The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market July 2015
Units Sold
100
Active Inventory
516
Median Sale Price
$139,900
Days On Market
91
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 10%
Vs. Year Ago
Down -13%
Vs. Year Ago
Down -6%
Vs. Year Ago
Down -8%
Vs. Year Ago
Units Sold
There was an increase in total units sold in July, with 100 sold this month in Lynchburg City Real Estate versus 98 last month, an increase of 2%. This month's total units sold was higher than at this time last year, an increase of 10% versus July 2014.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 77 units or 13%. The total number of active inventory this July was 516 compared to 593 in July 2014. This month's total of 516 is lower than the previous month's total supply of available inventory of 538, a decrease of 4%.

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Median Sale Price
Last July, the median sale price for Lynchburg City Homes was $149,000. This July, the median sale price was $139,900, a decrease of 6% or $9,100 compared to last year. The current median sold price is 4% lower than in June.

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
145
Current Contracts
116
Sold Vs. List Price
97.4%
Months of Supply
5.2
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 7%
Vs. Year Ago
Up 33%
Vs. Year Ago
No Change
Vs. Year Ago
Down -21%
Vs. Year Ago
Months of Supply
In July, there was 5.2 months of supply available in Lynchburg City, compared to 6.5 in July 2014. That is a decrease of 21% 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 145 homes newly listed for sale in Lynchburg City compared to 135 in July 2014, an increase of 7%. There were 116 current contracts pending sale this July compared to 87 a year ago. The number of current contracts is 33% higher than last July.

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Sale Price to List Price Ratio
In July, the average sale price in Lynchburg City was 97.4% 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 91, lower than the average last year, which was 99, a decrease of 8%.

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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.