The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market October 2018

Zip Code(s): 20008
Units Sold
32
Active Inventory
92
Median Sale Price
$625,500
Days On Market
49
Up 19%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up
Vs. Year Ago
Up 23%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 32 sold this month in Cleveland Park and Kalorama Real Estate versus 31 last month, an increase of 3%. This month's total units sold was higher than at this time last year, an increase of 19% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 6 units or 7%. The total number of active inventory this October was 92 compared to 86 in October 2017. This month's total of 92 is higher than the previous month's total supply of available inventory of 84, an increase of 10%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last October, the median sale price for Cleveland Park and Kalorama Homes was $500,000. This October, the median sale price was $625,500, an increase of $125,500 compared to last year. The current median sold price is lower than in September.

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


New Listings
48
Current Contracts
33
Sold Vs. List Price
99.3%
Months of Supply
2.9
Up 4%
Vs. Year Ago
Up 18%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -10%
Vs. Year Ago

Months of Supply
In October, there was 2.9 months of supply available in Cleveland Park and Kalorama, compared to 3.2 in October 2017. That is a decrease of 10% 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 48 homes newly listed for sale in Cleveland Park and Kalorama compared to 46 in October 2017, an increase of 4%. There were 33 current contracts pending sale this October compared to 28 a year ago. The number of current contracts is 18% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Cleveland Park and Kalorama was 99.3% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 49, higher than the average last year, which was 40, an increase of 23%.

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.