The Long & Foster Market Minute

Focus On: Powhatan County Housing Market December 2019

Units Sold
37
Active Inventory
114
Median Sale Price
$299,000
Days On Market
48
Up
Vs. Year Ago
Down -17%
Vs. Year Ago
Down -1%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in December, with 37 sold this month in Powhatan County Real Estate. This month's total units sold was higher than at this time last year, an increase from December 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 23 units or 17%. The total number of active inventory this December was 114 compared to 137 in December 2018. This month's total of 114 is lower than the previous month's total supply of available inventory of 132, a decrease of 14%.

Median Sale Price
Last December, the median sale price for Powhatan County Homes was $302,000. This December, the median sale price was $299,000, a decrease of 1% or $3,000 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
34
Current Contracts
36
Sold Vs. List Price
98.3%
Months of Supply
3.1
Up 31%
Vs. Year Ago
Up 71%
Vs. Year Ago
Down -1.2%
Vs. Year Ago
Down -46%
Vs. Year Ago

Months of Supply
In December, there was 3.1 months of supply available in Powhatan County, compared to 5.7 in December 2018. That is a decrease of 46% 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 34 homes newly listed for sale in Powhatan County compared to 26 in December 2018, an increase of 31%. There were 36 current contracts pending sale this December compared to 21 a year ago. The number of current contracts is 71% higher than last December.

Sale Price to List Price Ratio
In December, the average sale price in Powhatan County was 98.3% of the average list price, which is 1.2% lower than at this time last year.

Days on Market
This month, the average number of days on market was 48, higher than the average last year, which was 28. This increase was impacted by the limited number of sales.

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.