The Long & Foster Market Minute

Focus On: Forest Hills, Great Neck Estates, and Robinwood Forrest Housing Market March 2021

Zip Code(s): 23454
Units Sold
89
Active Inventory
51
Median Sale Price
$325,000
Days On Market
20
Down -4%
Vs. Year Ago
Down -68%
Vs. Year Ago
Up 12%
Vs. Year Ago
Down -43%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 89 sold this month in Forest Hills, Great Neck Estates, and Robinwood Forrest Real Estate versus 78 last month, an increase of 14%. This month's total units sold was lower than at this time last year, a decrease of 4% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 106 units or 68%. The total number of active inventory this March was 51 compared to 157 in March 2020. This month's total of 51 is lower than the previous month's total supply of available inventory of 79, a decrease of 35%.

Median Sale Price
Last March, the median sale price for Forest Hills, Great Neck Estates, and Robinwood Forrest Homes was $289,000. This March, the median sale price was $325,000, an increase of 12% or $36,000 compared to last year. The current median sold price is 6% higher 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
115
Current Contracts
135
Sold Vs. List Price
100.6%
Months of Supply
0.6
Up 7%
Vs. Year Ago
Up 38%
Vs. Year Ago
Up 2.5%
Vs. Year Ago
Down -66%
Vs. Year Ago

Months of Supply
In March, there was 0.6 months of supply available in Forest Hills, Great Neck Estates, and Robinwood Forrest, compared to 1.7 in March 2020. That is a decrease of 66% 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 115 homes newly listed for sale in Forest Hills, Great Neck Estates, and Robinwood Forrest compared to 107 in March 2020, an increase of 7%. There were 135 current contracts pending sale this March compared to 98 a year ago. The number of current contracts is 38% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Forest Hills, Great Neck Estates, and Robinwood Forrest was 100.6% of the average list price, which is 2.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 20, lower than the average last year, which was 35, a decrease of 43%.

The Long & Foster Market Minute Forest Hills, Great Neck Estates, and Robinwood Forrest are defined as properties listed in zip code/s 23454.
*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 REIN 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 REIN or Long & Foster Real Estate, Inc.