The Long & Foster Market Minute

Focus On: Olney, Derwood, and Brookeville Housing Market September 2019

Zip Code(s): 20832, 20855, 20833, 20860, 20862 and 20861
Units Sold
50
Active Inventory
123
Median Sale Price
$490,000
Days On Market
39
Down -2%
Vs. Year Ago
Down -22%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 5%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 50 sold this month in Olney, Derwood, and Brookeville Real Estate versus 71 last month, a decrease of 30%. This month's total units sold was lower than at this time last year, a decrease of 2% versus September 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 35 units or 22%. The total number of active inventory this September was 123 compared to 158 in September 2018. This month's total of 123 is lower than the previous month's total supply of available inventory of 143, a decrease of 14%.

Median Sale Price
Last September, the median sale price for Olney, Derwood, and Brookeville Homes was $505,000. This September, the median sale price was $490,000, a decrease of 3% or $15,000 compared to last year. The current median sold price is 13% lower than in August.

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


New Listings
74
Current Contracts
59
Sold Vs. List Price
99.0%
Months of Supply
2.5
Up 10%
Vs. Year Ago
Up 51%
Vs. Year Ago
No Change
Vs. Year Ago
Down -21%
Vs. Year Ago

Months of Supply
In September, there was 2.5 months of supply available in Olney, Derwood, and Brookeville, compared to 3.1 in September 2018. That is a decrease of 21% 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 74 homes newly listed for sale in Olney, Derwood, and Brookeville compared to 67 in September 2018, an increase of 10%. There were 59 current contracts pending sale this September compared to 39 a year ago. The number of current contracts is 51% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Olney, Derwood, and Brookeville was 99.0% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 39, higher than the average last year, which was 37, an increase of 5%.

The Long & Foster Market Minute Olney, Derwood, and Brookeville are defined as properties listed in zip code/s 20832, 20855, 20853, 20860, 20862 and 20861.
*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.