The Long & Foster Market Minute

Focus On: Spring Valley and Wesley Heights Housing Market December 2022

Zip Code(s): 20016
Units Sold
28
Active Inventory
41
Median Sale Price
$752,500
Days On Market
32
Down
Vs. Year Ago
Down -40%
Vs. Year Ago
Down
Vs. Year Ago
Down -22%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in December, with 28 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 December 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 27 units or 40%. The total number of active inventory this December was 41 compared to 68 in December 2021. This month's total of 41 is lower than the previous month's total supply of available inventory of 63, a decrease of 35%.

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 Spring Valley and Wesley Heights Homes was $785,000. This December, the median sale price was $752,500, a decrease of $32,500 compared to last year. The current median sold price is 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
10
Current Contracts
20
Sold Vs. List Price
99.3%
Months of Supply
1.5
Down -73%
Vs. Year Ago
Down -51%
Vs. Year Ago
Down -2.2%
Vs. Year Ago
Up 18%
Vs. Year Ago

Months of Supply
In December, there was 1.5 months of supply available in Spring Valley and Wesley Heights, compared to 1.2 in December 2021. That is an increase of 18% 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 10 homes newly listed for sale in Spring Valley and Wesley Heights compared to 37 in December 2021, a decrease of 73%. There were 20 current contracts pending sale this December compared to 41 a year ago. The number of current contracts is 51% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Spring Valley and Wesley Heights was 99.3% of the average list price, which is 2.2% lower than at this time last year.

Days on Market
This month, the average number of days on market was 32, lower than the average last year, which was 41, a decrease of 22%.

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.