The Long & Foster Market Minute

Focus On: Patterson and Pemberton Housing Market June 2019

Zip Code(s): 23238
Units Sold
44
Active Inventory
54
Median Sale Price
$350,000
Days On Market
17
Down -17%
Vs. Year Ago
Down -39%
Vs. Year Ago
Up 27%
Vs. Year Ago
Up 13%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 44 sold this month in Patterson and Pemberton Real Estate versus 41 last month, an increase of 7%. This month's total units sold was lower than at this time last year, a decrease of 17% versus June 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 35 units or 39%. The total number of active inventory this June was 54 compared to 89 in June 2018. This month's total of 54 is lower than the previous month's total supply of available inventory of 65, a decrease of 17%.

Median Sale Price
Last June, the median sale price for Patterson and Pemberton Homes was $276,500. This June, the median sale price was $350,000, an increase of $73,500 compared to last year. The current median sold price is higher than in May.

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


New Listings
35
Current Contracts
37
Sold Vs. List Price
99.2%
Months of Supply
1.2
Down -30%
Vs. Year Ago
Down -7%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In June, there was 1.2 months of supply available in Patterson and Pemberton, compared to 1.7 in June 2018. That is a decrease of 27% 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 35 homes newly listed for sale in Patterson and Pemberton compared to 50 in June 2018, a decrease of 30%. There were 37 current contracts pending sale this June compared to 40 a year ago. The number of current contracts is 8% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in Patterson and Pemberton was 99.2% 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 17, higher than the average last year, which was 15, an increase of 13%.

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.