The Long & Foster Market Minute

Focus On: Downtown Silver Spring and Takoma Park Housing Market April 2019

Zip Code(s): 20910, 20912 and 20907
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 7%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 14%
Vs. Year Ago
Down -16%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 48 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 45 last month, an increase of 7%. This month's total units sold was higher than at this time last year, an increase of 7% versus April 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 3 units or 3%. The total number of active inventory this April was 89 compared to 86 in April 2018. This month's total of 89 is higher than the previous month's total supply of available inventory of 87, an increase of 2%.

Median Sale Price
Last April, the median sale price for Downtown Silver Spring and Takoma Park Homes was $505,000. This April, the median sale price was $574,000, an increase of 14% or $69,000 compared to last year. The current median sold price is 2% higher than in March.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Up 41%
Vs. Year Ago
Up 71%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In April, there was 1.9 months of supply available in Downtown Silver Spring and Takoma Park. The amount of supply is similar compared to 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 104 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 74 in April 2018, an increase of 41%. There were 84 current contracts pending sale this April compared to 49 a year ago. The number of current contracts is 71% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Downtown Silver Spring and Takoma Park was 101.8% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 27, lower than the average last year, which was 32, a decrease of 16%.

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.