The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market January 2019

Zip Code(s): 20008
Units Sold
31
Active Inventory
58
Median Sale Price
$560,000
Days On Market
66
Up
Vs. Year Ago
Up 14%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 29%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in January, with 31 sold this month in Cleveland Park and Kalorama Real Estate. This month's total units sold was higher than at this time last year, an increase from January 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 7 units or 14%. The total number of active inventory this January was 58 compared to 51 in January 2018. This month's total of 58 is lower than the previous month's total supply of available inventory of 68, a decrease of 15%.

Median Sale Price
Last January, the median sale price for Cleveland Park and Kalorama Homes was $660,000. This January, the median sale price was $560,000, a decrease of 15% or $100,000 compared to last year. The current median sold price is 3% higher than in December.

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


New Listings
35
Current Contracts
26
Sold Vs. List Price
102.2%
Months of Supply
1.9
Up 6%
Vs. Year Ago
Down -24%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -19%
Vs. Year Ago

Months of Supply
In January, there was 1.9 months of supply available in Cleveland Park and Kalorama, compared to 2.3 in January 2018. That is a decrease of 19% 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 35 homes newly listed for sale in Cleveland Park and Kalorama compared to 33 in January 2018, an increase of 6%. There were 26 current contracts pending sale this January compared to 34 a year ago. The number of current contracts is 24% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Cleveland Park and Kalorama was 102.2% of the average list price, which is 2.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 66, higher than the average last year, which was 51, an increase of 29%.

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 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.