The Long & Foster Market Minute

Focus On: Powhatan County Housing Market January 2019

Units Sold
28
Active Inventory
112
Median Sale Price
$292,475
Days On Market
73
Down -7%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 6%
Vs. Year Ago

Units Sold
There was an increase in total units sold in January, with 28 sold this month in Powhatan County Real Estate versus 24 last month, an increase of 17%. This month's total units sold was lower than at this time last year, a decrease of 7% versus January 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 25 units or 18%. The total number of active inventory this January was 112 compared to 137 in January 2018. This month's total of 112 is lower than the previous month's total supply of available inventory of 118, a decrease of 5%.

Median Sale Price
Last January, the median sale price for Powhatan County Homes was $285,000. This January, the median sale price was $292,475, an increase of 3% or $7,475 compared to last year. The current median sold price is 3% lower than in December.

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


New Listings
44
Current Contracts
33
Sold Vs. List Price
95.6%
Months of Supply
4.0
Down -29%
Vs. Year Ago
Down -3%
Vs. Year Ago
Down -2.4%
Vs. Year Ago
Down -12%
Vs. Year Ago

Months of Supply
In January, there was 4.0 months of supply available in Powhatan County, compared to 4.6 in January 2018. That is a decrease of 12% 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 44 homes newly listed for sale in Powhatan County compared to 62 in January 2018, a decrease of 29%. There were 33 current contracts pending sale this January compared to 34 a year ago. The number of current contracts is 3% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Powhatan County was 95.6% of the average list price, which is 2.3% lower than at this time last year.

Days on Market
This month, the average number of days on market was 73, higher than the average last year, which was 69, an increase of 6%.

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.