The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market August 2014
Units Sold
78
Active Inventory
542
Median Sale Price
$143,063
Days On Market
109
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -11%
Vs. Year Ago
No Change
Vs. Year Ago
Down -4%
Vs. Year Ago
Up 15%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in August, with 78 sold this month in Lynchburg City Real Estate versus 90 last month, a decrease of 13%. This month's total units sold was lower than at this time last year, a decrease of 11% versus August 2013.

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Active Inventory
The total number of homes available this month is 542 units, which is similar compared to a year ago. This month's total of 542 is lower than the previous month's total supply of available inventory of 567, a decrease of 4%.

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Median Sale Price
Last August, the median sale price for Lynchburg City Homes was $148,700. This August, the median sale price was $143,063, a decrease of 4% or $5,637 compared to last year. The current median sold price is 4% lower than in July.

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
119
Current Contracts
90
Sold Vs. List Price
95.8%
Months of Supply
6.9
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 7%
Vs. Year Ago
Up 15%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Up 13%
Vs. Year Ago
Months of Supply
In August, there was 6.9 months of supply available in Lynchburg City, compared to 6.1 in August 2013. That is an increase of 13% 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 119 homes newly listed for sale in Lynchburg City compared to 111 in August 2013, an increase of 7%. There were 90 current contracts pending sale this August compared to 78 a year ago. The number of current contracts is 15% higher than last August.

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Sale Price to List Price Ratio
In August, the average sale price in Lynchburg City was 95.8% of the average list price, which is 0.8% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 109, higher than the average last year, which was 95, an increase of 15%.

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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.