The Long & Foster Market Minute

Focus On: Lamberts Point, Ghent, and Alt Housing Market October 2017

Zip Code(s): 23508, 23517, 23507, 23501, 23510 and 23514
Units Sold
48
Active Inventory
202
Median Sale Price
$231,500
Days On Market
73
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up
Vs. Year Ago
Down -34%
Vs. Year Ago
Down -14%
Vs. Year Ago
Down -28%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 48 sold this month in Lamberts Point, Ghent, and Alt Real Estate. This month's total units sold was higher than at this time last year.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 103 units or 34%. The total number of active inventory this October was 202 compared to 305 in October 2016. This month's total of 202 is lower than the previous month's total supply of available inventory of 233, a decrease of 13%.

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Median Sale Price
Last October, the median sale price for Lamberts Point, Ghent, and Alt Homes was $270,000. This October, the median sale price was $231,500, a decrease of 14% or $38,500 compared to last year. The current median sold price is 2% higher 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.

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New Listings
68
Current Contracts
66
Sold Vs. List Price
98.3%
Months of Supply
4.2
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 26%
Vs. Year Ago
Up 128%
Vs. Year Ago
Up 3.5%
Vs. Year Ago
Down -65%
Vs. Year Ago

Months of Supply
In October, there was 4.2 months of supply available in Lamberts Point, Ghent, and Alt, compared to 12.2 in October 2016. That is a decrease of 66% 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.

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New Listings & Current Contracts
This month there were 68 homes newly listed for sale in Lamberts Point, Ghent, and Alt compared to 54 in October 2016, an increase of 26%. There were 66 current contracts pending sale this October compared to 29 a year ago. The number of current contracts is 128% higher than last October.

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Sale Price to List Price Ratio
In October, the average sale price in Lamberts Point, Ghent, and Alt was 98.3% of the average list price, which is 3.3% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 73, lower than the average last year, which was 101, a decrease of 28%.

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The Long & Foster Market Minute Lamberts Point, Ghent, and Alt are defined as properties listed in zip code/s 23508, 23517, 23507, 23501, 23510 and 23514.
*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.