The Long & Foster Market Minute

Focus On: Petworth Housing Market October 2018

Zip Code(s): 20011
Units Sold
73
Active Inventory
175
Median Sale Price
$585,000
Days On Market
51
Down -3%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 55%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 73 sold this month in Petworth Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 2 units or 1%. The total number of active inventory this October was 175 compared to 173 in October 2017. This month's total of 175 is higher than the previous month's total supply of available inventory of 154, an increase of 14%.

Median Sale Price
Last October, the median sale price for Petworth Homes was $570,000. This October, the median sale price was $585,000, an increase of 3% or $15,000 compared to last year. The current median sold price is 5% lower than in September.

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


New Listings
151
Current Contracts
70
Sold Vs. List Price
99.5%
Months of Supply
2.4
Up 32%
Vs. Year Ago
Down -9%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In October, there was 2.4 months of supply available in Petworth. The amount of supply is similar compared to 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 151 homes newly listed for sale in Petworth compared to 114 in October 2017, an increase of 32%. There were 70 current contracts pending sale this October compared to 77 a year ago. The number of current contracts is 9% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Petworth was 99.5% 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 51, higher than the average last year, which was 33, an increase of 55%.

The Long & Foster Market Minute Petworth are defined as properties listed in zip code/s 20011.
*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.