The Long & Foster Market Minute

Focus On: New Kent County Housing Market July 2019

Units Sold
45
Active Inventory
142
Median Sale Price
$294,000
Days On Market
50
Up 10%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 4%
Vs. Year Ago
Up 56%
Vs. Year Ago

Units Sold
There was an increase in total units sold in July, with 45 sold this month in New Kent County Real Estate versus 43 last month, an increase of 5%. This month's total units sold was higher than at this time last year, an increase of 10% versus July 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 5 units or 3%. The total number of active inventory this July was 142 compared to 147 in July 2018. This month's total of 142 is lower than the previous month's total supply of available inventory of 144, a decrease of 1%.

Median Sale Price
Last July, the median sale price for New Kent County Homes was $283,735. This July, the median sale price was $294,000, an increase of 4% or $10,265 compared to last year. The current median sold price is 2% higher than in June.

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


New Listings
61
Current Contracts
43
Sold Vs. List Price
99.5%
Months of Supply
3.2
Up 9%
Vs. Year Ago
Up 19%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -12%
Vs. Year Ago

Months of Supply
In July, there was 3.2 months of supply available in New Kent County, compared to 3.6 in July 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 61 homes newly listed for sale in New Kent County compared to 56 in July 2018, an increase of 9%. There were 43 current contracts pending sale this July compared to 36 a year ago. The number of current contracts is 19% higher than last July.

Sale Price to List Price Ratio
In July, the average sale price in New Kent County was 99.5% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 50, higher than the average last year, which was 32, an increase of 56%.

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.