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| Focus On: Foggy Bottom and West End Housing Market | August 2023 | ||
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| Zip Code(s): 20036 and 20037 | |||
| Units Sold 29 |
Active Inventory 95 |
Median Sale Price $605,000 |
Days On Market 45 |
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| Down -34% Vs. Year Ago |
Down -24% Vs. Year Ago |
Up Vs. Year Ago |
Up 5% Vs. Year Ago |
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Units Sold
There was an increase in total units sold in August, with 29 sold this month in Foggy Bottom and West End Real Estate versus 23 last month, an increase of 26%. This month's total units sold was lower than at this time last year, a decrease of 34% versus August 2022. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 30 units or 24%. The total number of active inventory this August was 95 compared to 125 in August 2022. This month's total of 95 is lower than the previous month's total supply of available inventory of 100, a decrease of 5%. |
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Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last August, the median sale price for Foggy Bottom and West End Homes was $410,000. This August, the median sale price was $605,000, an increase of $195,000 compared to last year. The current median sold price is higher than in July. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median. |
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| New Listings 43 |
Current Contracts 28 |
Sold Vs. List Price 98.7% |
Months of Supply 3.3 |
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| Up 5% Vs. Year Ago |
No Change Vs. Year Ago |
Up 1.5% Vs. Year Ago |
Up 15% Vs. Year Ago |
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Months of Supply
In August, there was 3.3 months of supply available in Foggy Bottom and West End, compared to 2.8 in August 2022. That is an increase of 15% 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. |
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New Listings & Current Contracts
This month there were 43 homes newly listed for sale in Foggy Bottom and West End compared to 41 in August 2022, an increase of 5%. There were 28 current contracts pending sale this August, consistent with the volume a year ago. The number of current contracts is 7% lower than last month. |
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Sale Price to List Price Ratio
In August, the average sale price in Foggy Bottom and West End was 98.7% of the average list price, which is 1.5% higher than at this time last year. Days on Market
This month, the average number of days on market was 45, higher than the average last year, which was 43, an increase of 5%. | |||
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Foggy Bottom and West End are defined as properties in zip codes 20036/20037. | ||
| *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. | |||
 Information 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. |
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