The Long & Foster Market Minute

Focus On: Patterson and Pemberton Housing Market August 2019

Zip Code(s): 23238
Units Sold
34
Active Inventory
77
Median Sale Price
$294,975
Days On Market
17
Down -28%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -15%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 34 sold this month in Patterson and Pemberton Real Estate versus 32 last month, an increase of 6%. This month's total units sold was lower than at this time last year, a decrease of 28% versus August 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 2 units or 3%. The total number of active inventory this August was 77 compared to 79 in August 2018. This month's total of 77 is higher than the previous month's total supply of available inventory of 68, an increase of 13%.

Median Sale Price
Last August, the median sale price for Patterson and Pemberton Homes was $282,400. This August, the median sale price was $294,975, an increase of 4% or $12,575 compared to last year. The current median sold price is 6% lower than in July.

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


New Listings
43
Current Contracts
30
Sold Vs. List Price
99.0%
Months of Supply
2.3
Up 48%
Vs. Year Ago
Up 15%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Up 35%
Vs. Year Ago

Months of Supply
In August, there was 2.3 months of supply available in Patterson and Pemberton, compared to 1.7 in August 2018. That is an increase of 35% 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 43 homes newly listed for sale in Patterson and Pemberton compared to 29 in August 2018, an increase of 48%. There were 30 current contracts pending sale this August compared to 26 a year ago. The number of current contracts is 15% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Patterson and Pemberton was 99.0% of the average list price, which is 1.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 17, lower than the average last year, which was 20, a decrease of 15%.

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.