The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market February 2020

Zip Code(s): 20008
Units Sold
20
Active Inventory
68
Median Sale Price
$685,500
Days On Market
49
No Change
Vs. Year Ago
Up 10%
Vs. Year Ago
Up
Vs. Year Ago
Up 40%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 20 sold this month in Cleveland Park and Kalorama Real Estate, a decrease of 31%. 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 6 units or 10%. The total number of active inventory this February was 68 compared to 62 in February 2019. This month's total of 68 is higher than the previous month's total supply of available inventory of 65, an increase of 5%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last February, the median sale price for Cleveland Park and Kalorama Homes was $421,500. This February, the median sale price was $685,500, an increase of $264,000 compared to last year. The current median sold price is higher than in January.

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


New Listings
46
Current Contracts
36
Sold Vs. List Price
97.0%
Months of Supply
3.4
Up 44%
Vs. Year Ago
Up 44%
Vs. Year Ago
Down -4.6%
Vs. Year Ago
Up 10%
Vs. Year Ago

Months of Supply
In February, there was 3.4 months of supply available in Cleveland Park and Kalorama, compared to 3.1 in February 2019. That is an increase 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 46 homes newly listed for sale in Cleveland Park and Kalorama compared to 32 in February 2019, an increase of 44%. There were 36 current contracts pending sale this February compared to 25 a year ago. The number of current contracts is 44% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Cleveland Park and Kalorama was 97.0% of the average list price, which is 4.7% lower 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 35, an increase of 40%.

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.