The Long & Foster Market Minute

Focus On: Woodlake and Brandermill Housing Market August 2018

Zip Code(s): 23112
Units Sold
131
Active Inventory
277
Median Sale Price
$289,000
Days On Market
36
Up 3%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 9%
Vs. Year Ago
Up 16%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 131 sold this month in Woodlake and Brandermill Real Estate versus 125 last month, an increase of 5%. This month's total units sold was higher than at this time last year, an increase of 3% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 8 units or 3%. The total number of active inventory this August was 277 compared to 285 in August 2017. This month's total of 277 is higher than the previous month's total supply of available inventory of 260, an increase of 7%.

Median Sale Price
Last August, the median sale price for Woodlake and Brandermill Homes was $266,000. This August, the median sale price was approximately the same at $289,000. The current median sold price is 9% higher than in August 2017.

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


New Listings
151
Current Contracts
89
Sold Vs. List Price
99.0%
Months of Supply
2.1
Up 13%
Vs. Year Ago
Down -21%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Down -6%
Vs. Year Ago

Months of Supply
In August, there was 2.1 months of supply available in Woodlake and Brandermill, compared to 2.2 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 151 homes newly listed for sale in Woodlake and Brandermill compared to 134 in August 2017, an increase of 13%. There were 89 current contracts pending sale this August compared to 112 a year ago. The number of current contracts is 21% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Woodlake and Brandermill was 99.0% of the average list price, which is 0.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 36, higher than the average last year, which was 31, an increase of 16%.

The Long & Foster Market Minute Woodlake and Brandermill are defined as properties listed in zip code/s 23112.
*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 CVRMLS 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 CVRMLS or Long & Foster Real Estate, Inc.