The Long & Foster Market Minute

Focus On: Northern Neck/Middle Peninsula Housing Market April 2018

Units Sold
166
Active Inventory
1,783
Median Sale Price
$219,450
Days On Market
158
Down -15%
Vs. Year Ago
Down -17%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -16%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 166 sold this month in Northern Neck/Middle Peninsula Real Estate versus 150 last month, an increase of 11%. This month's total units sold was lower than at this time last year, a decrease of 15% versus April 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 377 units or 17%. The total number of active inventory this April was 1,783 compared to 2,160 in April 2017. This month's total of 1,783 is higher than the previous month's total supply of available inventory of 1,743, an increase of 2%.

Median Sale Price
Last April, the median sale price for Northern Neck/Middle Peninsula Homes was $201,000. This April, the median sale price was $219,450, an increase of 9% or $18,450 compared to last year. The current median sold price is 15% higher than in March.

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


New Listings
378
Current Contracts
218
Sold Vs. List Price
96.2%
Months of Supply
10.7
Up 1%
Vs. Year Ago
Up 23%
Vs. Year Ago
Up 2.4%
Vs. Year Ago
Down -3%
Vs. Year Ago

Months of Supply
In April, there was 10.7 months of supply available in Northern Neck/Middle Peninsula, compared to 11.0 in April 2017. That is a decrease of 3% 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 378 homes newly listed for sale in Northern Neck/Middle Peninsula compared to 374 in April 2017, an increase of 1%. There were 218 current contracts pending sale this April compared to 177 a year ago. The number of current contracts is 23% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Northern Neck/Middle Peninsula was 96.2% of the average list price, which is 2.3% higher than at this time last year.

Days on Market
This month, the average number of days on market was 158, lower than the average last year, which was 187, a decrease of 16%.

The Long & Foster Market Minute *Defined as the counties of Essex, Gloucester, Lancaster, Mathews, Middlesex, Northampton, Accomack, 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 MRIS/CBRAR/ESAOR/NNAR 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 MRIS/CBRAR/ESAOR/NNAR or Long & Foster Real Estate, Inc.