The Long & Foster Market Minute

Focus On: City of Staunton Housing Market May 2020

Units Sold
50
Active Inventory
70
Median Sale Price
$198,500
Days On Market
45
Down -32%
Vs. Year Ago
Down -48%
Vs. Year Ago
Down -3%
Vs. Year Ago
Down -15%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 50 sold this month in City of Staunton Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 65 units or 48%. The total number of active inventory this May was 70 compared to 135 in May 2019. This month's total of 70 is lower than the previous month's total supply of available inventory of 95, a decrease of 26%.

Median Sale Price
Last May, the median sale price for City of Staunton Homes was $205,000. This May, the median sale price was $198,500, a decrease of 3% or $6,500 compared to last year. The current median sold price is 1% 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
45
Current Contracts
61
Sold Vs. List Price
97.3%
Months of Supply
1.4
Down -35%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -1.2%
Vs. Year Ago
Down -24%
Vs. Year Ago

Months of Supply
In May, there was 1.4 months of supply available in City of Staunton, compared to 1.8 in May 2019. That is a decrease of 24% 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 45 homes newly listed for sale in City of Staunton compared to 69 in May 2019, a decrease of 35%. There were 61 current contracts pending sale this May compared to 56 a year ago. The number of current contracts is 9% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in City of Staunton was 97.3% of the average list price, which is 1.2% lower than at this time last year.

Days on Market
This month, the average number of days on market was 45, lower than the average last year, which was 53, a decrease of 15%.

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 CGAHR 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 CGAHR or Long & Foster Real Estate, Inc.