The Long & Foster Market Minute

Focus On: Spring Valley and Wesley Heights Housing Market August 2017

Zip Code(s): 20016
Units Sold
52
Active Inventory
98
Median Sale Price
$747,500
Days On Market
45
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up
Vs. Year Ago
Down -16%
Vs. Year Ago
Down -13%
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 52 sold this month in Spring Valley and Wesley Heights Real Estate. This month's total units sold was higher than at this time last year.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 19 units or 16%. The total number of active inventory this August was 98 compared to 117 in August 2016. This month's total of 98 is lower than the previous month's total supply of available inventory of 118, a decrease of 17%.

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Median Sale Price
Last August, the median sale price for Spring Valley and Wesley Heights Homes was $855,000. This August, the median sale price was $747,500, a decrease of $107,500 compared to last year. The current median sold price is 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.

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New Listings
41
Current Contracts
45
Sold Vs. List Price
98.9%
Months of Supply
1.9
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 2%
Vs. Year Ago
Up 29%
Vs. Year Ago
Up 2.2%
Vs. Year Ago
Down -44%
Vs. Year Ago

Months of Supply
In August, there was 1.9 months of supply available in Spring Valley and Wesley Heights, compared to 3.3 in August 2016. That is a decrease of 44% 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.

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New Listings & Current Contracts
This month there were 41 homes newly listed for sale in Spring Valley and Wesley Heights compared to 40 in August 2016, an increase of 3%. There were 45 current contracts pending sale this August compared to 35 a year ago. The number of current contracts is 29% higher than last August.

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Sale Price to List Price Ratio
In August, the average sale price in Spring Valley and Wesley Heights was 98.9% of the average list price, which is 2.2% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 45, which is similar compared to a year ago.

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The Long & Foster Market Minute *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.