The Long & Foster Market Minute

Focus On: Windsor Farms, The Fan, and Museum District Housing Market May 2020

Zip Code(s): 23221, 23220, 23241 and 23219
Units Sold
53
Active Inventory
78
Median Sale Price
$347,500
Days On Market
15
Up 13%
Vs. Year Ago
Down -29%
Vs. Year Ago
Down -7%
Vs. Year Ago
Down -17%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 53 sold this month in Windsor Farms, The Fan, and Museum District Real Estate versus 52 last month, an increase of 2%. This month's total units sold was higher than at this time last year, an increase of 13% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 32 units or 29%. The total number of active inventory this May was 78 compared to 110 in May 2019. This month's total of 78 is lower than the previous month's total supply of available inventory of 84, a decrease of 7%.

Median Sale Price
Last May, the median sale price for Windsor Farms, The Fan, and Museum District Homes was $375,000. This May, the median sale price was $347,500, a decrease of 7% or $27,500 compared to last year. The current median sold price is 15% 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
61
Current Contracts
58
Sold Vs. List Price
99.5%
Months of Supply
1.5
Down -2%
Vs. Year Ago
Up 29%
Vs. Year Ago
No Change
Vs. Year Ago
Down -37%
Vs. Year Ago

Months of Supply
In May, there was 1.5 months of supply available in Windsor Farms, The Fan, and Museum District, compared to 2.3 in May 2019. That is a decrease of 37% 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 61 homes newly listed for sale in Windsor Farms, The Fan, and Museum District compared to 62 in May 2019, a decrease of 2%. There were 58 current contracts pending sale this May compared to 45 a year ago. The number of current contracts is 29% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Windsor Farms, The Fan, and Museum District was 99.5% 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 15, lower than the average last year, which was 18, a decrease of 17%.

The Long & Foster Market Minute Windsor Farms, The Fan, and Museum District are defined as properties listed in zip code/s 23221, 23220, 23241 and 23219.
*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.