The Long & Foster Market Minute

Focus On: Westover Hills Housing Market August 2019

Zip Code(s): 23225
Units Sold
Active Inventory
Median Sale Price
Days On Market
Vs. Year Ago
Down -24%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up 10%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 40 sold this month in Westover Hills Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 16 units or 24%. The total number of active inventory this August was 52 compared to 68 in August 2018. This month's total of 52 is higher than the previous month's total supply of available inventory of 42, an increase of 24%.

Median Sale Price
Last August, the median sale price for Westover Hills Homes was $219,450. This August, the median sale price was $234,250, an increase of 7% or $14,800 compared to last year. The current median sold price is 10% lower than in July.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -30%
Vs. Year Ago
Down -35%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Up 18%
Vs. Year Ago

Months of Supply
In August, there was 1.3 months of supply available in Westover Hills, compared to 1.1 in August 2018. That is an increase of 19% 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 48 homes newly listed for sale in Westover Hills compared to 69 in August 2018, a decrease of 30%. There were 32 current contracts pending sale this August compared to 49 a year ago. The number of current contracts is 35% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Westover Hills was 99.4% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 22, higher than the average last year, which was 20, an increase of 10%.

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.