The Long & Foster Market Minute

Focus On: Westover Hills Housing Market April 2020

Zip Code(s): 23225
Units Sold
45
Active Inventory
29
Median Sale Price
$278,500
Days On Market
14
Up 5%
Vs. Year Ago
Down -40%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -26%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 45 sold this month in Westover Hills Real Estate versus 39 last month, an increase of 15%. This month's total units sold was higher than at this time last year, an increase of 5% versus April 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 19 units or 40%. The total number of active inventory this April was 29 compared to 48 in April 2019. This month's total of 29 is lower than the previous month's total supply of available inventory of 44, a decrease of 34%.

Median Sale Price
Last April, the median sale price for Westover Hills Homes was $250,000. This April, the median sale price was $278,500, an increase of 11% or $28,500 compared to last year. The current median sold price is 11% 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
39
Current Contracts
47
Sold Vs. List Price
100.1%
Months of Supply
0.6
Down -45%
Vs. Year Ago
Down -30%
Vs. Year Ago
No Change
Vs. Year Ago
Down -43%
Vs. Year Ago

Months of Supply
In April, there was 0.6 months of supply available in Westover Hills, compared to 1.1 in April 2019. That is a decrease of 42% 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 39 homes newly listed for sale in Westover Hills compared to 71 in April 2019, a decrease of 45%. There were 47 current contracts pending sale this April compared to 67 a year ago. The number of current contracts remained stable as compared to last April.

Sale Price to List Price Ratio
In April, the average sale price in Westover Hills was 100.1% 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 14, lower than the average last year, which was 19, a decrease of 26%.

The Long & Foster Market Minute Westover Hills are defined as properties listed in zip code/s 23225.
*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.