The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market March 2015
Units Sold
70
Active Inventory
449
Median Sale Price
$157,250
Days On Market
114
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 23%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 21%
Vs. Year Ago
Up 6%
Vs. Year Ago
Units Sold
There was an increase in total units sold in March, with 70 sold this month in Lynchburg City Real Estate versus 64 last month, an increase of 9%. This month's total units sold was higher than at this time last year, an increase of 23% versus March 2014.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 99 units or 18%. The total number of active inventory this March was 449 compared to 548 in March 2014. This month's supply remained stable as compared to last month.

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Median Sale Price
Last March, the median sale price for Lynchburg City Homes was $129,900. This March, the median sale price was $157,250, an increase of 21% or $27,350 compared to last year. The current median sold price is 25% 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
97
Sold Vs. List Price
96.7%
Months of Supply
6.4
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -3%
Vs. Year Ago
Up 29%
Vs. Year Ago
No Change
Vs. Year Ago
Down -33%
Vs. Year Ago
Months of Supply
In March, there was 6.4 months of supply available in Lynchburg City, compared to 9.6 in March 2014. That is a decrease of 33% 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 145 homes newly listed for sale in Lynchburg City compared to 149 in March 2014, a decrease of 3%. There were 97 current contracts pending sale this March compared to 75 a year ago. The number of current contracts is 29% higher than last March.

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Sale Price to List Price Ratio
In March, the average sale price in Lynchburg City was 96.7% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 114, higher than the average last year, which was 108, an increase of 6%.

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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.