The Long & Foster Market Minute

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

Zip Code(s): 20910, 20912 and 20907
Units Sold
59
Active Inventory
101
Median Sale Price
$580,000
Days On Market
19
Down -5%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -14%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 59 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 45 last month, an increase of 31%. This month's total units sold was lower than at this time last year, a decrease of 5% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 18 units or 15%. The total number of active inventory this May was 101 compared to 119 in May 2017. This month's total of 101 is higher than the previous month's total supply of available inventory of 96, an increase of 5%.

Median Sale Price
Last May, the median sale price for Downtown Silver Spring and Takoma Park Homes was $525,000. This May, the median sale price was $580,000, an increase of 10% or $55,000 compared to last year. The current median sold price is 15% higher 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.


New Listings
88
Current Contracts
70
Sold Vs. List Price
100.7%
Months of Supply
1.7
Up 2%
Vs. Year Ago
Down -14%
Vs. Year Ago
Down -0.7%
Vs. Year Ago
Down -11%
Vs. Year Ago

Months of Supply
In May, there was 1.7 months of supply available in Downtown Silver Spring and Takoma Park, compared to 1.9 in May 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 88 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 86 in May 2017, an increase of 2%. There were 70 current contracts pending sale this May compared to 81 a year ago. The number of current contracts is 14% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Downtown Silver Spring and Takoma Park was 100.7% of the average list price, which is 0.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 22, a decrease of 14%.

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.