The Long & Foster Market Minute

Focus On: King George County Housing Market January 2019

Units Sold
11
Active Inventory
93
Median Sale Price
$295,000
Days On Market
102
Down
Vs. Year Ago
Up 7%
Vs. Year Ago
Up 9%
Vs. Year Ago
Up 12%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in January, with 11 sold this month in King George County Real Estate. This month's total units sold was lower than at this time last year, a decrease from January 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 6 units or 7%. The total number of active inventory this January was 93 compared to 87 in January 2018. This month's total of 93 is lower than the previous month's total supply of available inventory of 124, a decrease of 25%.

Median Sale Price
Last January, the median sale price for King George County Homes was $270,000. This January, the median sale price was $295,000, an increase of 9% or $25,000 compared to last year. The current median sold price is 6% higher than in December.

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


New Listings
53
Current Contracts
41
Sold Vs. List Price
98.7%
Months of Supply
8.5
Up 47%
Vs. Year Ago
Up 86%
Vs. Year Ago
Down -1.5%
Vs. Year Ago
Up 143%
Vs. Year Ago

Months of Supply
In January, there was 8.5 months of supply available in King George County, compared to 3.5 in January 2018. That is an increase of 143% 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 53 homes newly listed for sale in King George County compared to 36 in January 2018, an increase of 47%. There were 41 current contracts pending sale this January compared to 22 a year ago. The number of current contracts is 86% higher than last January.

Sale Price to List Price Ratio
In January, the average sale price in King George County was 98.7% of the average list price, which is 1.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 102, higher than the average last year, which was 91, an increase of 12%.

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.