The Long & Foster Market Minute

Focus On: Downtown Silver Spring and Takoma Park Housing Market May 2020

Zip Code(s): 20910, 20912 and 20907
Units Sold
45
Active Inventory
73
Median Sale Price
$570,000
Days On Market
18
Down
Vs. Year Ago
Down -26%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -22%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 45 sold this month in Downtown Silver Spring and Takoma Park Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 25 units or 26%. The total number of active inventory this May was 73 compared to 98 in May 2019. This month's total of 73 is higher than the previous month's total supply of available inventory of 65, an increase of 12%.

Median Sale Price
Last May, the median sale price for Downtown Silver Spring and Takoma Park Homes was $490,000. This May, the median sale price was $570,000, an increase of 16% or $80,000 compared to last year. The current median sold price is 4% higher than in April.

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


New Listings
63
Current Contracts
45
Sold Vs. List Price
100.7%
Months of Supply
1.6
Down -28%
Vs. Year Ago
Down -43%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Up 32%
Vs. Year Ago

Months of Supply
In May, there was 1.6 months of supply available in Downtown Silver Spring and Takoma Park, compared to 1.2 in May 2019. That is an increase of 32% 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 63 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 88 in May 2019, a decrease of 28%. There were 45 current contracts pending sale this May compared to 79 a year ago. The number of current contracts is 43% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Downtown Silver Spring and Takoma Park was 100.7% of the average list price, which is 0.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 18, lower than the average last year, which was 23, a decrease of 22%.

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.