The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market February 2015
Units Sold
64
Active Inventory
425
Median Sale Price
$126,250
Days On Market
121
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 23%
Vs. Year Ago
Down -21%
Vs. Year Ago
Up 5%
Vs. Year Ago
Up 2%
Vs. Year Ago
Units Sold
There was an increase in total units sold in February, with 64 sold this month in Lynchburg City Real Estate versus 52 last month, an increase of 23%. This month's total units sold was higher than at this time last year, an increase of 23% versus February 2014.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 113 units or 21%. The total number of active inventory this February was 425 compared to 538 in February 2014. This month's total of 425 is lower than the previous month's total supply of available inventory of 474, a decrease of 10%.

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Median Sale Price
Last February, the median sale price for Lynchburg City Homes was $119,850. This February, the median sale price was $126,250, an increase of 5% or $6,400 compared to last year. The current median sold price is 1% lower than in January.

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
93
Current Contracts
98
Sold Vs. List Price
96.4%
Months of Supply
6.6
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -2%
Vs. Year Ago
Up 88%
Vs. Year Ago
Down -0.5%
Vs. Year Ago
Down -36%
Vs. Year Ago
Months of Supply
In February, there was 6.6 months of supply available in Lynchburg City, compared to 10.3 in February 2014. That is a decrease of 36% 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 93 homes newly listed for sale in Lynchburg City compared to 95 in February 2014, a decrease of 2%. There were 98 current contracts pending sale this February compared to 52 a year ago. The number of current contracts is 88% higher than last February.

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Sale Price to List Price Ratio
In February, the average sale price in Lynchburg City was 96.4% of the average list price, which is 0.5% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 121, higher than the average last year, which was 119, an increase 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.