The Long & Foster Market Minute

Focus On: Poquoson City Housing Market March 2021

Units Sold
19
Active Inventory
27
Median Sale Price
$399,000
Days On Market
46
Up
Vs. Year Ago
Down -69%
Vs. Year Ago
Up
Vs. Year Ago
Down -28%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 19 sold this month in Poquoson City 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 59 units or 69%. The total number of active inventory this March was 27 compared to 86 in March 2020. This month's total of 27 is lower than the previous month's total supply of available inventory of 31, a decrease of 13%.

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 Poquoson City Homes was $282,500. This March, the median sale price was $399,000, an increase of $116,500 compared to last year. The current median sold price is higher 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
35
Current Contracts
32
Sold Vs. List Price
98.6%
Months of Supply
1.4
No Change
Vs. Year Ago
Up 78%
Vs. Year Ago
No Change
Vs. Year Ago
Down -74%
Vs. Year Ago

Months of Supply
In March, there was 1.4 months of supply available in Poquoson City, compared to 5.4 in March 2020. That is a decrease of 74% 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 35 homes newly listed for sale in Poquoson City, which is similar to the amount in March 2020. There were 32 current contracts pending sale this March compared to 18 a year ago. The number of current contracts is 78% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Poquoson City was 98.6% 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 46, lower than the average last year, which was 64, a decrease of 28%.

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 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.