The Long & Foster Market Minute

Focus On: Spring Valley and Wesley Heights Housing Market April 2019

Zip Code(s): 20016
Units Sold
58
Active Inventory
89
Median Sale Price
$810,000
Days On Market
60
Up 21%
Vs. Year Ago
Down -19%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 107%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 58 sold this month in Spring Valley and Wesley Heights Real Estate versus 47 last month, an increase of 23%. This month's total units sold was higher than at this time last year, an increase of 21% versus April 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 21 units or 19%. The total number of active inventory this April was 89 compared to 110 in April 2018. This month's total of 89 is higher than the previous month's total supply of available inventory of 81, an increase of 10%.

Median Sale Price
Last April, the median sale price for Spring Valley and Wesley Heights Homes was $869,312. This April, the median sale price was $810,000, a decrease of $59,312 compared to last year. The current median sold price is lower than in March.

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


New Listings
82
Current Contracts
51
Sold Vs. List Price
101.3%
Months of Supply
1.5
Down -1%
Vs. Year Ago
Down -20%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Down -33%
Vs. Year Ago

Months of Supply
In April, there was 1.5 months of supply available in Spring Valley and Wesley Heights, compared to 2.3 in April 2018. That is a decrease of 33% 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 82 homes newly listed for sale in Spring Valley and Wesley Heights compared to 83 in April 2018, a decrease of 1%. There were 51 current contracts pending sale this April compared to 64 a year ago. The number of current contracts is 20% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in Spring Valley and Wesley Heights was 101.3% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 60, higher than the average last year, which was 29, an increase of 107%.

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.