The Long & Foster Market Minute

Focus On: Hanover County Housing Market February 2020

Units Sold
109
Active Inventory
329
Median Sale Price
$300,000
Days On Market
36
Up 1%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -16%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 109 sold this month in Hanover County Real Estate versus 114 last month, a decrease of 4%. This month's total units sold was higher than at this time last year, an increase of 1% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 58 units or 15%. The total number of active inventory this February was 329 compared to 387 in February 2019. This month's total of 329 is lower than the previous month's total supply of available inventory of 347, a decrease of 5%.

Median Sale Price
Last February, the median sale price for Hanover County Homes was $289,750. This February, the median sale price was $300,000, an increase of 4% or $10,250 compared to last year. The current median sold price is 4% lower than in January.

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


New Listings
213
Current Contracts
183
Sold Vs. List Price
99.7%
Months of Supply
3.0
Up 25%
Vs. Year Ago
Up 41%
Vs. Year Ago
Up 1.5%
Vs. Year Ago
Down -16%
Vs. Year Ago

Months of Supply
In February, there was 3.0 months of supply available in Hanover County, compared to 3.6 in February 2019. That is a decrease of 16% 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 213 homes newly listed for sale in Hanover County compared to 170 in February 2019, an increase of 25%. There were 183 current contracts pending sale this February compared to 130 a year ago. The number of current contracts is 41% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Hanover County was 99.7% of the average list price, which is 1.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 36, lower than the average last year, which was 43, a decrease of 16%.

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 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.