The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market July 2014
Units Sold
90
Active Inventory
534
Median Sale Price
$148,950
Days On Market
100
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 6%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -12%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in July, with 90 sold this month in Lynchburg City Real Estate versus 107 last month, a decrease of 16%. This month's total units sold was higher than at this time last year, an increase of 6% versus July 2013.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 29 units or 5%. The total number of active inventory this July was 534 compared to 563 in July 2013. This month's total of 534 is lower than the previous month's total supply of available inventory of 576, a decrease of 7%.

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Median Sale Price
Last July, the median sale price for Lynchburg City Homes was $146,900. This July, the median sale price was $148,950, an increase of 1% or $2,050 compared to last year. The current median sold price is 5% higher 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
133
Current Contracts
111
Sold Vs. List Price
97.2%
Months of Supply
5.9
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 5%
Vs. Year Ago
Up 41%
Vs. Year Ago
Down -0.7%
Vs. Year Ago
Down -10%
Vs. Year Ago
Months of Supply
In July, there was 5.9 months of supply available in Lynchburg City, compared to 6.6 in July 2013. That is a decrease of 10% 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 133 homes newly listed for sale in Lynchburg City compared to 127 in July 2013, an increase of 5%. There were 111 current contracts pending sale this July compared to 79 a year ago. The number of current contracts is 41% higher than last July.

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Sale Price to List Price Ratio
In July, the average sale price in Lynchburg City was 97.2% of the average list price, which is 0.7% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 100, lower than the average last year, which was 113, a decrease of 12%.

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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.