The Long & Foster Market Minute

Focus On: Westover Hills Housing Market April 2019

Zip Code(s): 23225
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 5%
Vs. Year Ago
Down -29%
Vs. Year Ago
Up 9%
Vs. Year Ago
Up 73%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 43 sold this month in Westover Hills Real Estate versus 36 last month, an increase of 19%. This month's total units sold was higher than at this time last year, an increase of 5% versus April 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 14 units or 29%. The total number of active inventory this April was 35 compared to 49 in April 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
Last April, the median sale price for Westover Hills Homes was $230,000. This April, the median sale price was $250,000, an increase of 9% or $20,000 compared to last year. The current median sold price is 7% lower 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
Current Contracts
Sold Vs. List Price
Months of Supply
Up 22%
Vs. Year Ago
Up 19%
Vs. Year Ago
Down -1.9%
Vs. Year Ago
Down -32%
Vs. Year Ago

Months of Supply
In April, there was 0.8 months of supply available in Westover Hills, compared to 1.2 in April 2018. That is a decrease of 32% 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 71 homes newly listed for sale in Westover Hills compared to 58 in April 2018, an increase of 22%. There were 68 current contracts pending sale this April compared to 57 a year ago. The number of current contracts is 19% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Westover Hills was 100.0% of the average list price, which is 1.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 19, higher than the average last year, which was 11, an increase of 73%.

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.