As 2021 draws to a close, we take a moment to look at the market data that drove real estate markets. First a macro look at Colonial Heights. When taken into consideration with the past 10 years, the moving average trend of the past two years is higher than that of the previous. Again, low inventory is the name of the game.
There has historically been a close competition between the areas serviced by the three elementary schools of Colonial Heights, and this has continued to be the case.
Finally, when we look at the Year over Year trends we see the historic rise in home prices that has stretched for a record 8 quarters (this is currently tied for the longest positive streak). The area has seen a quarterly increase to the median sales price above 10% 5 out of the last 7 quarters.
If the current trend of 2022 continues, we will establish 9 quarters of positive YOY growth. So far the data indicates a 7.7% increase in Hopewell home prices for the 12/1/2021-02/28/2022 quarter. Historically, this quarter has seen an average increase in home values of 1.8%. The market has outpaced the 20 year average 3 out of the 3 past quarters.
Clarification: Why do you use 12/1 as the start of Q1 instead of 1/1?
This is due to the fact that over the last 20 years in the data December has performed more in line with January and February. When graphing this data a higher correlation of "seasonality" can be seen in the data when grouping these months.