Existing Home Inventory New Construction Inventory   Single Family Detached: Single Family Detached: 8,635 units 688 units 10.4 month supply 5.8 month supply   Single Family Attached: Single Family Attached: 2,317 units 261 units 11.9 month supply 4.6 month supply   Multi-Story Condominium: Multi-Story Condominium: 425 units 420 units 21.3 month supply 36 month supply Source: Analysis by: Source: Analysis by: Southside Detached Inventory Peninsula Detached Inventory Source: Analysis by: Source: Analysis by: 2

3/3/2011 Hampton Roads The Year of the Short Sale/Foreclosure Market Share FORECLOSURE …… Source: Analysis by: Foreclosure Inventory by City/County Source: Analysis by: The YearS of Existing Home Average Closing Price Existing Home Average Closing Price Versus Standard Appreciation Versus Standard Appreciation RECOVERY ..……… Source: Analysis by: 3

3/3/2011 Interest Rates will Rise Interest Rates will Rise From the IMF: Assessing Risks to Global Financial Stability Source: Freddie Mac Closings as % of Total Households Closings as % of Total Households Hampton Roads Hampton Roads Hampton Roads Net Migration Hampton Roads Net Migration Employment to Permit Ratio Employment to Permit Ratio Newport News Hampton Norfolk Isle of Wight Chesapeake Suffolk Data Sources: Bureau of Economic Analysis, Bureau of Labor Statistics, Source: Internal Revenue Service Analysis by: U.S. Census Bureau (Permits) - 2010 #'s are preliminary 4

3/3/2011 Hampton Roads 2005: 309 builders Top 5 Builders 2010: 187 builders 39% Source: *Builders with more than 1 closing Source: # 5 # 4 93 68 # 3 # 2 127 137 5

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