The Long & Foster Market Minute

Focus On: Patterson and Pemberton Housing Market March 2021

Zip Code(s): 23238
Units Sold
24
Active Inventory
22
Median Sale Price
$285,000
Days On Market
13
Down -25%
Vs. Year Ago
Down -71%
Vs. Year Ago
Down -14%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 24 sold this month in Patterson and Pemberton Real Estate versus 22 last month, an increase of 9%. This month's total units sold was lower than at this time last year, a decrease of 25% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 54 units or 71%. The total number of active inventory this March was 22 compared to 76 in March 2020. This month's total of 22 is lower than the previous month's total supply of available inventory of 35, a decrease of 37%.

Median Sale Price
Last March, the median sale price for Patterson and Pemberton Homes was $330,125. This March, the median sale price was $285,000, a decrease of 14% or $45,125 compared to last year. The current median sold price is 8% 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
38
Current Contracts
45
Sold Vs. List Price
102.0%
Months of Supply
0.9
Up 23%
Vs. Year Ago
Up 36%
Vs. Year Ago
Up 4.6%
Vs. Year Ago
Down -61%
Vs. Year Ago

Months of Supply
In March, there was 0.9 months of supply available in Patterson and Pemberton, compared to 2.4 in March 2020. That is a decrease of 61% 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 38 homes newly listed for sale in Patterson and Pemberton compared to 31 in March 2020, an increase of 23%. There were 45 current contracts pending sale this March compared to 33 a year ago. The number of current contracts is 36% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Patterson and Pemberton was 102.0% of the average list price, which is 4.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 13, lower than the average last year, which was 36. This decrease was impacted by the limited number of sales.

The Long & Foster Market Minute Patterson and Pemberton are defined as properties listed in zip code/s 23238.
*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.