The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market September 2018

Zip Code(s): 20008
Units Sold
30
Active Inventory
82
Median Sale Price
$854,750
Days On Market
27
Up 15%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up
Vs. Year Ago
Up 13%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 30 sold this month in Cleveland Park and Kalorama Real Estate versus 42 last month, a decrease of 29%. This month's total units sold was higher than at this time last year, an increase of 15% versus September 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 2 units or 3%. The total number of active inventory this September was 82 compared to 80 in September 2017. This month's total of 82 is higher than the previous month's total supply of available inventory of 76, an increase of 8%.

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 Cleveland Park and Kalorama Homes was $400,000. This September, the median sale price was $854,750, an increase of $454,750 compared to last year. The current median sold price is higher 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
61
Current Contracts
38
Sold Vs. List Price
98.6%
Months of Supply
2.7
Down -3%
Vs. Year Ago
Up 36%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -11%
Vs. Year Ago

Months of Supply
In September, there was 2.7 months of supply available in Cleveland Park and Kalorama, compared to 3.1 in September 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 61 homes newly listed for sale in Cleveland Park and Kalorama compared to 63 in September 2017, a decrease of 3%. There were 38 current contracts pending sale this September compared to 28 a year ago. The number of current contracts is 36% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Cleveland Park and Kalorama was 98.6% of the average list price, which is 0.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 27, higher than the average last year, which was 24, an increase of 13%.

The Long & Foster Market Minute Cleveland Park and Kalorama are defined as properties in zip code 20008 and includes, but is not limited to these neighborhoods: Cleveland Park, Forest Hills, and Kalorama.
*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.