The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market August 2018

Zip Code(s): 20008
Units Sold
41
Active Inventory
75
Median Sale Price
$499,000
Days On Market
45
Up
Vs. Year Ago
Up 25%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 80%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 41 sold this month in Cleveland Park and Kalorama Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 15 units or 25%. The total number of active inventory this August was 75 compared to 60 in August 2017. This month's total of 75 is lower than the previous month's total supply of available inventory of 91, a decrease of 18%.

Median Sale Price
Last August, the median sale price for Cleveland Park and Kalorama Homes was $610,000. This August, the median sale price was $499,000, a decrease of 18% or $111,000 compared to last year. The current median sold price is 6% lower than in July.

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


New Listings
24
Current Contracts
28
Sold Vs. List Price
96.6%
Months of Supply
1.8
Down -25%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Down -12%
Vs. Year Ago

Months of Supply
In August, there was 1.8 months of supply available in Cleveland Park and Kalorama, compared to 2.1 in August 2017. That is a decrease 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 24 homes newly listed for sale in Cleveland Park and Kalorama compared to 32 in August 2017, a decrease of 25%. There were 28 current contracts pending sale this August compared to 27 a year ago. The number of current contracts is 4% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Cleveland Park and Kalorama was 96.6% of the average list price, which is 0.8% lower than at this time last year.

Days on Market
This month, the average number of days on market was 45, higher than the average last year, which was 25, an increase of 80%.

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 MRIS 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 MRIS or Long & Foster Real Estate, Inc.