The Long & Foster Market Minute

Focus On: Patterson and Pemberton Housing Market December 2019

Zip Code(s): 23238
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 33%
Vs. Year Ago
Down -6%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -33%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in December, with 32 sold this month in Patterson and Pemberton Real Estate versus 36 last month, a decrease of 11%. This month's total units sold was higher than at this time last year, an increase of 33% versus December 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 3 units or 6%. The total number of active inventory this December was 51 compared to 54 in December 2018. This month's total of 51 is lower than the previous month's total supply of available inventory of 63, a decrease of 19%.

Median Sale Price
Last December, the median sale price for Patterson and Pemberton Homes was $253,472. This December, the median sale price was $263,750, an increase of 4% or $10,278 compared to last year. The current median sold price is 3% lower than in November.

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 11%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 2.8%
Vs. Year Ago
Down -29%
Vs. Year Ago

Months of Supply
In December, there was 1.6 months of supply available in Patterson and Pemberton, compared to 2.3 in December 2018. That is a decrease of 29% 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 21 homes newly listed for sale in Patterson and Pemberton compared to 19 in December 2018, an increase of 11%. There were 19 current contracts pending sale this December compared to 18 a year ago. The number of current contracts is 6% higher than last December.

Sale Price to List Price Ratio
In December, the average sale price in Patterson and Pemberton was 99.5% of the average list price, which is 2.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 30, lower than the average last year, which was 45, a decrease of 33%.

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.