The Long & Foster Market Minute

Focus On: Downtown Silver Spring and Takoma Park Housing Market August 2018

Zip Code(s): 20910, 20912 and 20907
Units Sold
49
Active Inventory
109
Median Sale Price
$478,000
Days On Market
28
Up 14%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -11%
Vs. Year Ago
Down -18%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 49 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 43 last month, an increase of 14%. This month's total units sold was higher than at this time last year, an increase of 14% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 2 units or 2%. The total number of active inventory this August was 109 compared to 107 in August 2017. This month's total of 109 is lower than the previous month's total supply of available inventory of 118, a decrease of 8%.

Median Sale Price
Last August, the median sale price for Downtown Silver Spring and Takoma Park Homes was $535,000. This August, the median sale price was $478,000, a decrease of 11% or $57,000 compared to last year. The current median sold price is 8% 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
46
Current Contracts
41
Sold Vs. List Price
100.2%
Months of Supply
2.2
No Change
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago
Down -11%
Vs. Year Ago

Months of Supply
In August, there was 2.2 months of supply available in Downtown Silver Spring and Takoma Park, compared to 2.5 in August 2017. That is a decrease of 11% 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 Downtown Silver Spring and Takoma Park, which is similar to the amount in August 2017. There were 41 current contracts pending sale this August, consistent with the volume a year ago. The number of current contracts is 18% lower than last month.

Sale Price to List Price Ratio
In August, the average sale price in Downtown Silver Spring and Takoma Park was 100.2% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 28, lower than the average last year, which was 34, a decrease of 18%.

The Long & Foster Market Minute Downtown Silver Spring and Takoma Park are defined as properties listed in zip code/s 20910, 20912 and 20907.
*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.