Steady as she grows: Housing market advances, unemployment down

One step forward and two steps back, but overall the real estate market is inching forward. Since  October last year to the end of May, the amount of inventory (houses on the market) has gone from 308 to 258, which is a sign that houses are selling in the Chester area.  

Confidence in the real estate market is making inroads as well. While new listings increased substantially in February to 85 and then fell until spring arrived; May listings rebounded to 81 new listings, indicating confidence in the market. Homeowners are feeling that they have a chance to sell their home over the summer before school starts again in September.

Median sale prices in southeastern Chesterfield have bounced up and down and then rested at $205,500 in May.

In the 23832 market centered at the Courthouse area, units sold have fallen in the last year. In June of 2012, the zip code that reaches from Walmsley Boulevard to Beach Road posted 78 units sold. In May of this year that amount drop by 20 to 58 homes sold. The median sales price bounced and then leveled to about $198,000. But the months on the market have come down to just short of four months.

The area that cover a wide swath across the southern area of Chesterfield  from the Amelia County line to just east of Bradley Bridge Road, one of the largest zip codes on the county, but also the least populated posted a slight bump to 202 homes available for sale.

But the median price of a home is at the highest since this time last year. The median home is selling for about $1,300 less than a year ago at $368,700. New listings are at about the same level as the rest of the county. These statistics from iCharts.net.

James J.L. “Jay” Stegmaier, Chesterfield County Administrator, reinforced Chesterfield’s real estate sales activity in the county during the opening of last week’s Board of Supervisors meeting and touted the County’s unemployment rate.

“Our unemployment rate as of April was 4.9 percent, a significant improvement over where we have been over the last five years but as you have been seeing across the country; the drop is because of workforce shrinkage in Chesterfield. These improvements in unemployment are the result of broad-based gains and in fact our payroll, the number of employed, is at the highest number since 2008,” Mr. Stegmaier said. “Consumer spending is at or above all time highs and nine of the last 10 months have records for sales collections in the county.” 

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