The Long & Foster Market Minute

Focus On: King George County Housing Market April 2019

Units Sold
31
Active Inventory
130
Median Sale Price
$315,000
Days On Market
52
Down -14%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -4%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 31 sold this month in King George County Real Estate versus 36 last month, a decrease of 14%. This month's total units sold was lower than at this time last year, a decrease of 14% versus April 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 7 units or 6%. The total number of active inventory this April was 130 compared to 123 in April 2018. This month's total of 130 is higher than the previous month's total supply of available inventory of 116, an increase of 12%.

Median Sale Price
Last April, the median sale price for King George County Homes was $327,500. This April, the median sale price was $315,000, a decrease of 4% or $12,500 compared to last year. The current median sold price is 7% higher than in March.

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


New Listings
70
Current Contracts
29
Sold Vs. List Price
98.9%
Months of Supply
4.2
Up 6%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 0.9%
Vs. Year Ago
Up 23%
Vs. Year Ago

Months of Supply
In April, there was 4.2 months of supply available in King George County, compared to 3.4 in April 2018. That is an increase of 23% 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 70 homes newly listed for sale in King George County compared to 66 in April 2018, an increase of 6%. There were 29 current contracts pending sale this April compared to 34 a year ago. The number of current contracts is 15% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in King George County was 98.9% of the average list price, which is 0.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 52, higher than the average last year, which was 30. This increase 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 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.