Download - 2014 Hampton Roads Residential Real Estate Forecast by J. Van Rose of Rose & Womble Realty Company
J. Van Rose, Jr. MIRM President
Rose and Womble New Homes
ResidentialMarket Review
Hampton Roads Housing Market
Inventory 1.0%
Existing Home Closings 10.8%
Existing Home Avg Price 3.8%
New Home Closings 5.9%
New Home Avg Price 4.8%
Building Permits 4.7%
Interest Rates 1.0%
New Home Traffic -9.7%
Hampton Roads Foreclosure & Short Sales
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
0
100
200
300
400
500
600
700
Ju
l-07
Sep
-07
No
v-0
7Jan
-08
Mar-
08M
ay
-08
Ju
l-08
Sep
-08
No
v-0
8Jan
-09
Mar-
09M
ay
-09
Ju
l-09
Sep
-09
No
v-0
9Jan
-10
Mar-
10M
ay
-10
Ju
l-10
Sep
-10
No
v-1
0Jan
-11
Mar-
11M
ay
-11
Ju
l-11
Sep
-11
No
v-1
1Jan
-12
Mar-
12M
ay
-12
Ju
l-12
Sep
-12
No
v-1
2Jan
-13
Mar-
13M
ay
-13
Ju
l-13
Sep
-13
No
v-1
3
Total Short Sale/ Foreclosure Closings % Market Share
36
642
378
Hampton RoadsAverage Closing Prices
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Existing Homes New Construction
2003
2,562 sf. $105/sf 2,758 sf. $155/sf 2,501 sf. $138/sf
2007 2013New Detached Homes are Smaller
GREAT!KIND
OF
THE GOOD
Interest Rates are Still Low!
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
30-Yr Fixed R...
THE BADKIND
OF
THE GREAT
'Renter Nation' Just A Myth:93% of Millennial Renters Plan To
Buy A Home Someday *Trulia
Percent of renters planning to buy a home
in the next 2 Years!
Jan '11
May '12
Nov '12
Dec '13
0% 5% 10% 15% 20% 25% 30% 35%
*Trulia
THE CHALLE
NGE
2013 Top Community in Hampton Roads
Permits: 109 Closings: 104 Avg Price: $288,983 Revenue: $30,054,227
Cavalier on the Hill