The Long & Foster Market Minute

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

Zip Code(s): 20016
Units Sold
22
Active Inventory
84
Median Sale Price
$614,500
Days On Market
73
Down
Vs. Year Ago
Up 8%
Vs. Year Ago
Down
Vs. Year Ago
Up 11%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in January, with 22 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, a decrease from January 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 6 units or 8%. The total number of active inventory this January was 84 compared to 78 in January 2018. This month's total of 84 is lower than the previous month's total supply of available inventory of 98, a decrease of 14%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last January, the median sale price for Spring Valley and Wesley Heights Homes was $730,000. This January, the median sale price was $614,500, a decrease of $115,500 compared to last year. The current median sold price is lower than in December.

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


New Listings
43
Current Contracts
28
Sold Vs. List Price
97.6%
Months of Supply
3.8
Down -9%
Vs. Year Ago
Down -10%
Vs. Year Ago
No Change
Vs. Year Ago
Up 71%
Vs. Year Ago

Months of Supply
In January, there was 3.8 months of supply available in Spring Valley and Wesley Heights, compared to 2.2 in January 2018. That is an increase of 71% 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 43 homes newly listed for sale in Spring Valley and Wesley Heights compared to 47 in January 2018, a decrease of 9%. There were 28 current contracts pending sale this January compared to 31 a year ago. The number of current contracts remained stable as compared to last January.

Sale Price to List Price Ratio
In January, the average sale price in Spring Valley and Wesley Heights was 97.6% 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 73, higher than the average last year, which was 66, an increase of 11%.

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.