The Long & Foster Market Minute

Focus On: Foggy Bottom and West End Housing Market May 2022

Zip Code(s): 20036 and 20037
Units Sold
50
Active Inventory
125
Median Sale Price
$404,000
Days On Market
39
Down -4%
Vs. Year Ago
Down -37%
Vs. Year Ago
Down -23%
Vs. Year Ago
Down -3%
Vs. Year Ago

Units Sold
The number of units sold remained stable in May, with 50 sold this month in Foggy Bottom and West End Real Estate. This month's total units sold was lower than at this time last year, a decrease of 20% versus May 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 72 units or 37%. The total number of active inventory this May was 125 compared to 197 in May 2021. This month's total of 125 is lower than the previous month's total supply of available inventory of 140, a decrease of 11%.

Median Sale Price
Last May, the median sale price for Foggy Bottom and West End Homes was $526,500. This May, the median sale price was $404,000, a decrease of $122,500 compared to last year. The current median sold price is lower 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
57
Current Contracts
50
Sold Vs. List Price
98.6%
Months of Supply
2.5
Down -20%
Vs. Year Ago
Up 39%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -34%
Vs. Year Ago

Months of Supply
In May, there was 2.5 months of supply available in Foggy Bottom and West End, compared to 3.8 in May 2021. That is a decrease of 34% 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 Foggy Bottom and West End compared to 71 in May 2021, a decrease of 20%. There were 50 current contracts pending sale this May compared to 36 a year ago. The number of current contracts is 39% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Foggy Bottom and West End was 98.6% of the average list price, which is 1.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 39, lower than the average last year, which was 40, a decrease of 3%.

The Long & Foster Market Minute 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.
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.