The Long & Foster Market Minute

FOCUS ON: WESTMORELAND COUNTY HOUSING MARKET MAY 2024

Units Sold
48
Active Inventory
100
Median Sale Price
$308,950
Days On Market
40
Down -2%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -15%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 48 sold this month in Westmoreland County Real Estate versus 38 last month, an increase of 26%. This month's total units sold was lower than at this time last year, a decrease of 2% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 1 units or 1%. The total number of active inventory this May was 100 compared to 99 in May 2023. This month's total of 100 is lower than the previous month's total supply of available inventory of 109, a decrease of 8%.

Median Sale Price
Last May, the median sale price for Westmoreland County Homes was $295,000. This May, the median sale price was $308,950, an increase of 5% or $13,950 compared to last year. The current median sold price is 2% lower than in April.

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


New Listings
50
Current Contracts
39
Sold Vs. List Price
98.2%
Months of Supply
2.1
Down -11%
Vs. Year Ago
Down -11%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In May, there was 2.1 months of supply available in Westmoreland County. The amount of supply is similar compared to 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 50 homes newly listed for sale in Westmoreland County compared to 56 in May 2023, a decrease of 11%. There were 39 current contracts pending sale this May compared to 44 a year ago. The number of current contracts is 11% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Westmoreland County was 98.2% 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 40, lower than the average last year, which was 47, a decrease 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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.