The Long & Foster Market Minute

Focus On: Westover Hills Housing Market February 2019

Zip Code(s): 23225
Units Sold
26
Active Inventory
35
Median Sale Price
$239,250
Days On Market
32
Up 37%
Vs. Year Ago
Down -27%
Vs. Year Ago
Up
Vs. Year Ago
Down -29%
Vs. Year Ago

Units Sold
The number of units sold remained stable in February, with 26 sold this month in Westover Hills Real Estate. This month's total units sold was higher than at this time last year, an increase of 30% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 13 units or 27%. The total number of active inventory this February was 35 compared to 48 in February 2018. This month's total of 35 is lower than the previous month's total supply of available inventory of 41, a decrease of 15%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last February, the median sale price for Westover Hills Homes was $185,500. This February, the median sale price was $239,250, an increase of $53,750 compared to last year. The current median sold price is lower than in January.

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


New Listings
31
Current Contracts
33
Sold Vs. List Price
99.2%
Months of Supply
1.3
Down -30%
Vs. Year Ago
Down -20%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -47%
Vs. Year Ago

Months of Supply
In February, there was 1.3 months of supply available in Westover Hills, compared to 2.5 in February 2018. That is a decrease of 47% 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 31 homes newly listed for sale in Westover Hills compared to 44 in February 2018, a decrease of 30%. There were 33 current contracts pending sale this February compared to 41 a year ago. The number of current contracts is 20% lower than last February.

Sale Price to List Price Ratio
In February, the average sale price in Westover Hills was 99.2% of the average list price, which is 1.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 32, lower than the average last year, which was 45, a decrease of 29%.

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.