The Long & Foster Market Minute

Focus On: Northern Neck/Middle Peninsula Housing Market July 2018

Units Sold
209
Active Inventory
1,890
Median Sale Price
$223,000
Days On Market
179
Up 4%
Vs. Year Ago
Down -14%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up 15%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 209 sold this month in Northern Neck/Middle Peninsula Real Estate versus 229 last month, a decrease of 9%. This month's total units sold was higher than at this time last year, an increase of 5% versus July 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 317 units or 14%. The total number of active inventory this July was 1,890 compared to 2,207 in July 2017. This month's total of 1,890 is lower than the previous month's total supply of available inventory of 1,930, a decrease of 2%.

Median Sale Price
Last July, the median sale price for Northern Neck/Middle Peninsula Homes was $207,500. This July, the median sale price was $223,000, an increase of 7% or $15,500 compared to last year. The current median sold price is 12% 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
326
Current Contracts
235
Sold Vs. List Price
95.0%
Months of Supply
9.0
Up 1%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Down -18%
Vs. Year Ago

Months of Supply
In July, there was 9.0 months of supply available in Northern Neck/Middle Peninsula, compared to 11.0 in July 2017. That is a decrease of 18% 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 326 homes newly listed for sale in Northern Neck/Middle Peninsula compared to 322 in July 2017, an increase of 1%. There were 235 current contracts pending sale this July compared to 229 a year ago. The number of current contracts is 3% higher than last July.

Sale Price to List Price Ratio
In July, the average sale price in Northern Neck/Middle Peninsula was 95.0% of the average list price, which is 0.6% lower than at this time last year.

Days on Market
This month, the average number of days on market was 179, higher than the average last year, which was 155, an increase of 15%.

The Long & Foster Market Minute *Defined as the counties of Essex, Gloucester, Lancaster, Mathews, Middlesex, Northampton, Accomack, 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 MRIS/CBRAR/ESAOR 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 MRIS/CBRAR/ESAOR or Long & Foster Real Estate, Inc.