The Long & Foster Market Minute

Focus On: Southwest and Waterfront Housing Market December 2022

Zip Code(s): 20024
Units Sold
12
Active Inventory
48
Median Sale Price
$505,000
Days On Market
78
Down
Vs. Year Ago
Down -23%
Vs. Year Ago
Down
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in December, with 12 sold this month in Southwest and Waterfront 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 14 units or 23%. The total number of active inventory this December was 48 compared to 62 in December 2021. This month's total of 48 is lower than the previous month's total supply of available inventory of 69, a decrease of 30%.

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 Southwest and Waterfront Homes was $558,000. This December, the median sale price was $505,000, a decrease of $53,000 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
9
Current Contracts
15
Sold Vs. List Price
97.9%
Months of Supply
4.0
Down -61%
Vs. Year Ago
Up 36%
Vs. Year Ago
Down -1.3%
Vs. Year Ago
Up 87%
Vs. Year Ago

Months of Supply
In December, there was 4.0 months of supply available in Southwest and Waterfront, compared to 2.1 in December 2021. That is an increase of 87% 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 9 homes newly listed for sale in Southwest and Waterfront compared to 23 in December 2021, a decrease of 61%. There were 15 current contracts pending sale this December compared to 11 a year ago. The number of current contracts is 36% higher than last December.

Sale Price to List Price Ratio
In December, the average sale price in Southwest and Waterfront was 97.9% of the average list price, which is 1.3% lower than at this time last year.

Days on Market
This month, the average number of days on market was 78, higher than the average last year, which was 48. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute Southwest and Waterfront are defined as properties in zip code 20024.
*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.