The Long & Foster Market Minute

Focus On: Milteer Acres and Northern Suffolk City Housing Market March 2021

Zip Code(s): 23433, 23436, 23432 and 23435
Units Sold
52
Active Inventory
80
Median Sale Price
$345,450
Days On Market
29
Down -9%
Vs. Year Ago
Down -60%
Vs. Year Ago
Up 13%
Vs. Year Ago
Down -44%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 52 sold this month in Milteer Acres and Northern Suffolk City Real Estate versus 50 last month, an increase of 4%. This month's total units sold was lower than at this time last year, a decrease of 9% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 121 units or 60%. The total number of active inventory this March was 80 compared to 201 in March 2020. This month's total of 80 is lower than the previous month's total supply of available inventory of 120, a decrease of 33%.

Median Sale Price
Last March, the median sale price for Milteer Acres and Northern Suffolk City Homes was $305,000. This March, the median sale price was $345,450, an increase of 13% or $40,450 compared to last year. The current median sold price is 2% 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
131
Current Contracts
150
Sold Vs. List Price
99.7%
Months of Supply
1.5
Up 16%
Vs. Year Ago
Up 81%
Vs. Year Ago
No Change
Vs. Year Ago
Down -56%
Vs. Year Ago

Months of Supply
In March, there was 1.5 months of supply available in Milteer Acres and Northern Suffolk City, compared to 3.5 in March 2020. That is a decrease of 56% 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 131 homes newly listed for sale in Milteer Acres and Northern Suffolk City compared to 113 in March 2020, an increase of 16%. There were 150 current contracts pending sale this March compared to 83 a year ago. The number of current contracts is 81% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Milteer Acres and Northern Suffolk City was 99.7% 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 29, lower than the average last year, which was 52, a decrease of 44%.

The Long & Foster Market Minute Milteer Acres and Northern Suffolk City are defined as properties listed in zip code/s 23433, 23436, 23432 and 23435.
*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.