The Long & Foster Market Minute

Focus On: Patterson and Pemberton Housing Market February 2019

Zip Code(s): 23238
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 5%
Vs. Year Ago
Down -23%
Vs. Year Ago
Down -22%
Vs. Year Ago
Down -41%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 22 sold this month in Patterson and Pemberton Real Estate versus 18 last month, an increase of 22%. This month's total units sold was higher than at this time last year, an increase of 5% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 17 units or 23%. The total number of active inventory this February was 56 compared to 73 in February 2018. This month's total of 56 is lower than the previous month's total supply of available inventory of 66, a decrease of 15%.

Median Sale Price
Last February, the median sale price for Patterson and Pemberton Homes was $250,000. This February, the median sale price was $195,500, a decrease of 22% or $54,500 compared to last year. The current median sold price is 18% lower than in January.

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
Down -35%
Vs. Year Ago
Up 27%
Vs. Year Ago
Down -0.5%
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In February, there was 2.5 months of supply available in Patterson and Pemberton, compared to 3.5 in February 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 24 homes newly listed for sale in Patterson and Pemberton compared to 37 in February 2018, a decrease of 35%. There were 28 current contracts pending sale this February compared to 22 a year ago. The number of current contracts remained stable as compared to last February.

Sale Price to List Price Ratio
In February, the average sale price in Patterson and Pemberton was 98.2% of the average list price, which is 0.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 32, a decrease of 41%.

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.