The Long & Foster Market Minute

Focus On: King George County Housing Market October 2018

Units Sold
23
Active Inventory
137
Median Sale Price
$291,250
Days On Market
72
Up
Vs. Year Ago
Up 13%
Vs. Year Ago
Up
Vs. Year Ago
Up 29%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in October, with 23 sold this month in King George County Real Estate. This month's total units sold was higher than at this time last year, an increase from October 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 16 units or 13%. The total number of active inventory this October was 137 compared to 121 in October 2017. This month's total of 137 is lower than the previous month's total supply of available inventory of 148, a decrease of 7%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last October, the median sale price for King George County Homes was $209,000. This October, the median sale price was $291,250, an increase of $82,250 compared to last year. The current median sold price is lower than in September.

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


New Listings
40
Current Contracts
26
Sold Vs. List Price
100.5%
Months of Supply
6.0
No Change
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -21%
Vs. Year Ago

Months of Supply
In October, there was 6.0 months of supply available in King George County, compared to 7.6 in October 2017. That is a decrease of 21% 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 40 homes newly listed for sale in King George County, which is similar to the amount in October 2017. There were 26 current contracts pending sale this October compared to 28 a year ago. The number of current contracts is 7% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in King George County was 100.5% of the average list price, which is 0.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 72, higher than the average last year, which was 56, an increase of 29%.

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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.