The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market April 2015
Units Sold
64
Active Inventory
498
Median Sale Price
$122,000
Days On Market
119
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 10%
Vs. Year Ago
Down -20%
Vs. Year Ago
Down -15%
Vs. Year Ago
Down -2%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in April, with 64 sold this month in Lynchburg City Real Estate versus 71 last month, a decrease of 10%. This month's total units sold was higher than at this time last year, an increase of 10% versus April 2014.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 126 units or 20%. The total number of active inventory this April was 498 compared to 624 in April 2014. This month's total of 498 is higher than the previous month's total supply of available inventory of 481, an increase of 4%.

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Median Sale Price
Last April, the median sale price for Lynchburg City Homes was $144,000. This April, the median sale price was $122,000, a decrease of 15% or $22,000 compared to last year. The current median sold price is 22% lower than in March.

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

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New Listings
177
Current Contracts
123
Sold Vs. List Price
98.0%
Months of Supply
7.8
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 4%
Vs. Year Ago
Up 98%
Vs. Year Ago
Up 2.5%
Vs. Year Ago
Down -28%
Vs. Year Ago
Months of Supply
In April, there was 7.8 months of supply available in Lynchburg City, compared to 10.8 in April 2014. That is a decrease of 28% 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.

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New Listings & Current Contracts
This month there were 177 homes newly listed for sale in Lynchburg City compared to 170 in April 2014, an increase of 4%. There were 123 current contracts pending sale this April compared to 62 a year ago. The number of current contracts is 98% higher than last April.

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Sale Price to List Price Ratio
In April, the average sale price in Lynchburg City was 98.0% of the average list price, which is 2.4% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 119, lower than the average last year, which was 122, a decrease of 2%.

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*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 LAR 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 LAR or Long & Foster Real Estate, Inc.