The Long & Foster Market Minute

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

Zip Code(s): 20910, 20912 and 20907
Units Sold
45
Active Inventory
95
Median Sale Price
$505,000
Days On Market
29
Down -17%
Vs. Year Ago
Down -20%
Vs. Year Ago
Down -14%
Vs. Year Ago
Up 26%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 45 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 36 last month, an increase of 25%. This month's total units sold was lower than at this time last year, a decrease of 17% versus April 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 24 units or 20%. The total number of active inventory this April was 95 compared to 119 in April 2017. This month's total of 95 is higher than the previous month's total supply of available inventory of 80, an increase of 19%.

Median Sale Price
Last April, the median sale price for Downtown Silver Spring and Takoma Park Homes was $584,125. This April, the median sale price was $505,000, a decrease of 14% or $79,125 compared to last year. The current median sold price is 18% higher than in March.

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


New Listings
74
Current Contracts
52
Sold Vs. List Price
101.1%
Months of Supply
2.1
Down -10%
Vs. Year Ago
Down -10%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In April, there was 2.1 months of supply available in Downtown Silver Spring and Takoma Park. The amount of supply is similar compared to 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 74 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 82 in April 2017, a decrease of 10%. There were 52 current contracts pending sale this April compared to 58 a year ago. The number of current contracts is 10% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in Downtown Silver Spring and Takoma Park was 101.1% 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 29, higher than the average last year, which was 23, an increase of 26%.

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.