Mike May, Realtor 804.731.0111 Mike May, Realtor 804.731.0111
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    How Do the Tri-City Real Estate Stats Compare to National Averages?

    Posted By Mike May @ Jul 25th 2013 10:15am In: Finances

    In the last post, we talked about how the overall US housing market has been doing, across 2011, 2012 and 2013. But real estate is local, and in the Tri-City area, (Colonial Heights, Dinwiddie, Hopewell, Petersburg and Prince George), we have current statistics that will give you a better idea of how we're doing.

    Please keep in mind that the data provided is from the Central Virginia Multiple Listing Service as of July 10, 2013. 

    Here's a quick snapshot of how local sales have done across the last year, June 2012-June 2013:

    Tri-City Solds June 2012 to June 2013

    As you look at this, the blue line represents previous number of sold properties, while the red line is the current number of sold properties. Overall, current performance is slightly above previous, and has been on an overall, but conservative upward trend.

    Here's another snapshot of several performance factors, comparing just the June stats, from 2012 to 2013:

    2012 vs 2013 Overall Market Stats

    What I like about this chart is how easy it is to see a larger picture of the Tri-City area. New Listings are down just a little bit, less than 2% (there's a reason for this, I'll talk about in my next post). Pending Sales are down under 8%, which is actually linked to the drop in New Listings. Good news in the Median Prices - List Prices are up almost 12% this year, with Sale Prices up by 7.56%.

    That's a good start for a look at our local market, in Petersburg, Colonial Heights, Hopewell, Dinwiddie, Prince George and Chesterfield. In my next post let's take a look at New Listings and why they've dropped and how that's affecting our market.

    Continue to visit me, Mike May, at aMAYzingHomes.com for current information on all aspects of local and national real estate.

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