The Long & Foster Market Minute
Focus On: Norfolk City Housing Market May 2017
Units Sold
271
Active Inventory
1,094
Median Sale Price
$200,000
Days On Market
73
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 4%
Vs. Year Ago
Down -38%
Vs. Year Ago
No Change
Vs. Year Ago
Down -5%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in May, with 271 sold this month in Norfolk City Real Estate versus 281 last month, a decrease of 4%. This month's total units sold was higher than at this time last year, an increase of 4% versus May 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 681 units or 38%. The total number of active inventory this May was 1,094 compared to 1,775 in May 2016. This month's total of 1,094 is lower than the previous month's total supply of available inventory of 1,155, a decrease of 5%.

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Median Sale Price
Last May, the median sale price for Norfolk City Homes was $200,000. This May, the median sale price was approximately the same at $200,000. The current median sold price is also similar to the median price in April.

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
494
Current Contracts
386
Sold Vs. List Price
98.0%
Months of Supply
4.0
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 6%
Vs. Year Ago
Up 66%
Vs. Year Ago
No Change
Vs. Year Ago
Down -41%
Vs. Year Ago
Months of Supply
In May, there was 4.0 months of supply available in Norfolk City, compared to 6.8 in May 2016. That is a decrease of 41% 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 494 homes newly listed for sale in Norfolk City compared to 464 in May 2016, an increase of 6%. There were 386 current contracts pending sale this May compared to 233 a year ago. The number of current contracts is 66% higher than last May.

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Sale Price to List Price Ratio
In May, the average sale price in Norfolk City was 98.0% of the average list price, which is similar compared to a year ago.

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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 77, a decrease of 5%.

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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 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.