The Long & Foster Market Minute

Focus On: Downtown Silver Spring and Takoma Park Housing Market October 2021

Zip Code(s): 20910, 20912 and 20907
Units Sold
54
Active Inventory
90
Median Sale Price
$634,950
Days On Market
15
Down -21%
Vs. Year Ago
Up 18%
Vs. Year Ago
Up 18%
Vs. Year Ago
Down -6%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 54 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 56 last month, a decrease of 4%. This month's total units sold was lower than at this time last year, a decrease of 21% versus October 2020.

Active Inventory
Versus last year, the total number of homes available this month is higher by 14 units or 18%. The total number of active inventory this October was 90 compared to 76 in October 2020. This month's total of 90 is lower than the previous month's total supply of available inventory of 94, a decrease of 4%.

Median Sale Price
Last October, the median sale price for Downtown Silver Spring and Takoma Park Homes was $537,500. This October, the median sale price was $634,950, an increase of 18% or $97,450 compared to last year. The current median sold price is 11% 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
76
Current Contracts
57
Sold Vs. List Price
102.1%
Months of Supply
1.7
Up 9%
Vs. Year Ago
No Change
Vs. Year Ago
Down -2.2%
Vs. Year Ago
Up 49%
Vs. Year Ago

Months of Supply
In October, there was 1.7 months of supply available in Downtown Silver Spring and Takoma Park, compared to 1.1 in October 2020. That is an increase of 49% 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 76 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 70 in October 2020, an increase of 9%. There were 57 current contracts pending sale this October, consistent with the volume a year ago. The number of current contracts is 12% higher than last month.

Sale Price to List Price Ratio
In October, the average sale price in Downtown Silver Spring and Takoma Park was 102.1% of the average list price, which is 2.3% lower than at this time last year.

Days on Market
This month, the average number of days on market was 15, lower than the average last year, which was 16, a decrease of 6%.

The Long & Foster Market Minute Downtown Silver Spring and Takoma Park are defined as properties listed in zip code/s 20910, 20912 and 20907.
*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.