The Long & Foster Market Minute

Focus On: Cleveland Park and Kalorama Housing Market May 2018

Zip Code(s): 20008
Units Sold
38
Active Inventory
91
Median Sale Price
$671,500
Days On Market
38
Down -16%
Vs. Year Ago
Up 23%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 36%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 38 sold this month in Cleveland Park and Kalorama Real Estate versus 34 last month, an increase of 12%. This month's total units sold was lower than at this time last year, a decrease of 16% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 17 units or 23%. The total number of active inventory this May was 91 compared to 74 in May 2017. This month's total of 91 is higher than the previous month's total supply of available inventory of 75, an increase of 21%.

Median Sale Price
Last May, the median sale price for Cleveland Park and Kalorama Homes was $650,000. This May, the median sale price was $671,500, an increase of 3% or $21,500 compared to last year. The current median sold price is 16% higher than in April.

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


New Listings
67
Current Contracts
45
Sold Vs. List Price
97.7%
Months of Supply
2.4
Up 49%
Vs. Year Ago
Down -10%
Vs. Year Ago
No Change
Vs. Year Ago
Up 46%
Vs. Year Ago

Months of Supply
In May, there was 2.4 months of supply available in Cleveland Park and Kalorama, compared to 1.6 in May 2017. That is an increase of 46% 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 67 homes newly listed for sale in Cleveland Park and Kalorama compared to 45 in May 2017, an increase of 49%. There were 45 current contracts pending sale this May compared to 50 a year ago. The number of current contracts is 10% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Cleveland Park and Kalorama was 97.7% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 38, higher than the average last year, which was 28, an increase of 36%.

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.