The Long & Foster Market Minute

Focus On: Powhatan County Housing Market April 2020

Units Sold
45
Active Inventory
115
Median Sale Price
$388,000
Days On Market
50
Up 7%
Vs. Year Ago
Down -17%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -19%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 45 sold this month in Powhatan County Real Estate versus 44 last month, an increase of 2%. This month's total units sold was higher than at this time last year, an increase of 7% versus April 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 24 units or 17%. The total number of active inventory this April was 115 compared to 139 in April 2019. This month's total of 115 is higher than the previous month's total supply of available inventory of 113, an increase of 2%.

Median Sale Price
Last April, the median sale price for Powhatan County Homes was $335,500. This April, the median sale price was $388,000, an increase of 16% or $52,500 compared to last year. The current median sold price is 19% higher than in March.

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


New Listings
63
Current Contracts
45
Sold Vs. List Price
100.5%
Months of Supply
2.6
Down -6%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago
Down -23%
Vs. Year Ago

Months of Supply
In April, there was 2.6 months of supply available in Powhatan County, compared to 3.3 in April 2019. That is a decrease of 23% 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 63 homes newly listed for sale in Powhatan County compared to 67 in April 2019, a decrease of 6%. There were 45 current contracts pending sale this April, consistent with the volume a year ago. The number of current contracts is 5% higher than last month.

Sale Price to List Price Ratio
In April, the average sale price in Powhatan County was 100.5% 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 50, lower than the average last year, which was 62, a decrease of 19%.

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.