Culpepper Landing

Archive for November, 2013

Market Projections for 2014. What do the “experts” think?

Friday, November 8th, 2013

Made in America HouseThe Chief Economist at the national research division of Hanley Wood , Jonathan Smoke, has peered into his glass ball for 2014, run his magical algorithms and determined the outlook for residential new construction for the Top 100 markets for 2014. His ratings are based on the overall economic health of each market and expected growth in new home sales next year. How did the Norfolk-Virginia Beach-Peninsula SMA rate? He gave our region a score of 78.4 (on a 100 point scale). Now, that’s a bit hard to decipher until you put it into context. The top local market was deemed to be The Villages, Florida (I can only assume that is the name of the actual city or metro market) with a score of 95.0. The bottom market was, somewhat understandably, Detroit, MI with a score of 32.8. And our neighbor to the north, Washington, DC, inside the beltway where most of the money seems to be flowing these days, attained a score of 86.2.  I would say this puts Hampton Roads into the category of “slow but reasonably steady” growth, which may be tempered based on how things like sequestration and defense cuts ultimately play out. So…how do you feel about the prospects for our region next year when it comes to housing?