Numbers I track in the mLS
Keeping track of the latest housing data is essential for any buyer or seller in the real estate market. Knowing how many homes have sold in an area, the average days on market, and the list price versus sell price can all help buyers and sellers make informed decisions when it comes to their purchase or sale. For potential buyers, this information will help them get a better understanding of current home values and help when it comes time to write a purchase offer on a home. For sellers, tracking recent sales trends can provide insight into what potential buyers are looking for and inform pricing decisions. Tracking housing data is an easy way to ensure that buyers and sellers know what to expect when they enter the market.
The graphs below will show the progression over a three year period to the current date. This will show the direction of the real estate market in this location over a three-year period.
These graphs include the entire Central VA MLS. For more specific localities, use the links in the tab bar at the top of the page or the bottom of this page.
housing inventory and month supply
The month supply of homes for sale is an indicator of whether the current real estate market is a buyer’s or seller’s market. A low month supply indicates that there are more buyers than sellers, meaning that it is a seller’s market with higher prices and more competition amongst buyers. On the other hand, a high month supply means that more homes are available, which puts the power in the hands of buyers as they can afford to be more picky and negotiate better deals. It is important to keep track of this data when buying or selling a home in order to take advantage of changing markets.
Generally speaking, a month supply of 4 or less is indicative of a seller’s market, with prices higher than normal. A month supply of 5-6 would indicate that the market is in equilibrium, with neither buyers nor sellers having an advantage. Finally, a month supply of 7 or more generally reflects a buyer’s market, with more homes on the market and buyers being able to negotiate better deals.
Median sales price
Median percent of last list price
The median sales price or contract price vs the list price of a home is an invaluable figure for both buyers and sellers. For buyers, this graph allows them to understand what kind of purchase price they would need to offer a seller in order to have their contract accepted. On the other hand, sellers can use this data to estimate the amount of money they can expect from selling their home. Keep in mind that several factors can affect the graph, such as the condition of the house, whether or not it was priced at market value, and its location.