The Long & Foster Market Minute

Focus On: Newport News City Housing Market October 2018

Units Sold
169
Active Inventory
660
Median Sale Price
$179,503
Days On Market
70
Down -6%
Vs. Year Ago
Down -32%
Vs. Year Ago
No Change
Vs. Year Ago
Up 3%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 169 sold this month in Newport News City Real Estate versus 164 last month, an increase of 3%. This month's total units sold was lower than at this time last year, a decrease of 6% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 315 units or 32%. The total number of active inventory this October was 660 compared to 975 in October 2017. This month's total of 660 is lower than the previous month's total supply of available inventory of 733, a decrease of 10%.

Median Sale Price
Last October, the median sale price for Newport News City Homes was $179,000. This October, the median sale price was $179,503, which is similar compared to a year ago. The current median sold price is 1% 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.


New Listings
272
Current Contracts
243
Sold Vs. List Price
97.7%
Months of Supply
3.9
Up 11%
Vs. Year Ago
Up 62%
Vs. Year Ago
Down -0.5%
Vs. Year Ago
Down -28%
Vs. Year Ago

Months of Supply
In October, there was 3.9 months of supply available in Newport News City, compared to 5.4 in October 2017. That is a decrease of 28% 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 272 homes newly listed for sale in Newport News City compared to 246 in October 2017, an increase of 11%. There were 243 current contracts pending sale this October compared to 150 a year ago. The number of current contracts is 62% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Newport News City was 97.7% of the average list price, which is 0.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 70, higher than the average last year, which was 68, an increase of 3%.

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 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.