The Long & Foster Market Minute

Focus On: Northern Neck/Middle Peninsula Housing Market February 2019

Units Sold
83
Active Inventory
957
Median Sale Price
$210,000
Days On Market
158
No Change
Vs. Year Ago
Down -12%
Vs. Year Ago
Up 5%
Vs. Year Ago
Up 11%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 83 sold this month in Northern Neck/Middle Peninsula Real Estate, an increase of 8%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 127 units or 12%. The total number of active inventory this February was 957 compared to 1,084 in February 2018. This month's total of 957 is lower than the previous month's total supply of available inventory of 972, a decrease of 2%.

Median Sale Price
Last February, the median sale price for Northern Neck/Middle Peninsula Homes was $199,500. This February, the median sale price was approximately the same at $210,000. The current median sold price is 5% higher than in February 2018.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
174
Current Contracts
117
Sold Vs. List Price
95.3%
Months of Supply
11.5
Down -13%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 2.7%
Vs. Year Ago
Down -12%
Vs. Year Ago

Months of Supply
In February, there was 11.5 months of supply available in Northern Neck/Middle Peninsula, compared to 13.1 in February 2018. That is a decrease of 12% 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 174 homes newly listed for sale in Northern Neck/Middle Peninsula compared to 201 in February 2018, a decrease of 13%. There were 117 current contracts pending sale this February compared to 110 a year ago. The number of current contracts is 6% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Northern Neck/Middle Peninsula was 95.3% of the average list price, which is 2.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 158, higher than the average last year, which was 142, an increase of 11%.

The Long & Foster Market Minute *Defined as the counties of Essex, Gloucester, Lancaster, Mathews, Middlesex, Northumberland, and Westmoreland in VA
*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 CBRAR/NNAR/BRIGHTMLS 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 CBRAR/NNAR/BRIGHTMLS or Long & Foster Real Estate, Inc.