The Long & Foster Market Minute

Focus On: New Kent County Housing Market January 2019

Units Sold
22
Active Inventory
115
Median Sale Price
$286,904
Days On Market
51
Down -29%
Vs. Year Ago
Up 22%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -6%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 22 sold this month in New Kent County Real Estate versus 23 last month, a decrease of 4%. This month's total units sold was lower than at this time last year, a decrease of 29% versus January 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 21 units or 22%. The total number of active inventory this January was 115 compared to 94 in January 2018. This month's total of 115 is higher than the previous month's total supply of available inventory of 109, an increase of 6%.

Median Sale Price
Last January, the median sale price for New Kent County Homes was $273,200. This January, the median sale price was $286,904, an increase of 5% or $13,704 compared to last year. The current median sold price is 2% lower than in December.

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


New Listings
51
Current Contracts
22
Sold Vs. List Price
99.4%
Months of Supply
5.2
Up 9%
Vs. Year Ago
Down -37%
Vs. Year Ago
Down -1.4%
Vs. Year Ago
Up 73%
Vs. Year Ago

Months of Supply
In January, there was 5.2 months of supply available in New Kent County, compared to 3.0 in January 2018. That is an increase of 72% 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 51 homes newly listed for sale in New Kent County compared to 47 in January 2018, an increase of 9%. There were 22 current contracts pending sale this January compared to 35 a year ago. The number of current contracts is 37% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in New Kent County was 99.4% of the average list price, which is 1.4% lower than at this time last year.

Days on Market
This month, the average number of days on market was 51, lower than the average last year, which was 54, a decrease of 6%.

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.