The Long & Foster Market Minute

Focus On: Chesapeake City Housing Market February 2020

Units Sold
311
Active Inventory
682
Median Sale Price
$273,500
Days On Market
45
No Change
Vs. Year Ago
Down -42%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -18%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 311 sold this month in Chesapeake City Real Estate, an increase of 6%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 493 units or 42%. The total number of active inventory this February was 682 compared to 1,175 in February 2019. This month's total of 682 is lower than the previous month's total supply of available inventory of 826, a decrease of 17%.

Median Sale Price
Last February, the median sale price for Chesapeake City Homes was $269,900. This February, the median sale price was approximately the same at $273,500. The current median sold price is 1% higher than in February 2019.

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


New Listings
490
Current Contracts
506
Sold Vs. List Price
99.5%
Months of Supply
2.2
Down -1%
Vs. Year Ago
Up 53%
Vs. Year Ago
No Change
Vs. Year Ago
Down -42%
Vs. Year Ago

Months of Supply
In February, there was 2.2 months of supply available in Chesapeake City, compared to 3.8 in February 2019. That is a decrease of 42% 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 490 homes newly listed for sale in Chesapeake City compared to 494 in February 2019, a decrease of 1%. There were 506 current contracts pending sale this February compared to 330 a year ago. The number of current contracts is 53% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Chesapeake City was 99.5% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 45, lower than the average last year, which was 55, a decrease of 18%.

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 REIN 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 REIN or Long & Foster Real Estate, Inc.