One of the most important metrics to monitor to assess the overall health of a market is the inventory. Inventory, combined with absorption, will give you a good sense of whether home values are increasing, flat or in decline in a particular sub-market.
By keeping an eye on the available inventory in conjunction with pending contracts, you will be able to tell how aggressive to be with offers, counter-offers and pricing.
The charts below track available inventory and pending contracts to better understand what is happening in your marketplace.
All of Hanover County
Mechanicsville, Old Church