The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market July 2018

Zip Code(s): 20008
Units Sold
36
Active Inventory
89
Median Sale Price
$533,000
Days On Market
25
Up 9%
Vs. Year Ago
Up 33%
Vs. Year Ago
Down -7%
Vs. Year Ago
Down -26%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 36 sold this month in Cleveland Park and Kalorama Real Estate versus 39 last month, a decrease of 8%. This month's total units sold was higher than at this time last year, an increase of 9% versus July 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 22 units or 33%. The total number of active inventory this July was 89 compared to 67 in July 2017. This month's total of 89 is higher than the previous month's total supply of available inventory of 86, an increase of 3%.

Median Sale Price
Last July, the median sale price for Cleveland Park and Kalorama Homes was $576,000. This July, the median sale price was $533,000, a decrease of 7% or $43,000 compared to last year. The current median sold price is 14% lower than in June.

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


New Listings
45
Current Contracts
27
Sold Vs. List Price
98.2%
Months of Supply
2.5
Up 41%
Vs. Year Ago
No Change
Vs. Year Ago
Down -2.4%
Vs. Year Ago
Up 22%
Vs. Year Ago

Months of Supply
In July, there was 2.5 months of supply available in Cleveland Park and Kalorama, compared to 2.0 in July 2017. That is an increase of 22% 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 45 homes newly listed for sale in Cleveland Park and Kalorama compared to 32 in July 2017, an increase of 41%. There were 27 current contracts pending sale this July, consistent with the volume a year ago. The number of current contracts is 36% lower than last month.

Sale Price to List Price Ratio
In July, the average sale price in Cleveland Park and Kalorama was 98.2% of the average list price, which is 2.4% lower than at this time last year.

Days on Market
This month, the average number of days on market was 25, lower than the average last year, which was 34, a decrease of 26%.

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.