The Long & Foster Market Minute

Focus On: Cumberland County Housing Market July 2018

Units Sold
28
Active Inventory
247
Median Sale Price
$164,000
Days On Market
75
Down
Vs. Year Ago
Down -57%
Vs. Year Ago
Up
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in July, with 28 sold this month in Cumberland County Real Estate. This month's total units sold was lower than at this time last year, a decrease from July 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 333 units or 57%. The total number of active inventory this July was 247 compared to 580 in July 2017. This month's total of 247 is higher than the previous month's total supply of available inventory of 229, an increase of 8%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last July, the median sale price for Cumberland County Homes was $135,000. This July, the median sale price was $164,000, an increase of $29,000 compared to last year. The current median sold price is higher than in June.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
66
Current Contracts
28
Sold Vs. List Price
97.1%
Months of Supply
8.8
Down -50%
Vs. Year Ago
Down -70%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Up 51%
Vs. Year Ago

Months of Supply
In July, there was 8.8 months of supply available in Cumberland County, compared to 5.9 in July 2017. That is an increase of 51% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 66 homes newly listed for sale in Cumberland County compared to 133 in July 2017, a decrease of 50%. There were 28 current contracts pending sale this July compared to 93 a year ago. The number of current contracts is 70% lower than last July.

Sale Price to List Price Ratio
In July, the average sale price in Cumberland County was 97.1% of the average list price, which is 0.6% lower than at this time last year.

Days on Market
This month, the average number of days on market was 75, lower than the average last year, which was 86, a decrease of 13%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by SJSMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of SJSMLS or Long & Foster Real Estate, Inc.