The Long & Foster Market Minute

Focus On: Burtonsville, Spencerville, and Northern Silver Spring Housing Market December 2022

Zip Code(s): 20866, 20868 and 20905
Units Sold
15
Active Inventory
16
Median Sale Price
$470,000
Days On Market
16
Down
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 12%
Vs. Year Ago
Down -27%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in December, with 15 sold this month in Burtonsville, Spencerville, and Northern Silver Spring 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 2 units or 11%. The total number of active inventory this December was 16 compared to 18 in December 2021. This month's total of 16 is lower than the previous month's total supply of available inventory of 24, a decrease of 33%.

Median Sale Price
Last December, the median sale price for Burtonsville, Spencerville, and Northern Silver Spring Homes was $421,500. This December, the median sale price was $470,000, an increase of 12% or $48,500 compared to last year. The current median sold price is 14% 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
14
Current Contracts
15
Sold Vs. List Price
103.0%
Months of Supply
1.1
Down -33%
Vs. Year Ago
Down -25%
Vs. Year Ago
Up 2.3%
Vs. Year Ago
Up 67%
Vs. Year Ago

Months of Supply
In December, there was 1.1 months of supply available in Burtonsville, Spencerville, and Northern Silver Spring, compared to 0.6 in December 2021. That is an increase of 66% 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 14 homes newly listed for sale in Burtonsville, Spencerville, and Northern Silver Spring compared to 21 in December 2021, a decrease of 33%. There were 15 current contracts pending sale this December compared to 20 a year ago. The number of current contracts is 25% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Burtonsville, Spencerville, and Northern Silver Spring was 103.0% of the average list price, which is 2.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 16, lower than the average last year, which was 22, a decrease of 27%.

The Long & Foster Market Minute Burtonsville, Spencerville, and Northern Silver Spring are defined as properties listed in zip code/s 20866, 20868 and 20905.
*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.