The Long & Foster Market Minute

Focus On: Patterson and Pemberton Housing Market June 2021

Zip Code(s): 23238
Units Sold
43
Active Inventory
28
Median Sale Price
$426,680
Days On Market
11
Up 23%
Vs. Year Ago
Down -61%
Vs. Year Ago
Up 31%
Vs. Year Ago
Down -35%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 43 sold this month in Patterson and Pemberton Real Estate versus 35 last month, an increase of 23%. This month's total units sold was higher than at this time last year, an increase of 23% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 44 units or 61%. The total number of active inventory this June was 28 compared to 72 in June 2020. This month's total of 28 is lower than the previous month's total supply of available inventory of 35, a decrease of 20%.

Median Sale Price
Last June, the median sale price for Patterson and Pemberton Homes was $325,000. This June, the median sale price was $426,680, an increase of $101,680 compared to last year. The current median sold price is 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
37
Current Contracts
40
Sold Vs. List Price
105.5%
Months of Supply
0.7
Down -43%
Vs. Year Ago
Down -27%
Vs. Year Ago
Up
Vs. Year Ago
Down -68%
Vs. Year Ago

Months of Supply
In June, there was 0.7 months of supply available in Patterson and Pemberton, compared to 2.1 in June 2020. That is a decrease of 68% 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 37 homes newly listed for sale in Patterson and Pemberton compared to 65 in June 2020, a decrease of 43%. There were 40 current contracts pending sale this June compared to 55 a year ago. The number of current contracts remained stable as compared to last June.

Sale Price to List Price Ratio
In June, the average sale price in Patterson and Pemberton was 105.5% of the average list price, which is higher than at this time last year.

Days on Market
This month, the average number of days on market was 11, lower than the average last year, which was 17, a decrease of 35%.

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.