The Long & Foster Market Minute

Focus On: Lakeville Estates, Homestead, and New Light Housing Market June 2021

Zip Code(s): 23463, 23464 and 23465
Units Sold
160
Active Inventory
59
Median Sale Price
$315,000
Days On Market
17
Up
Vs. Year Ago
Down -49%
Vs. Year Ago
Up 19%
Vs. Year Ago
Down -39%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 160 sold this month in Lakeville Estates, Homestead, and New Light 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 57 units or 49%. The total number of active inventory this June was 59 compared to 116 in June 2020. This month's total of 59 is lower than the previous month's total supply of available inventory of 103, a decrease of 43%.

Median Sale Price
Last June, the median sale price for Lakeville Estates, Homestead, and New Light Homes was $264,250. This June, the median sale price was $315,000, an increase of 19% or $50,750 compared to last year. The current median sold price is 11% higher than in May.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
159
Current Contracts
192
Sold Vs. List Price
102.6%
Months of Supply
0.4
Up 31%
Vs. Year Ago
Up 51%
Vs. Year Ago
Up 2.7%
Vs. Year Ago
Down -64%
Vs. Year Ago

Months of Supply
In June, there was 0.4 months of supply available in Lakeville Estates, Homestead, and New Light, compared to 1.0 in June 2020. That is a decrease of 64% 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 159 homes newly listed for sale in Lakeville Estates, Homestead, and New Light compared to 121 in June 2020, an increase of 31%. There were 192 current contracts pending sale this June compared to 127 a year ago. The number of current contracts is 51% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Lakeville Estates, Homestead, and New Light was 102.6% of the average list price, which is 2.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 17, lower than the average last year, which was 28, a decrease of 39%.

The Long & Foster Market Minute Lakeville Estates, Homestead, and New Light are defined as properties listed in zip code/s 23463, 23464 and 23465.
*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.