The Long & Foster Market Minute

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

Units Sold
213
Active Inventory
1,832
Median Sale Price
$210,000
Days On Market
170
Down -10%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -14%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 213 sold this month in Northern Neck/Middle Peninsula Real Estate versus 211 last month, an increase of 1%. This month's total units sold was lower than at this time last year, a decrease of 10% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 332 units or 15%. The total number of active inventory this August was 1,832 compared to 2,164 in August 2017. This month's total of 1,832 is lower than the previous month's total supply of available inventory of 1,924, a decrease of 5%.

Median Sale Price
Last August, the median sale price for Northern Neck/Middle Peninsula Homes was $205,000. This August, the median sale price was $210,000, an increase of 2% or $5,000 compared to last year. The current median sold price is 6% 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
301
Current Contracts
247
Sold Vs. List Price
95.1%
Months of Supply
8.6
Down -5%
Vs. Year Ago
Up 17%
Vs. Year Ago
No Change
Vs. Year Ago
Down -6%
Vs. Year Ago

Months of Supply
In August, there was 8.6 months of supply available in Northern Neck/Middle Peninsula, compared to 9.1 in August 2017. That is a decrease of 6% 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 301 homes newly listed for sale in Northern Neck/Middle Peninsula compared to 316 in August 2017, a decrease of 5%. There were 247 current contracts pending sale this August compared to 212 a year ago. The number of current contracts is 17% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Northern Neck/Middle Peninsula was 95.1% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 170, lower than the average last year, which was 197, a decrease of 14%.

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 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 or Long & Foster Real Estate, Inc.