The Long & Foster Market Minute
Focus On: Lynchburg City Housing Market June 2015
Units Sold
98
Active Inventory
500
Median Sale Price
$145,400
Days On Market
88
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -8%
Vs. Year Ago
Down -17%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -33%
Vs. Year Ago
Units Sold
There was an increase in total units sold in June, with 98 sold this month in Lynchburg City Real Estate versus 94 last month, an increase of 4%. This month's total units sold was lower than at this time last year, a decrease of 8% versus June 2014.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 101 units or 17%. The total number of active inventory this June was 500 compared to 601 in June 2014. This month's total of 500 is lower than the previous month's total supply of available inventory of 510, a decrease of 2%.

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Median Sale Price
Last June, the median sale price for Lynchburg City Homes was $142,200. This June, the median sale price was $145,400, an increase of 2% or $3,200 compared to last year. The current median sold price is 8% lower than in May.

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
137
Current Contracts
118
Sold Vs. List Price
97.6%
Months of Supply
5.1
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 7%
Vs. Year Ago
Up 27%
Vs. Year Ago
Up 1.1%
Vs. Year Ago
Down -9%
Vs. Year Ago
Months of Supply
In June, there was 5.1 months of supply available in Lynchburg City, compared to 5.6 in June 2014. That is a decrease of 9% 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 137 homes newly listed for sale in Lynchburg City compared to 128 in June 2014, an increase of 7%. There were 118 current contracts pending sale this June compared to 93 a year ago. The number of current contracts is 27% higher than last June.

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Sale Price to List Price Ratio
In June, the average sale price in Lynchburg City was 97.6% of the average list price, which is 1.1% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 88, lower than the average last year, which was 131, a decrease of 33%.

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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.