The Long & Foster Market Minute

Focus On: Spotsylvania County Housing Market October 2018

Units Sold
177
Active Inventory
598
Median Sale Price
$284,550
Days On Market
63
Down -4%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 177 sold this month in Spotsylvania County Real Estate versus 151 last month, an increase of 17%. This month's total units sold was lower than at this time last year, a decrease of 4% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 73 units or 11%. The total number of active inventory this October was 598 compared to 671 in October 2017. This month's total of 598 is lower than the previous month's total supply of available inventory of 671, a decrease of 11%.

Median Sale Price
Last October, the median sale price for Spotsylvania County Homes was $276,500. This October, the median sale price was $284,550, an increase of 3% or $8,050 compared to last year. The current median sold price is 3% higher than in September.

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


New Listings
302
Current Contracts
207
Sold Vs. List Price
98.4%
Months of Supply
3.4
Up 11%
Vs. Year Ago
Up 22%
Vs. Year Ago
No Change
Vs. Year Ago
Down -7%
Vs. Year Ago

Months of Supply
In October, there was 3.4 months of supply available in Spotsylvania County, compared to 3.6 in October 2017. That is a decrease of 7% 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 302 homes newly listed for sale in Spotsylvania County compared to 273 in October 2017, an increase of 11%. There were 207 current contracts pending sale this October compared to 169 a year ago. The number of current contracts is 22% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Spotsylvania County was 98.4% 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 63, lower than the average last year, which was 72, a decrease of 13%.

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 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 BRIGHTMLS or Long & Foster Real Estate, Inc.