The Long & Foster Market Minute

Focus On: East End Housing Market March 2021

Zip Code(s): 23223
Units Sold
58
Active Inventory
50
Median Sale Price
$219,688
Days On Market
15
No Change
Vs. Year Ago
Down -60%
Vs. Year Ago
No Change
Vs. Year Ago
Down -57%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 58 sold this month in East End Real Estate, an increase of 61%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 76 units or 60%. The total number of active inventory this March was 50 compared to 126 in March 2020. This month's total of 50 is lower than the previous month's total supply of available inventory of 67, a decrease of 25%.

Median Sale Price
Last March, the median sale price for East End Homes was $220,000. This March, the median sale price was $219,688, which is similar compared to a year ago. The current median sold price is 4% lower than in February.

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


New Listings
71
Current Contracts
82
Sold Vs. List Price
101.0%
Months of Supply
0.9
Down -16%
Vs. Year Ago
Up 30%
Vs. Year Ago
Up 2.2%
Vs. Year Ago
Down -60%
Vs. Year Ago

Months of Supply
In March, there was 0.9 months of supply available in East End, compared to 2.2 in March 2020. That is a decrease of 60% 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 East End compared to 85 in March 2020, a decrease of 16%. There were 82 current contracts pending sale this March compared to 63 a year ago. The number of current contracts is 30% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in East End was 101.0% of the average list price, which is 2.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 15, lower than the average last year, which was 35, a decrease of 57%.

The Long & Foster Market Minute East End are defined as properties listed in zip code/s 23223.
*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.