The Long & Foster Market Minute

Focus On: Westmoreland County Housing Market March 2021

Units Sold
35
Active Inventory
41
Median Sale Price
$245,000
Days On Market
53
Up
Vs. Year Ago
Down -71%
Vs. Year Ago
Up
Vs. Year Ago
Down -21%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 35 sold this month in Westmoreland County Real Estate. This month's total units sold was higher than at this time last year, an increase from March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 101 units or 71%. The total number of active inventory this March was 41 compared to 142 in March 2020. This month's total of 41 is lower than the previous month's total supply of available inventory of 45, a decrease of 9%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Westmoreland County Homes was $194,500. This March, the median sale price was $245,000, an increase of $50,500 compared to last year. The current median sold price is 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
61
Current Contracts
61
Sold Vs. List Price
96.8%
Months of Supply
1.2
Up 5%
Vs. Year Ago
Up 221%
Vs. Year Ago
Down -1.8%
Vs. Year Ago
Down -81%
Vs. Year Ago

Months of Supply
In March, there was 1.2 months of supply available in Westmoreland County, compared to 6.2 in March 2020. That is a decrease of 81% 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 61 homes newly listed for sale in Westmoreland County compared to 58 in March 2020, an increase of 5%. There were 61 current contracts pending sale this March compared to 19 a year ago. The number of current contracts is 221% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Westmoreland County was 96.8% of the average list price, which is 1.8% lower than at this time last year.

Days on Market
This month, the average number of days on market was 53, lower than the average last year, which was 67, a decrease of 21%.

The Long & Foster Market Minute
*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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.