The Long & Foster Market Minute

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

Units Sold
135
Active Inventory
1,150
Median Sale Price
$225,500
Days On Market
150
Down -9%
Vs. Year Ago
Down -14%
Vs. Year Ago
Up 21%
Vs. Year Ago
Down -9%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 135 sold this month in Northern Neck/Middle Peninsula Real Estate versus 151 last month, a decrease of 11%. This month's total units sold was lower than at this time last year, a decrease of 9% versus September 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 180 units or 14%. The total number of active inventory this September was 1,150 compared to 1,330 in September 2017. This month's total of 1,150 is lower than the previous month's total supply of available inventory of 1,202, a decrease of 4%.

Median Sale Price
Last September, the median sale price for Northern Neck/Middle Peninsula Homes was $186,850. This September, the median sale price was $225,500, an increase of 21% or $38,650 compared to last year. The current median sold price is 4% higher 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
161
Current Contracts
125
Sold Vs. List Price
95.0%
Months of Supply
8.5
Down -11%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -5%
Vs. Year Ago

Months of Supply
In September, there was 8.5 months of supply available in Northern Neck/Middle Peninsula, compared to 9.0 in September 2017. That is a decrease of 5% 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 161 homes newly listed for sale in Northern Neck/Middle Peninsula compared to 181 in September 2017, a decrease of 11%. There were 125 current contracts pending sale this September compared to 131 a year ago. The number of current contracts is 5% lower than last September.

Sale Price to List Price Ratio
In September, the average sale price in Northern Neck/Middle Peninsula was 95.0% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 150, lower than the average last year, which was 164, a decrease of 9%.

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 MRIS/CBRAR/NNAR 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/NNAR or Long & Foster Real Estate, Inc.