The Long & Foster Market Minute

Focus On: Downtown Silver Spring and Takoma Park Housing Market July 2019

Zip Code(s): 20910, 20912 and 20907
Units Sold
49
Active Inventory
86
Median Sale Price
$526,000
Days On Market
30
Up 11%
Vs. Year Ago
Down -17%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 58%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 49 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 75 last month, a decrease of 35%. This month's total units sold was higher than at this time last year, an increase of 11% versus July 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 18 units or 17%. The total number of active inventory this July was 86 compared to 104 in July 2018. This month's total of 86 is lower than the previous month's total supply of available inventory of 109, a decrease of 21%.

Median Sale Price
Last July, the median sale price for Downtown Silver Spring and Takoma Park Homes was $518,200. This July, the median sale price was $526,000, an increase of 2% or $7,800 compared to last year. The current median sold price is 1% higher than in June.

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


New Listings
63
Current Contracts
61
Sold Vs. List Price
100.0%
Months of Supply
1.8
No Change
Vs. Year Ago
Up 24%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Down -25%
Vs. Year Ago

Months of Supply
In July, there was 1.8 months of supply available in Downtown Silver Spring and Takoma Park, compared to 2.4 in July 2018. That is a decrease of 26% 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 63 homes newly listed for sale in Downtown Silver Spring and Takoma Park, which is similar to the amount in July 2018. There were 61 current contracts pending sale this July compared to 49 a year ago. The number of current contracts is 24% higher than last July.

Sale Price to List Price Ratio
In July, the average sale price in Downtown Silver Spring and Takoma Park was 100.0% of the average list price, which is 0.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 30, higher than the average last year, which was 19, an increase of 58%.

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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.