2021 In Review: Petersburg
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 Petersburg. When taken into consideration with the past 5 years, the moving average of sale price for 2021 actually looks in line with previous years - which is explosive! A desperate shortage of homes in the area this last year caused a general sense of the market being "wild!"
Due to limited accuracy of school reporting, we've elected to report market trends by the size of home. Petersburg features many historic larger homes that have been purchased in the last years for remodeling, but the mid-size home market has seen a stronger increase in the most recent years.
Given the limited data points in Petersburg, year over year and quarterly growth trends are more difficult to represent. Limited data results in wide swings (sometimes nearing 100% swings in just the last 3 years).
With that caviate, the current trend for Q1 of 2022 is -7.4%. The typical trend for this quarter in the area is +7.5%. The market has outperformed the 20-yearcaveat average in 2 out of the past 3 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.