The Long & Foster Market Minute

Focus On: Accomack County Housing Market May 2020

Units Sold
36
Active Inventory
346
Median Sale Price
$146,250
Days On Market
161
Down -23%
Vs. Year Ago
Down -25%
Vs. Year Ago
Down -14%
Vs. Year Ago
Down -31%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 36 sold this month in Accomack County Real Estate versus 33 last month, an increase of 9%. This month's total units sold was lower than at this time last year, a decrease of 23% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 118 units or 25%. The total number of active inventory this May was 346 compared to 464 in May 2019. This month's total of 346 is lower than the previous month's total supply of available inventory of 364, a decrease of 5%.

Median Sale Price
Last May, the median sale price for Accomack County Homes was $169,900. This May, the median sale price was $146,250, a decrease of 14% or $23,650 compared to last year. The current median sold price is 16% lower than in April.

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


New Listings
54
Current Contracts
55
Sold Vs. List Price
93.0%
Months of Supply
9.6
Down -43%
Vs. Year Ago
Down -10%
Vs. Year Ago
Down -2.2%
Vs. Year Ago
Down -3%
Vs. Year Ago

Months of Supply
In May, there was 9.6 months of supply available in Accomack County, compared to 9.9 in May 2019. 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 54 homes newly listed for sale in Accomack County compared to 94 in May 2019, a decrease of 43%. There were 55 current contracts pending sale this May compared to 61 a year ago. The number of current contracts is 10% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Accomack County was 93.0% of the average list price, which is 2.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 161, lower than the average last year, which was 235, a decrease of 31%.

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 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 ESAOR or Long & Foster Real Estate, Inc.