The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market March 2014
Units Sold
55
Active Inventory
495
Median Sale Price
$129,900
Days On Market
110
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -4%
Vs. Year Ago
Down -4%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 18%
Vs. Year Ago
Units Sold
There was an increase in total units sold in March, with 55 sold this month in Lynchburg City Real Estate versus 51 last month, an increase of 8%. This month's total units sold was lower than at this time last year, a decrease of 4% versus March 2013.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 20 units or 4%. The total number of active inventory this March was 495 compared to 515 in March 2013. This month's total of 495 is lower than the previous month's total supply of available inventory of 514, a decrease of 4%.

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Median Sale Price
Last March, the median sale price for Lynchburg City Homes was $128,500. This March, the median sale price was $129,900, an increase of 1% or $1,400 compared to last year. The current median sold price is 4% higher than in February.

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
96
Sold Vs. List Price
96.6%
Months of Supply
9.0
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 19%
Vs. Year Ago
Up 48%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
No Change
Vs. Year Ago
Months of Supply
In March, there was 9.0 months of supply available in Lynchburg City. The amount of supply is similar compared to 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 122 in March 2013, an increase of 19%. There were 96 current contracts pending sale this March compared to 65 a year ago. The number of current contracts is 48% higher than last March.

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Sale Price to List Price Ratio
In March, the average sale price in Lynchburg City was 96.6% 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 110, higher than the average last year, which was 93, an increase of 18%.

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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.