The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market October 2014
Units Sold
79
Active Inventory
496
Median Sale Price
$130,500
Days On Market
110
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 25%
Vs. Year Ago
Down -12%
Vs. Year Ago
Down -9%
Vs. Year Ago
Up 16%
Vs. Year Ago
Units Sold
There was an increase in total units sold in October, with 79 sold this month in Lynchburg City Real Estate versus 67 last month, an increase of 18%. This month's total units sold was higher than at this time last year, an increase of 25% versus October 2013.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 70 units or 12%. The total number of active inventory this October was 496 compared to 566 in October 2013. This month's total of 496 is lower than the previous month's total supply of available inventory of 521, a decrease of 5%.

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Median Sale Price
Last October, the median sale price for Lynchburg City Homes was $143,000. This October, the median sale price was $130,500, a decrease of 9% or $12,500 compared to last year. The current median sold price is 9% lower than in September.

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
121
Current Contracts
83
Sold Vs. List Price
93.8%
Months of Supply
6.3
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -8%
Vs. Year Ago
Up 63%
Vs. Year Ago
Down -3%
Vs. Year Ago
Down -30%
Vs. Year Ago
Months of Supply
In October, there was 6.3 months of supply available in Lynchburg City, compared to 9.0 in October 2013. 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 121 homes newly listed for sale in Lynchburg City compared to 131 in October 2013, a decrease of 8%. There were 83 current contracts pending sale this October compared to 51 a year ago. The number of current contracts is 63% higher than last October.

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Sale Price to List Price Ratio
In October, the average sale price in Lynchburg City was 93.8% of the average list price, which is 2.9% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 110, higher than the average last year, which was 95, an increase of 16%.

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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.