The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market July 2016
Units Sold
85
Active Inventory
429
Median Sale Price
$125,660
Days On Market
81
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -17%
Vs. Year Ago
Down -23%
Vs. Year Ago
Down -9%
Vs. Year Ago
Down -10%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in July, with 85 sold this month in Lynchburg City Real Estate versus 98 last month, a decrease of 13%. This month's total units sold was lower than at this time last year, a decrease of 17% versus July 2015.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 130 units or 23%. The total number of active inventory this July was 429 compared to 559 in July 2015. This month's total of 429 is lower than the previous month's total supply of available inventory of 493, a decrease of 13%.

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Median Sale Price
Last July, the median sale price for Lynchburg City Homes was $138,000. This July, the median sale price was $125,660, a decrease of 9% or $12,340 compared to last year. The current median sold price is 8% lower than in June.

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
107
Current Contracts
119
Sold Vs. List Price
96.4%
Months of Supply
5.0
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -27%
Vs. Year Ago
Up 27%
Vs. Year Ago
Down -1.1%
Vs. Year Ago
Down -8%
Vs. Year Ago
Months of Supply
In July, there was 5.0 months of supply available in Lynchburg City, compared to 5.5 in July 2015. That is a decrease of 8% 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 107 homes newly listed for sale in Lynchburg City compared to 146 in July 2015, a decrease of 27%. There were 119 current contracts pending sale this July compared to 94 a year ago. The number of current contracts is 27% higher than last July.

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Sale Price to List Price Ratio
In July, the average sale price in Lynchburg City was 96.4% of the average list price, which is 1.0% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 81, lower than the average last year, which was 90, a decrease of 10%.

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*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.