The Long & Foster Market Minute

Focus On: Petworth Housing Market December 2022

Zip Code(s): 20011
Units Sold
45
Active Inventory
192
Median Sale Price
$710,000
Days On Market
37
Down
Vs. Year Ago
Up 38%
Vs. Year Ago
Down -2%
Vs. Year Ago
Up 42%
Vs. Year Ago

Units Sold
There was an increase in total units sold in December, with 45 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 53 units or 38%. The total number of active inventory this December was 192 compared to 139 in December 2021. This month's total of 192 is lower than the previous month's total supply of available inventory of 233, a decrease of 18%.

Median Sale Price
Last December, the median sale price for Petworth Homes was $722,500. This December, the median sale price was $710,000, a decrease of 2% or $12,500 compared to last year. The current median sold price is 9% lower 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
63
Current Contracts
41
Sold Vs. List Price
98.9%
Months of Supply
4.3
Down -3%
Vs. Year Ago
Down -27%
Vs. Year Ago
Down -2.5%
Vs. Year Ago
Up 177%
Vs. Year Ago

Months of Supply
In December, there was 4.3 months of supply available in Petworth, compared to 1.5 in December 2021. That is an increase of 176% 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 63 homes newly listed for sale in Petworth compared to 65 in December 2021, a decrease of 3%. There were 41 current contracts pending sale this December compared to 56 a year ago. The number of current contracts is 27% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Petworth was 98.9% of the average list price, which is 2.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 37, higher than the average last year, which was 26, an increase of 42%.

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.