The Long & Foster Market Minute

Focus On: American University Park and the Palisades Housing Market September 2021

Zip Code(s): 20016
Units Sold
26
Active Inventory
112
Median Sale Price
$524,605
Days On Market
34
Down
Vs. Year Ago
Up 32%
Vs. Year Ago
Down
Vs. Year Ago
Up 21%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in September, with 26 sold this month in American University Park and the Palisades Real Estate. This month's total units sold was lower than at this time last year, a decrease from September 2020.

Active Inventory
Versus last year, the total number of homes available this month is higher by 27 units or 32%. The total number of active inventory this September was 112 compared to 85 in September 2020. This month's total of 112 is higher than the previous month's total supply of available inventory of 75, an increase of 49%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last September, the median sale price for American University Park and the Palisades Homes was $999,000. This September, the median sale price was $524,605, a decrease of $474,395 compared to last year. The current median sold price is lower than in August.

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


New Listings
96
Current Contracts
44
Sold Vs. List Price
102.2%
Months of Supply
4.3
Up 45%
Vs. Year Ago
Down -19%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Up 113%
Vs. Year Ago

Months of Supply
In September, there was 4.3 months of supply available in American University Park and the Palisades, compared to 2.0 in September 2020. That is an increase of 113% 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 96 homes newly listed for sale in American University Park and the Palisades compared to 66 in September 2020, an increase of 45%. There were 44 current contracts pending sale this September compared to 54 a year ago. The number of current contracts is 19% lower than last September.

Sale Price to List Price Ratio
In September, the average sale price in American University Park and the Palisades was 102.2% of the average list price, which is 1.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 34, higher than the average last year, which was 28, an increase of 21%.

The Long & Foster Market Minute American University Park and the Palisades are defined as properties listed in zip code/s 20016 and includes, but is not limited to these neighborhoods: Spring Valley, Wesley Heights, AU Park, and the Palisades.
*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.