The Long & Foster Market Minute

Focus On: Newton, Waterview, and Norcum Park Housing Market June 2021

Zip Code(s): 23704 and 23707
Units Sold
77
Active Inventory
94
Median Sale Price
$197,000
Days On Market
28
Up 20%
Vs. Year Ago
Down -42%
Vs. Year Ago
Up 15%
Vs. Year Ago
Down -58%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 77 sold this month in Newton, Waterview, and Norcum Park Real Estate versus 76 last month, an increase of 1%. This month's total units sold was higher than at this time last year, an increase of 20% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 68 units or 42%. The total number of active inventory this June was 94 compared to 162 in June 2020. This month's total of 94 is lower than the previous month's total supply of available inventory of 111, a decrease of 15%.

Median Sale Price
Last June, the median sale price for Newton, Waterview, and Norcum Park Homes was $171,000. This June, the median sale price was $197,000, an increase of 15% or $26,000 compared to last year. The current median sold price is 1% lower 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
109
Current Contracts
108
Sold Vs. List Price
99.2%
Months of Supply
1.2
Up 38%
Vs. Year Ago
Up 69%
Vs. Year Ago
No Change
Vs. Year Ago
Down -52%
Vs. Year Ago

Months of Supply
In June, there was 1.2 months of supply available in Newton, Waterview, and Norcum Park, compared to 2.5 in June 2020. That is a decrease of 52% 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 109 homes newly listed for sale in Newton, Waterview, and Norcum Park compared to 79 in June 2020, an increase of 38%. There were 108 current contracts pending sale this June compared to 64 a year ago. The number of current contracts is 69% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Newton, Waterview, and Norcum Park was 99.2% 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 28, lower than the average last year, which was 66, a decrease of 58%.

The Long & Foster Market Minute Newton, Waterview, and Norcum Park are defined as properties listed in zip code/s 23704 and 23707.
*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.