The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market May 2020

Zip Code(s): 20008
Units Sold
12
Active Inventory
64
Median Sale Price
$1,510,000
Days On Market
27
Down
Vs. Year Ago
Down -34%
Vs. Year Ago
Up
Vs. Year Ago
Down -18%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in May, with 12 sold this month in Cleveland Park and Kalorama Real Estate. This month's total units sold was lower than at this time last year, a decrease from May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 33 units or 34%. The total number of active inventory this May was 64 compared to 97 in May 2019. This month's total of 64 is lower than the previous month's total supply of available inventory of 74, a decrease of 14%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last May, the median sale price for Cleveland Park and Kalorama Homes was $749,000. This May, the median sale price was $1,510,000, an increase of $761,000 compared to last year. The current median sold price is higher than in April.

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


New Listings
44
Current Contracts
43
Sold Vs. List Price
98.1%
Months of Supply
5.3
Down -28%
Vs. Year Ago
Up 13%
Vs. Year Ago
No Change
Vs. Year Ago
Up 147%
Vs. Year Ago

Months of Supply
In May, there was 5.3 months of supply available in Cleveland Park and Kalorama, compared to 2.2 in May 2019. That is an increase of 147% 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 44 homes newly listed for sale in Cleveland Park and Kalorama compared to 61 in May 2019, a decrease of 28%. There were 43 current contracts pending sale this May compared to 38 a year ago. The number of current contracts is 13% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Cleveland Park and Kalorama was 98.1% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 27, lower than the average last year, which was 33, a decrease of 18%.

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.