residential market review
play

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


  1. Residential Market Review J. Van Rose, Jr. MIRM President Rose and Womble New Homes

  2. If we build it, they will come. Sequestration took a serious bite out of the Hampton Roads Market in 2014

  3. If we build it, they will come.

  4. 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

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

  6. 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

  7. Resale S outhside S ales Detached 2015

  8. 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

  9. 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

Recommend


More recommend