The Long & Foster Market Minute

Focus On: Powhatan County Housing Market March 2019

Units Sold
40
Active Inventory
102
Median Sale Price
$302,250
Days On Market
47
Down -23%
Vs. Year Ago
Down -33%
Vs. Year Ago
Up 22%
Vs. Year Ago
Up 15%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 40 sold this month in Powhatan County Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 51 units or 33%. The total number of active inventory this March was 102 compared to 153 in March 2018. This month's total of 102 is lower than the previous month's total supply of available inventory of 103, a decrease of 1%.

Median Sale Price
Last March, the median sale price for Powhatan County Homes was $248,000. This March, the median sale price was $302,250, an increase of 22% or $54,250 compared to last year. The current median sold price is 20% higher than in February.

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


New Listings
58
Current Contracts
44
Sold Vs. List Price
98.6%
Months of Supply
2.6
Down -26%
Vs. Year Ago
Down -14%
Vs. Year Ago
Down -2.1%
Vs. Year Ago
Down -13%
Vs. Year Ago

Months of Supply
In March, there was 2.6 months of supply available in Powhatan County, compared to 2.9 in March 2018. That is a decrease of 13% 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 58 homes newly listed for sale in Powhatan County compared to 78 in March 2018, a decrease of 26%. There were 44 current contracts pending sale this March compared to 51 a year ago. The number of current contracts is 14% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Powhatan County was 98.6% of the average list price, which is 2.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 47, higher than the average last year, which was 41, an increase of 15%.

The Long & Foster Market Minute
*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.