The Long & Foster Market Minute

Focus On: Potomac Housing Market November 2018

Zip Code(s): 20854
Units Sold
47
Active Inventory
175
Median Sale Price
$900,000
Days On Market
73
Down -18%
Vs. Year Ago
Down -19%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -8%
Vs. Year Ago

Units Sold
There was an increase in total units sold in November, with 47 sold this month in Potomac Real Estate versus 37 last month, an increase of 27%. This month's total units sold was lower than at this time last year, a decrease of 18% versus November 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 41 units or 19%. The total number of active inventory this November was 175 compared to 216 in November 2017. This month's total of 175 is lower than the previous month's total supply of available inventory of 220, a decrease of 20%.

Median Sale Price
Last November, the median sale price for Potomac Homes was $915,000. This November, the median sale price was $900,000, a decrease of 2% or $15,000 compared to last year. The current median sold price is 11% higher than in October.

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


New Listings
46
Current Contracts
40
Sold Vs. List Price
96.4%
Months of Supply
3.7
Up 24%
Vs. Year Ago
Up 18%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In November, there was 3.7 months of supply available in Potomac. 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 46 homes newly listed for sale in Potomac compared to 37 in November 2017, an increase of 24%. There were 40 current contracts pending sale this November compared to 34 a year ago. The number of current contracts is 18% higher than last November.

Sale Price to List Price Ratio
In November, the average sale price in Potomac was 96.4% of the average list price, which is 0.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 73, lower than the average last year, which was 79, a decrease of 8%.

The Long & Foster Market Minute Potomac are defined as properties listed in zip code/s 20854.
*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.