The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market March 2016
Units Sold
64
Active Inventory
434
Median Sale Price
$138,250
Days On Market
111
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -12%
Vs. Year Ago
Down -9%
Vs. Year Ago
Down -13%
Vs. Year Ago
Down -1%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in March, with 64 sold this month in Lynchburg City Real Estate versus 75 last month, a decrease of 15%. This month's total units sold was lower than at this time last year, a decrease of 12% versus March 2015.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 44 units or 9%. The total number of active inventory this March was 434 compared to 478 in March 2015. This month's total of 434 is higher than the previous month's total supply of available inventory of 421, an increase of 3%.

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Median Sale Price
Last March, the median sale price for Lynchburg City Homes was $158,000. This March, the median sale price was $138,250, a decrease of 13% or $19,750 compared to last year. The current median sold price is 1% lower 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
160
Current Contracts
107
Sold Vs. List Price
97.4%
Months of Supply
6.8
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 9%
Vs. Year Ago
Up 60%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Up 4%
Vs. Year Ago
Months of Supply
In March, there was 6.8 months of supply available in Lynchburg City, compared to 6.5 in March 2015. That is an increase of 4% 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 160 homes newly listed for sale in Lynchburg City compared to 147 in March 2015, an increase of 9%. There were 107 current contracts pending sale this March compared to 67 a year ago. The number of current contracts is 60% higher than last March.

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Sale Price to List Price Ratio
In March, the average sale price in Lynchburg City was 97.4% of the average list price, which is 0.8% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 111, lower than the average last year, which was 112, a decrease of 1%.

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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.