The Long & Foster Market Minute

Focus On: Woodlake and Brandermill Housing Market October 2018

Zip Code(s): 23112
Units Sold
81
Active Inventory
298
Median Sale Price
$299,900
Days On Market
44
Down -5%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 11%
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 81 sold this month in Woodlake and Brandermill Real Estate versus 79 last month, an increase of 3%. This month's total units sold was lower than at this time last year, a decrease of 5% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 65 units or 18%. The total number of active inventory this October was 298 compared to 363 in October 2017. This month's total of 298 is higher than the previous month's total supply of available inventory of 279, an increase of 7%.

Median Sale Price
Last October, the median sale price for Woodlake and Brandermill Homes was $269,500. This October, the median sale price was $299,900, an increase of 11% or $30,400 compared to last year. The current median sold price is 15% higher than in September.

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


New Listings
145
Current Contracts
79
Sold Vs. List Price
99.5%
Months of Supply
3.7
Up 22%
Vs. Year Ago
Down -6%
Vs. Year Ago
No Change
Vs. Year Ago
Down -14%
Vs. Year Ago

Months of Supply
In October, there was 3.7 months of supply available in Woodlake and Brandermill, compared to 4.3 in October 2017. That is a decrease of 14% 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 145 homes newly listed for sale in Woodlake and Brandermill compared to 119 in October 2017, an increase of 22%. There were 79 current contracts pending sale this October compared to 84 a year ago. The number of current contracts is 6% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Woodlake and Brandermill 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 44, which is similar compared to a year ago.

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.