The Long & Foster Market Minute

Focus On: Midlothian Housing Market February 2019

Zip Code(s): 23112, 23114 and 23113
Units Sold
98
Active Inventory
372
Median Sale Price
$260,000
Days On Market
61
Down -3%
Vs. Year Ago
Down -15%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 39%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 98 sold this month in Midlothian Real Estate versus 114 last month, a decrease of 14%. This month's total units sold was lower than at this time last year, a decrease of 3% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 65 units or 15%. The total number of active inventory this February was 372 compared to 437 in February 2018. This month's total of 372 is lower than the previous month's total supply of available inventory of 403, a decrease of 8%.

Median Sale Price
Last February, the median sale price for Midlothian Homes was $292,000. This February, the median sale price was $260,000, a decrease of 11% or $32,000 compared to last year. The current median sold price is 11% 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
245
Current Contracts
182
Sold Vs. List Price
99.6%
Months of Supply
3.8
Up 20%
Vs. Year Ago
Up 17%
Vs. Year Ago
No Change
Vs. Year Ago
Down -12%
Vs. Year Ago

Months of Supply
In February, there was 3.8 months of supply available in Midlothian, compared to 4.3 in February 2018. That is a decrease of 12% 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 245 homes newly listed for sale in Midlothian compared to 205 in February 2018, an increase of 20%. There were 182 current contracts pending sale this February compared to 156 a year ago. The number of current contracts is 17% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Midlothian was 99.6% 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 61, higher than the average last year, which was 44, an increase of 39%.

The Long & Foster Market Minute Midlothian are defined as properties listed in zip code/s 23112, 23114 and 23113.
*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.