The Long & Foster Market Minute

Focus On: New Kent County Housing Market April 2020

Units Sold
35
Active Inventory
140
Median Sale Price
$283,000
Days On Market
66
Up 3%
Vs. Year Ago
Down -14%
Vs. Year Ago
Down -11%
Vs. Year Ago
Down -10%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 35 sold this month in New Kent County Real Estate versus 45 last month, a decrease of 22%. This month's total units sold was higher than at this time last year, an increase of 3% versus April 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 22 units or 14%. The total number of active inventory this April was 140 compared to 162 in April 2019. This month's total of 140 is lower than the previous month's total supply of available inventory of 142, a decrease of 1%.

Median Sale Price
Last April, the median sale price for New Kent County Homes was $316,880. This April, the median sale price was $283,000, a decrease of 11% or $33,880 compared to last year. The current median sold price is 6% lower than in March.

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


New Listings
49
Current Contracts
33
Sold Vs. List Price
100.2%
Months of Supply
4.0
Down -23%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 1.1%
Vs. Year Ago
Down -16%
Vs. Year Ago

Months of Supply
In April, there was 4.0 months of supply available in New Kent County, compared to 4.8 in April 2019. That is a decrease of 16% 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 49 homes newly listed for sale in New Kent County compared to 64 in April 2019, a decrease of 23%. There were 33 current contracts pending sale this April compared to 40 a year ago. The number of current contracts is 18% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in New Kent County was 100.2% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 66, lower than the average last year, which was 73, a decrease of 10%.

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.