The Long & Foster Market Minute

Focus On: Patterson and Pemberton Housing Market April 2020

Zip Code(s): 23238
Units Sold
28
Active Inventory
65
Median Sale Price
$290,000
Days On Market
22
Up 22%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 28 sold this month in Patterson and Pemberton Real Estate versus 31 last month, a decrease of 10%. This month's total units sold was higher than at this time last year, an increase of 22% versus April 2019.

Active Inventory
Versus last year, the total number of homes available this month is higher by 4 units or 7%. The total number of active inventory this April was 65 compared to 61 in April 2019. This month's total of 65 is higher than the previous month's total supply of available inventory of 62, an increase of 5%.

Median Sale Price
Last April, the median sale price for Patterson and Pemberton Homes was $270,000. This April, the median sale price was $290,000, an increase of 7% or $20,000 compared to last year. The current median sold price is 13% lower 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
49
Current Contracts
38
Sold Vs. List Price
99.0%
Months of Supply
2.3
No Change
Vs. Year Ago
No Change
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -12%
Vs. Year Ago

Months of Supply
In April, there was 2.3 months of supply available in Patterson and Pemberton, compared to 2.7 in April 2019. 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 49 homes newly listed for sale in Patterson and Pemberton, which is similar to the amount in April 2019. There were 38 current contracts pending sale this April, consistent with the volume a year ago. The number of current contracts is 15% higher than last month.

Sale Price to List Price Ratio
In April, the average sale price in Patterson and Pemberton was 99.0% of the average list price, which is 0.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 22, lower than the average last year, which was 72. This decrease was impacted by the limited number of sales.

The Long & Foster Market Minute Patterson and Pemberton are defined as properties listed in zip code/s 23238.
*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.