The Long & Foster Market Minute

Focus On: Newport News City Housing Market August 2018

Units Sold
208
Active Inventory
674
Median Sale Price
$184,945
Days On Market
60
Up 3%
Vs. Year Ago
Down -35%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -18%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 208 sold this month in Newport News City Real Estate versus 205 last month, an increase of 1%. This month's total units sold was higher than at this time last year, an increase of 3% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 358 units or 35%. The total number of active inventory this August was 674 compared to 1,032 in August 2017. This month's total of 674 is lower than the previous month's total supply of available inventory of 690, a decrease of 2%.

Median Sale Price
Last August, the median sale price for Newport News City Homes was $175,000. This August, the median sale price was $184,945, an increase of 6% or $9,945 compared to last year. The current median sold price is 5% 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.


New Listings
328
Current Contracts
233
Sold Vs. List Price
98.7%
Months of Supply
3.2
Up 13%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 0.9%
Vs. Year Ago
Down -37%
Vs. Year Ago

Months of Supply
In August, there was 3.2 months of supply available in Newport News City, compared to 5.1 in August 2017. That is a decrease of 37% 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 328 homes newly listed for sale in Newport News City compared to 290 in August 2017, an increase of 13%. There were 233 current contracts pending sale this August compared to 230 a year ago. The number of current contracts is 1% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Newport News City was 98.7% of the average list price, which is 0.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 60, lower than the average last year, which was 73, a decrease of 18%.

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.