The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market June 2018

Zip Code(s): 20008
Units Sold
39
Active Inventory
82
Median Sale Price
$620,000
Days On Market
20
Down -7%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -43%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 39 sold this month in Cleveland Park and Kalorama Real Estate versus 38 last month, an increase of 3%. This month's total units sold was lower than at this time last year, a decrease of 7% versus June 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 6 units or 8%. The total number of active inventory this June was 82 compared to 76 in June 2017. This month's total of 82 is lower than the previous month's total supply of available inventory of 92, a decrease of 11%.

Median Sale Price
Last June, the median sale price for Cleveland Park and Kalorama Homes was $530,000. This June, the median sale price was $620,000, an increase of 17% or $90,000 compared to last year. The current median sold price is 8% lower than in May.

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


New Listings
46
Current Contracts
43
Sold Vs. List Price
100.5%
Months of Supply
2.1
Up 12%
Vs. Year Ago
Up 59%
Vs. Year Ago
Up 1.2%
Vs. Year Ago
Up 100%
Vs. Year Ago

Months of Supply
In June, there was 2.1 months of supply available in Cleveland Park and Kalorama, compared to 1.8 in June 2017. That is an increase of 16% 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 46 homes newly listed for sale in Cleveland Park and Kalorama compared to 41 in June 2017, an increase of 12%. There were 43 current contracts pending sale this June compared to 27 a year ago. The number of current contracts is 59% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Cleveland Park and Kalorama was 100.5% of the average list price, which is 1.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 20, lower than the average last year, which was 35, a decrease of 43%.

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.