The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market April 2020

Zip Code(s): 20008
Units Sold
28
Active Inventory
69
Median Sale Price
$534,500
Days On Market
26
Down -22%
Vs. Year Ago
Down -13%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 28 sold this month in Cleveland Park and Kalorama Real Estate versus 36 last month, a decrease of 22%. This month's total units sold was lower than at this time last year, a decrease of 22% versus April 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 10 units or 13%. The total number of active inventory this April was 69 compared to 79 in April 2019. This month's total of 69 is higher than the previous month's total supply of available inventory of 66, an increase of 5%.

Median Sale Price
Last April, the median sale price for Cleveland Park and Kalorama Homes was $481,000. This April, the median sale price was $534,500, an increase of 11% or $53,500 compared to last year. The current median sold price is 11% lower than in March.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
21
Current Contracts
8
Sold Vs. List Price
98.6%
Months of Supply
2.5
Down -70%
Vs. Year Ago
Down -84%
Vs. Year Ago
Down -2.4%
Vs. Year Ago
Up 12%
Vs. Year Ago

Months of Supply
In April, there was 2.5 months of supply available in Cleveland Park and Kalorama, compared to 2.2 in April 2019. That is an increase of 12% 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.

New Listings & Current Contracts
This month there were 21 homes newly listed for sale in Cleveland Park and Kalorama compared to 70 in April 2019, a decrease of 70%. There were 8 current contracts pending sale this April compared to 50 a year ago. The number of current contracts is 84% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in Cleveland Park and Kalorama was 98.6% of the average list price, which is 2.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 26, higher than the average last year, which was 15. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute Cleveland Park and Kalorama are defined as properties in zip code 20008 and includes, but is not limited to these neighborhoods: Cleveland Park, Forest Hills, and Kalorama.
*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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.