The Long & Foster Market Minute

Focus On: Garden Wood Park and Smith Lake Terrace Housing Market March 2021

Zip Code(s): 23455
Units Sold
88
Active Inventory
48
Median Sale Price
$286,000
Days On Market
24
Up
Vs. Year Ago
Down -75%
Vs. Year Ago
Down -17%
Vs. Year Ago
Down -40%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 88 sold this month in Garden Wood Park and Smith Lake Terrace Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 143 units or 75%. The total number of active inventory this March was 48 compared to 191 in March 2020. This month's total of 48 is lower than the previous month's total supply of available inventory of 68, a decrease of 29%.

Median Sale Price
Last March, the median sale price for Garden Wood Park and Smith Lake Terrace Homes was $344,950. This March, the median sale price was $286,000, a decrease of 17% or $58,950 compared to last year. The current median sold price is 7% 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
94
Current Contracts
105
Sold Vs. List Price
100.6%
Months of Supply
0.5
Down -18%
Vs. Year Ago
Up 38%
Vs. Year Ago
Up 2.5%
Vs. Year Ago
Down -83%
Vs. Year Ago

Months of Supply
In March, there was 0.5 months of supply available in Garden Wood Park and Smith Lake Terrace, compared to 3.3 in March 2020. That is a decrease of 83% 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 94 homes newly listed for sale in Garden Wood Park and Smith Lake Terrace compared to 114 in March 2020, a decrease of 18%. There were 105 current contracts pending sale this March compared to 76 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 Garden Wood Park and Smith Lake Terrace 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 24, lower than the average last year, which was 40, a decrease of 40%.

The Long & Foster Market Minute Garden Wood Park and Smith Lake Terrace are defined as properties listed in zip code/s 23455.
*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.