The Long & Foster Market Minute

Focus On: Glen Allen Housing Market May 2020

Zip Code(s): 23059 and 23060
Units Sold
117
Active Inventory
213
Median Sale Price
$359,000
Days On Market
18
Down -17%
Vs. Year Ago
Down -41%
Vs. Year Ago
Down -1%
Vs. Year Ago
Down -33%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 117 sold this month in Glen Allen Real Estate versus 121 last month, a decrease of 3%. This month's total units sold was lower than at this time last year, a decrease of 17% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 149 units or 41%. The total number of active inventory this May was 213 compared to 362 in May 2019. This month's total of 213 is lower than the previous month's total supply of available inventory of 247, a decrease of 14%.

Median Sale Price
Last May, the median sale price for Glen Allen Homes was $362,000. This May, the median sale price was $359,000, a decrease of 1% or $3,000 compared to last year. The current median sold price is 2% 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
132
Current Contracts
128
Sold Vs. List Price
100.0%
Months of Supply
1.8
Down -37%
Vs. Year Ago
Down -14%
Vs. Year Ago
No Change
Vs. Year Ago
Down -29%
Vs. Year Ago

Months of Supply
In May, there was 1.8 months of supply available in Glen Allen, compared to 2.6 in May 2019. That is a decrease of 29% 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 132 homes newly listed for sale in Glen Allen compared to 211 in May 2019, a decrease of 37%. There were 128 current contracts pending sale this May compared to 148 a year ago. The number of current contracts is 14% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Glen Allen was 100.0% 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 18, lower than the average last year, which was 27, a decrease of 33%.

The Long & Foster Market Minute Glen Allen are defined as properties listed in zip code/s 23059 and 23060.
*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.