The Long & Foster Market Minute

Focus On: Spring Valley and Wesley Heights Housing Market October 2018

Zip Code(s): 20016
Units Sold
48
Active Inventory
121
Median Sale Price
$970,000
Days On Market
66
Down -20%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up
Vs. Year Ago
Up 29%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 48 sold this month in Spring Valley and Wesley Heights 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 9 units or 7%. The total number of active inventory this October was 121 compared to 130 in October 2017. This month's total of 121 is lower than the previous month's total supply of available inventory of 123, a decrease of 2%.

Median Sale Price
Last October, the median sale price for Spring Valley and Wesley Heights Homes was $589,950. This October, the median sale price was $970,000, an increase of $380,050 compared to last year. The current median sold price is higher 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
54
Current Contracts
37
Sold Vs. List Price
96.8%
Months of Supply
2.5
Down -27%
Vs. Year Ago
Down -38%
Vs. Year Ago
Down -4%
Vs. Year Ago
Up 16%
Vs. Year Ago

Months of Supply
In October, there was 2.5 months of supply available in Spring Valley and Wesley Heights, compared to 2.2 in October 2017. That is an increase of 16% 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 54 homes newly listed for sale in Spring Valley and Wesley Heights compared to 74 in October 2017, a decrease of 27%. There were 37 current contracts pending sale this October compared to 60 a year ago. The number of current contracts is 38% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Spring Valley and Wesley Heights was 96.8% of the average list price, which is 4.0% lower than at this time last year.

Days on Market
This month, the average number of days on market was 66, higher than the average last year, which was 51, an increase of 29%.

The Long & Foster Market Minute Spring Valley and Wesley Heights is defined as properties in zip code 20016 and includes, but is not limited to these neighborhoods: Spring Valley, Wesley Heights, and AU Park.
*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.