The Long & Foster Market Minute

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

Zip Code(s): 20910, 20912 and 20907
Units Sold
69
Active Inventory
113
Median Sale Price
$549,000
Days On Market
23
Down -16%
Vs. Year Ago
No Change
Vs. Year Ago
Up 14%
Vs. Year Ago
Down -18%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 69 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 59 last month, an increase of 17%. This month's total units sold was lower than at this time last year, a decrease of 16% versus June 2017.

Active Inventory
The total number of homes available this month is 113 units, which is similar compared to a year ago. This month's total of 113 is higher than the previous month's total supply of available inventory of 103, an increase of 10%.

Median Sale Price
Last June, the median sale price for Downtown Silver Spring and Takoma Park Homes was $479,500. This June, the median sale price was $549,000, an increase of 14% or $69,500 compared to last year. The current median sold price is 5% 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
69
Current Contracts
51
Sold Vs. List Price
100.0%
Months of Supply
1.6
Down -9%
Vs. Year Ago
Down -20%
Vs. Year Ago
Down -1.3%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In June, there was 1.6 months of supply available in Downtown Silver Spring and Takoma Park, compared to 1.4 in June 2017. That is an increase of 19% 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 69 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 76 in June 2017, a decrease of 9%. There were 51 current contracts pending sale this June compared to 64 a year ago. The number of current contracts is 20% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in Downtown Silver Spring and Takoma Park was 100.0% of the average list price, which is 1.3% lower than at this time last year.

Days on Market
This month, the average number of days on market was 23, lower than the average last year, which was 28, 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.