The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market March 2019

Zip Code(s): 20008
Units Sold
25
Active Inventory
72
Median Sale Price
$507,600
Days On Market
54
No Change
Vs. Year Ago
Up 14%
Vs. Year Ago
Down -8%
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 25 sold this month in Cleveland Park and Kalorama Real Estate, an increase of 25%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is higher by 9 units or 14%. The total number of active inventory this March was 72 compared to 63 in March 2018. This month's total of 72 is higher than the previous month's total supply of available inventory of 61, an increase of 18%.

Median Sale Price
Last March, the median sale price for Cleveland Park and Kalorama Homes was $550,000. This March, the median sale price was $507,600, a decrease of 8% or $42,400 compared to last year. The current median sold price is 20% higher than in February.

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


New Listings
57
Current Contracts
36
Sold Vs. List Price
97.2%
Months of Supply
2.9
Up 21%
Vs. Year Ago
Up 20%
Vs. Year Ago
Down -2.3%
Vs. Year Ago
Up 14%
Vs. Year Ago

Months of Supply
In March, there was 2.9 months of supply available in Cleveland Park and Kalorama, compared to 2.5 in March 2018. That is an increase of 14% 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 57 homes newly listed for sale in Cleveland Park and Kalorama compared to 47 in March 2018, an increase of 21%. There were 36 current contracts pending sale this March compared to 30 a year ago. The number of current contracts is 20% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Cleveland Park and Kalorama was 97.2% of the average list price, which is 2.3% lower than at this time last year.

Days on Market
This month, the average number of days on market was 54, which is similar compared to a year ago.

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.