The Long & Foster Market Minute

Focus On: Patterson and Pemberton Housing Market June 2020

Zip Code(s): 23238
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -25%
Vs. Year Ago
Down -12%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 6%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 33 sold this month in Patterson and Pemberton Real Estate versus 31 last month, an increase of 6%. This month's total units sold was lower than at this time last year, a decrease of 25% versus June 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 8 units or 12%. The total number of active inventory this June was 59 compared to 67 in June 2019. This month's total of 59 is lower than the previous month's total supply of available inventory of 60, a decrease of 2%.

Median Sale Price
Last June, the median sale price for Patterson and Pemberton Homes was $350,000. This June, the median sale price was $340,000, a decrease of 3% or $10,000 compared to last year. The current median sold price is 22% 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
Current Contracts
Sold Vs. List Price
Months of Supply
Up 70%
Vs. Year Ago
Up 72%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Up 18%
Vs. Year Ago

Months of Supply
In June, there was 1.8 months of supply available in Patterson and Pemberton, compared to 1.5 in June 2019. That is an increase of 17% 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 63 homes newly listed for sale in Patterson and Pemberton compared to 37 in June 2019, an increase of 70%. There were 55 current contracts pending sale this June compared to 32 a year ago. The number of current contracts is 72% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Patterson and Pemberton was 98.6% 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 18, higher than the average last year, which was 17, an increase of 6%.

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.