The Long & Foster Market Minute

Focus On: Petersburg City Housing Market June 2021

Units Sold
53
Active Inventory
57
Median Sale Price
$148,000
Days On Market
12
Up
Vs. Year Ago
Down -39%
Vs. Year Ago
Up 21%
Vs. Year Ago
Down -61%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 53 sold this month in Petersburg City 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 36 units or 39%. The total number of active inventory this June was 57 compared to 93 in June 2020. This month's total of 57 is lower than the previous month's total supply of available inventory of 70, a decrease of 19%.

Median Sale Price
Last June, the median sale price for Petersburg City Homes was $122,000. This June, the median sale price was $148,000, an increase of 21% or $26,000 compared to last year. The current median sold price is 2% 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
52
Current Contracts
52
Sold Vs. List Price
103.5%
Months of Supply
1.1
Up 27%
Vs. Year Ago
Up 41%
Vs. Year Ago
Up
Vs. Year Ago
Down -62%
Vs. Year Ago

Months of Supply
In June, there was 1.1 months of supply available in Petersburg City, compared to 2.8 in June 2020. That is a decrease of 62% 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 52 homes newly listed for sale in Petersburg City compared to 41 in June 2020, an increase of 27%. There were 52 current contracts pending sale this June compared to 37 a year ago. The number of current contracts is 41% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Petersburg City was 103.5% 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 12, lower than the average last year, which was 31, a decrease of 61%.

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 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.