The Long & Foster Market Minute

Focus On: Cumberland County Housing Market March 2021

Units Sold
5
Active Inventory
81
Median Sale Price
$187,000
Days On Market
25
Down
Vs. Year Ago
Down -54%
Vs. Year Ago
Up
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in March, with 5 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 March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 97 units or 54%. The total number of active inventory this March was 81 compared to 178 in March 2020. This month's total of 81 is higher than the previous month's total supply of available inventory of 80, an increase of 1%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Cumberland County Homes was $157,000. This March, the median sale price was $187,000, an increase of $30,000 compared to last year. The current median sold price is higher than in February.

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


New Listings
15
Current Contracts
14
Sold Vs. List Price
99.2%
Months of Supply
16.2
Down -52%
Vs. Year Ago
Down -52%
Vs. Year Ago
Up 1.2%
Vs. Year Ago
Up
Vs. Year Ago

Months of Supply
In March, there was 16.2 months of supply available in Cumberland County, compared to 6.8 in March 2020. That is an increase 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 15 homes newly listed for sale in Cumberland County compared to 31 in March 2020, a decrease of 52%. There were 14 current contracts pending sale this March compared to 29 a year ago. The number of current contracts is 52% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Cumberland County was 99.2% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 25, lower than the average last year, which was 95. This decrease was impacted by the limited number of sales.

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.