The Long & Foster Market Minute

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

Zip Code(s): 20910, 20912 and 20907
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 11%
Vs. Year Ago
Up 21%
Vs. Year Ago
Up 34%
Vs. Year Ago
Down -32%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 40 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 38 last month, an increase of 5%. This month's total units sold was higher than at this time last year, an increase of 11% versus March 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 14 units or 21%. The total number of active inventory this March was 81 compared to 67 in March 2018. This month's total of 81 is higher than the previous month's total supply of available inventory of 72, an increase of 13%.

Median Sale Price
Last March, the median sale price for Downtown Silver Spring and Takoma Park Homes was $428,000. This March, the median sale price was $572,750, an increase of $144,750 compared to last year. The current median sold price is higher than in February.

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 28%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up 1.6%
Vs. Year Ago
Up 9%
Vs. Year Ago

Months of Supply
In March, there was 2.0 months of supply available in Downtown Silver Spring and Takoma Park, compared to 1.9 in March 2018. That is an increase of 9% 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 83 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 65 in March 2018, an increase of 28%. There were 58 current contracts pending sale this March compared to 54 a year ago. The number of current contracts is 7% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Downtown Silver Spring and Takoma Park was 101.1% of the average list price, which is 1.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 39, lower than the average last year, which was 57, a decrease of 32%.

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.