The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market May 2015
Units Sold
93
Active Inventory
496
Median Sale Price
$160,000
Days On Market
120
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up
Vs. Year Ago
Down -20%
Vs. Year Ago
Up
Vs. Year Ago
Up 6%
Vs. Year Ago
Units Sold
There was an increase in total units sold in May, with 93 sold this month in Lynchburg City Real Estate. This month's total units sold was higher than at this time last year.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 127 units or 20%. The total number of active inventory this May was 496 compared to 623 in May 2014. This month's total of 496 is lower than the previous month's total supply of available inventory of 522, a decrease of 5%.

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Median Sale Price
Last May, the median sale price for Lynchburg City Homes was $145,000. This May, the median sale price was $160,000, an increase of $15,000 compared to last year. The current median sold price is higher than in April.

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
135
Current Contracts
116
Sold Vs. List Price
97.1%
Months of Supply
5.3
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 4%
Vs. Year Ago
Up 29%
Vs. Year Ago
No Change
Vs. Year Ago
Down -30%
Vs. Year Ago
Months of Supply
In May, there was 5.3 months of supply available in Lynchburg City, compared to 7.6 in May 2014. That is a decrease of 30% 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 135 homes newly listed for sale in Lynchburg City compared to 130 in May 2014, an increase of 4%. There were 116 current contracts pending sale this May compared to 90 a year ago. The number of current contracts is 29% higher than last May.

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Sale Price to List Price Ratio
In May, the average sale price in Lynchburg City was 97.1% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 120, higher than the average last year, which was 113, an increase of 6%.

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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.