The supp;y of active listings on the market in the Lynchburg Association of Realtors footprint continues to shrink, reflecting broader trends in other regions in the commonwealth. Only 946 active listings were on the market at the end of the fourth quarter throughout the LAR housing market, a 17% drop from the inventory level at the end of 2018 for a reduction of 187 active listings. The supply of active listings now is about half of what it was at the end of the fourth quarter of 2015.
A wide range of factors can lead to lower inventories, including retirees opting to remain in their homes instead of downsizing and families who recently refinanced with attractive rates deciding to renovate existing homes instead of moving.
As the number of sales transactions continues to increase, the inventory of active listings is not being replaced at the same rate, which causes the available inventory to shrink over time. At the local level, Bedford County had the largest reduction in active listings this quarter, with 128 fewer listings than the fourth quarter one year ago, a 26% drop. There were 38 fewer active listings in Lynchburg and 37 fewer active listings in Amherst County in the fourth quarter compared to the prior year. Campbell County had the largest inventory gain in the region, with 13 more active listings.
There was an estimated 3.2 months of supply in the LAR housing market at the end of the fourth quarter, down from 3.9 months at the end of 2018. In most housing markets, a supply below six months tends to favor sellers rather than buyers.
The inventory continues to shrink rapidly. There were 118 active listings at the end of the fourth quarter, down 24% from last year for a reduction of 37 listings.
There were 87 active listings on the market in Appomattox County at the end of the fourth quarter – three more than a year ago, representing a 4% uptick. Although modest, this is the first inventory expansion since the fall 2018.
There were 371 active listings at the end of the fourth quarter, 26% one year ago for a drop of 128 active listings.
After declining consistently for four years, the supply of active listings in the county increased this quarter. There were 163 active listings on the market at the end of the fourth quarter, 13 more than one year ago for a 9% increase.
There were 207 active listings in Lynchburg at the end of the fourth quarter, 38 fewer listings than last year for a 16% reduction. The inventory in the city is less than half of what it was four years prior.
» Homes on the market: 612
» Homes sold: 58
» Average sales price: $218,000
» Average number of days on market: 46