The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market December 2022

Zip Code(s): 20008
Units Sold
20
Active Inventory
62
Median Sale Price
$933,000
Days On Market
37
Down
Vs. Year Ago
Down -23%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -27%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in December, with 20 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 December 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 19 units or 23%. The total number of active inventory this December was 62 compared to 81 in December 2021. This month's total of 62 is lower than the previous month's total supply of available inventory of 73, a decrease of 15%.

Median Sale Price
Last December, the median sale price for Cleveland Park and Kalorama Homes was $917,000. This December, the median sale price was $933,000, an increase of 2% or $16,000 compared to last year. The current median sold price is 20% higher than in November.

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


New Listings
19
Current Contracts
14
Sold Vs. List Price
96.2%
Months of Supply
3.1
Down -24%
Vs. Year Ago
Down -48%
Vs. Year Ago
Down -3.1%
Vs. Year Ago
Up 38%
Vs. Year Ago

Months of Supply
In December, there was 3.1 months of supply available in Cleveland Park and Kalorama, compared to 2.3 in December 2021. That is an increase of 38% 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 19 homes newly listed for sale in Cleveland Park and Kalorama compared to 25 in December 2021, a decrease of 24%. There were 14 current contracts pending sale this December compared to 27 a year ago. The number of current contracts is 48% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Cleveland Park and Kalorama was 96.2% of the average list price, which is 3.0% lower than at this time last year.

Days on Market
This month, the average number of days on market was 37, lower than the average last year, which was 51, a decrease of 27%.

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.