The Long & Foster Market Minute

Focus On: Woodlake and Brandermill Housing Market May 2020

Zip Code(s): 23112
Units Sold
105
Active Inventory
176
Median Sale Price
$302,000
Days On Market
25
Down -18%
Vs. Year Ago
Down -42%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 105 sold this month in Woodlake and Brandermill Real Estate versus 92 last month, an increase of 14%. This month's total units sold was lower than at this time last year, a decrease of 18% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 130 units or 42%. The total number of active inventory this May was 176 compared to 306 in May 2019. This month's total of 176 is lower than the previous month's total supply of available inventory of 216, a decrease of 19%.

Median Sale Price
Last May, the median sale price for Woodlake and Brandermill Homes was $292,500. This May, the median sale price was $302,000, an increase of 3% or $9,500 compared to last year. The current median sold price is 3% higher 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
112
Current Contracts
133
Sold Vs. List Price
100.4%
Months of Supply
1.7
Down -40%
Vs. Year Ago
Down -10%
Vs. Year Ago
No Change
Vs. Year Ago
Down -30%
Vs. Year Ago

Months of Supply
In May, there was 1.7 months of supply available in Woodlake and Brandermill, compared to 2.4 in May 2019. That is a decrease of 30% 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 112 homes newly listed for sale in Woodlake and Brandermill compared to 186 in May 2019, a decrease of 40%. There were 133 current contracts pending sale this May compared to 148 a year ago. The number of current contracts is 10% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Woodlake and Brandermill was 100.4% 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 25, lower than the average last year, which was 28, a decrease of 11%.

The Long & Foster Market Minute Woodlake and Brandermill are defined as properties listed in zip code/s 23112.
*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.