The Long & Foster Market Minute
Focus On: Downtown Silver Spring and Takoma Park Housing Market May 2017
Zip Code(s): 20910, 20912 and 20907
Units Sold
61
Active Inventory
109
Median Sale Price
$525,000
Days On Market
22
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 5%
Vs. Year Ago
Down -24%
Vs. Year Ago
Up 12%
Vs. Year Ago
Down -21%
Vs. Year Ago
Units Sold
There was an increase in total units sold in May, with 61 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 52 last month, an increase of 17%. This month's total units sold was higher than at this time last year, an increase of 5% versus May 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 34 units or 24%. The total number of active inventory this May was 109 compared to 143 in May 2016. This month's total of 109 is lower than the previous month's total supply of available inventory of 116, a decrease of 6%.

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Median Sale Price
Last May, the median sale price for Downtown Silver Spring and Takoma Park Homes was $469,000. This May, the median sale price was $525,000, an increase of 12% or $56,000 compared to last year. The current median sold price is 10% lower than in April.

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
86
Current Contracts
86
Sold Vs. List Price
101.4%
Months of Supply
1.8
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -2%
Vs. Year Ago
Up 23%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -28%
Vs. Year Ago
Months of Supply
In May, there was 1.8 months of supply available in Downtown Silver Spring and Takoma Park, compared to 2.5 in May 2016. That is a decrease of 28% 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 86 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 88 in May 2016, a decrease of 2%. There were 86 current contracts pending sale this May compared to 70 a year ago. The number of current contracts is 23% higher than last May.

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Sale Price to List Price Ratio
In May, the average sale price in Downtown Silver Spring and Takoma Park was 101.4% of the average list price, which is 0.6% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 22, lower than the average last year, which was 28, a decrease of 21%.

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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.