The Long & Foster Market Minute

Focus On: Powhatan County Housing Market June 2020

Units Sold
51
Active Inventory
109
Median Sale Price
$320,000
Days On Market
44
Up 2%
Vs. Year Ago
Down -26%
Vs. Year Ago
No Change
Vs. Year Ago
Down -14%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 51 sold this month in Powhatan County Real Estate versus 47 last month, an increase of 9%. This month's total units sold was higher than at this time last year, an increase of 2% versus June 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 38 units or 26%. The total number of active inventory this June was 109 compared to 147 in June 2019. This month's total of 109 is higher than the previous month's total supply of available inventory of 100, an increase of 9%.

Median Sale Price
Last June, the median sale price for Powhatan County Homes was $319,888. This June, the median sale price was $320,000, which is similar compared to a year ago. The current median sold price is 3% higher than in May.

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


New Listings
76
Current Contracts
54
Sold Vs. List Price
99.2%
Months of Supply
2.1
Up 21%
Vs. Year Ago
Up 6%
Vs. Year Ago
No Change
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In June, there was 2.1 months of supply available in Powhatan County, compared to 2.9 in June 2019. 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 76 homes newly listed for sale in Powhatan County compared to 63 in June 2019, an increase of 21%. There were 54 current contracts pending sale this June compared to 51 a year ago. The number of current contracts is 6% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Powhatan County was 99.2% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 44, lower than the average last year, which was 51, a decrease of 14%.

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.