The Long & Foster Market Minute

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

Zip Code(s): 20910, 20912 and 20907
Units Sold
37
Active Inventory
108
Median Sale Price
$380,000
Days On Market
46
Down -7%
Vs. Year Ago
Down -14%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 44%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 37 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 49 last month, a decrease of 24%. This month's total units sold was lower than at this time last year, a decrease of 8% versus September 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 17 units or 14%. The total number of active inventory this September was 108 compared to 125 in September 2017. This month's total of 108 is lower than the previous month's total supply of available inventory of 114, a decrease of 5%.

Median Sale Price
Last September, the median sale price for Downtown Silver Spring and Takoma Park Homes was $445,250. This September, the median sale price was $380,000, a decrease of 15% or $65,250 compared to last year. The current median sold price is 21% lower than in August.

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


New Listings
60
Current Contracts
45
Sold Vs. List Price
98.2%
Months of Supply
2.9
Down -20%
Vs. Year Ago
No Change
Vs. Year Ago
Down -1.7%
Vs. Year Ago
Down -7%
Vs. Year Ago

Months of Supply
In September, there was 2.9 months of supply available in Downtown Silver Spring and Takoma Park, compared to 3.1 in September 2017. That is a decrease of 7% 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 60 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 75 in September 2017, a decrease of 20%. There were 45 current contracts pending sale this September, consistent with the volume a year ago. The number of current contracts is 15% higher than last month.

Sale Price to List Price Ratio
In September, the average sale price in Downtown Silver Spring and Takoma Park was 98.2% of the average list price, which is 1.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 46, higher than the average last year, which was 32, an increase of 44%.

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.