The Long & Foster Market Minute

Focus On: Lynchburg City Housing Market August 2017

Units Sold
105
Active Inventory
315
Median Sale Price
$154,000
Days On Market
59
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 28%
Vs. Year Ago
Down -33%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -42%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 105 sold this month in Lynchburg City Real Estate versus 107 last month, a decrease of 2%. This month's total units sold was higher than at this time last year, an increase of 28% versus August 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 154 units or 33%. The total number of active inventory this August was 315 compared to 469 in August 2016. This month's total of 315 is lower than the previous month's total supply of available inventory of 350, a decrease of 10%.

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Median Sale Price
Last August, the median sale price for Lynchburg City Homes was $141,800. This August, the median sale price was $154,000, an increase of 9% or $12,200 compared to last year. The current median sold price is 4% lower than in July.

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
112
Current Contracts
109
Sold Vs. List Price
97.5%
Months of Supply
3.0
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -15%
Vs. Year Ago
Up 45%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -48%
Vs. Year Ago

Months of Supply
In August, there was 3.0 months of supply available in Lynchburg City, compared to 5.7 in August 2016. That is a decrease of 48% 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 112 homes newly listed for sale in Lynchburg City compared to 131 in August 2016, a decrease of 15%. There were 109 current contracts pending sale this August compared to 75 a year ago. The number of current contracts is 45% higher than last August.

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Sale Price to List Price Ratio
In August, the average sale price in Lynchburg City was 97.5% of the average list price, which is 0.5% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 59, lower than the average last year, which was 102, a decrease of 42%.

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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 LAR 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 LAR or Long & Foster Real Estate, Inc.