The Long & Foster Market Minute

Focus On: New Kent County Housing Market March 2019

Units Sold
28
Active Inventory
130
Median Sale Price
$272,250
Days On Market
83
Down
Vs. Year Ago
Up 25%
Vs. Year Ago
Down -8%
Vs. Year Ago
Up 6%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 28 sold this month in New Kent County Real Estate. This month's total units sold was lower than at this time last year, a decrease from March 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 26 units or 25%. The total number of active inventory this March was 130 compared to 104 in March 2018. This month's total of 130 is lower than the previous month's total supply of available inventory of 139, a decrease of 6%.

Median Sale Price
Last March, the median sale price for New Kent County Homes was $295,000. This March, the median sale price was $272,250, a decrease of 8% or $22,750 compared to last year. The current median sold price is 9% lower than in February.

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


New Listings
63
Current Contracts
45
Sold Vs. List Price
99.0%
Months of Supply
4.6
Up 3%
Vs. Year Ago
Up 10%
Vs. Year Ago
No Change
Vs. Year Ago
Up 39%
Vs. Year Ago

Months of Supply
In March, there was 4.6 months of supply available in New Kent County, compared to 3.4 in March 2018. That is an increase of 38% 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 63 homes newly listed for sale in New Kent County compared to 61 in March 2018, an increase of 3%. There were 45 current contracts pending sale this March compared to 41 a year ago. The number of current contracts is 10% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in New Kent County was 99.0% 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 83, higher than the average last year, which was 78, an increase 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.