The Long & Foster Market Minute

Focus On: Northern Neck/Middle Peninsula Housing Market April 2019

Units Sold
107
Active Inventory
1,123
Median Sale Price
$238,900
Days On Market
156
Down -20%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up 10%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 107 sold this month in Northern Neck/Middle Peninsula Real Estate versus 130 last month, a decrease of 18%. This month's total units sold was lower than at this time last year, a decrease of 20% versus April 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 35 units or 3%. The total number of active inventory this April was 1,123 compared to 1,158 in April 2018. This month's total of 1,123 is higher than the previous month's total supply of available inventory of 1,035, an increase of 9%.

Median Sale Price
Last April, the median sale price for Northern Neck/Middle Peninsula Homes was $223,000. This April, the median sale price was $238,900, an increase of 7% or $15,900 compared to last year. The current median sold price is 4% higher 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
320
Current Contracts
158
Sold Vs. List Price
96.0%
Months of Supply
10.5
Up 29%
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -0.5%
Vs. Year Ago
Up 22%
Vs. Year Ago

Months of Supply
In April, there was 10.5 months of supply available in Northern Neck/Middle Peninsula, compared to 8.6 in April 2018. That is an increase of 21% 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 320 homes newly listed for sale in Northern Neck/Middle Peninsula compared to 248 in April 2018, an increase of 29%. There were 158 current contracts pending sale this April compared to 146 a year ago. The number of current contracts is 8% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Northern Neck/Middle Peninsula was 96.0% of the average list price, which is 0.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 156, higher than the average last year, which was 142, an increase of 10%.

The Long & Foster Market Minute *Defined as the counties of Essex, Gloucester, Lancaster, Mathews, Middlesex, Northumberland, and Westmoreland in VA
*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 CBRAR/NNAR/BRIGHTMLS 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 CBRAR/NNAR/BRIGHTMLS or Long & Foster Real Estate, Inc.