The Long & Foster Market Minute

Focus On: New Kent County Housing Market September 2019

Units Sold
36
Active Inventory
156
Median Sale Price
$277,065
Days On Market
55
Up 20%
Vs. Year Ago
Up 17%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 36 sold this month in New Kent County Real Estate versus 39 last month, a decrease of 8%. This month's total units sold was higher than at this time last year, an increase of 20% versus September 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 23 units or 17%. The total number of active inventory this September was 156 compared to 133 in September 2018. This month's total of 156 is higher than the previous month's total supply of available inventory of 151, an increase of 3%.

Median Sale Price
Last September, the median sale price for New Kent County Homes was $262,000. This September, the median sale price was $277,065, an increase of 6% or $15,065 compared to last year. The current median sold price is 1% lower than in August.

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


New Listings
55
Current Contracts
30
Sold Vs. List Price
99.7%
Months of Supply
4.3
Up 49%
Vs. Year Ago
Up 30%
Vs. Year Ago
No Change
Vs. Year Ago
Down -2%
Vs. Year Ago

Months of Supply
In September, there was 4.3 months of supply available in New Kent County, compared to 4.4 in September 2018. That is a decrease of 2% 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 55 homes newly listed for sale in New Kent County compared to 37 in September 2018, an increase of 49%. There were 30 current contracts pending sale this September compared to 23 a year ago. The number of current contracts is 30% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in New Kent County was 99.7% 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 55, higher than the average last year, which was 33. This increase was impacted by the limited number of sales.

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.