The Long & Foster Market Minute

Focus On: Petworth Housing Market September 2018

Zip Code(s): 20011
Units Sold
49
Active Inventory
149
Median Sale Price
$620,000
Days On Market
32
Down -27%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 4%
Vs. Year Ago
Up 7%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 49 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 lower by 18 units or 11%. The total number of active inventory this September was 149 compared to 167 in September 2017. This month's total of 149 is higher than the previous month's total supply of available inventory of 145, an increase of 3%.

Median Sale Price
Last September, the median sale price for Petworth Homes was $595,000. This September, the median sale price was $620,000, an increase of 4% or $25,000 compared to last year. The current median sold price is 8% higher than in August.

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


New Listings
135
Current Contracts
81
Sold Vs. List Price
98.9%
Months of Supply
3.0
Up 21%
Vs. Year Ago
Up 17%
Vs. Year Ago
No Change
Vs. Year Ago
Up 22%
Vs. Year Ago

Months of Supply
In September, there was 3.0 months of supply available in Petworth, compared to 2.5 in September 2017. That is an increase of 22% 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 135 homes newly listed for sale in Petworth compared to 112 in September 2017, an increase of 21%. There were 81 current contracts pending sale this September compared to 69 a year ago. The number of current contracts is 17% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Petworth was 98.9% 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 32, higher than the average last year, which was 30, an increase of 7%.

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 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.