The Long & Foster Market Minute

Focus On: Georgetown Housing Market December 2022

Zip Code(s): 20007
Units Sold
28
Active Inventory
84
Median Sale Price
$1,660,000
Days On Market
29
Down
Vs. Year Ago
Down -3%
Vs. Year Ago
Up
Vs. Year Ago
Down -22%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in December, with 28 sold this month in Georgetown 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 3 units or 3%. The total number of active inventory this December was 84 compared to 87 in December 2021. This month's total of 84 is lower than the previous month's total supply of available inventory of 110, a decrease of 24%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last December, the median sale price for Georgetown Homes was $980,000. This December, the median sale price was $1,660,000, an increase of $680,000 compared to last year. The current median sold price is 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
14
Current Contracts
24
Sold Vs. List Price
97.0%
Months of Supply
3.0
Down -30%
Vs. Year Ago
Down -47%
Vs. Year Ago
Down -0.7%
Vs. Year Ago
Up 62%
Vs. Year Ago

Months of Supply
In December, there was 3.0 months of supply available in Georgetown, compared to 1.9 in December 2021. That is an increase of 62% 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 14 homes newly listed for sale in Georgetown compared to 20 in December 2021, a decrease of 30%. There were 24 current contracts pending sale this December compared to 45 a year ago. The number of current contracts is 47% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Georgetown was 97.0% of the average list price, which is 0.6% lower than at this time last year.

Days on Market
This month, the average number of days on market was 29, lower than the average last year, which was 37, a decrease of 22%.

The Long & Foster Market Minute Georgetown is defined as properties in zip code 20007.
*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.