The Long & Foster Market Minute

Focus On: Silver Spring Housing Market May 2020

Zip Code(s): 20901, 20902, 20903, 20904, 20905, 20906 and 20910
Units Sold
188
Active Inventory
249
Median Sale Price
$445,000
Days On Market
21
Down
Vs. Year Ago
Down -49%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 188 sold this month in Silver Spring 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 235 units or 49%. The total number of active inventory this May was 249 compared to 484 in May 2019. This month's total of 249 is lower than the previous month's total supply of available inventory of 301, a decrease of 17%.

Median Sale Price
Last May, the median sale price for Silver Spring Homes was $430,000. This May, the median sale price was $445,000, an increase of 3% or $15,000 compared to last year. The current median sold price is 1% lower 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
241
Current Contracts
249
Sold Vs. List Price
99.8%
Months of Supply
1.3
Down -44%
Vs. Year Ago
Down -22%
Vs. Year Ago
No Change
Vs. Year Ago
Down -11%
Vs. Year Ago

Months of Supply
In May, there was 1.3 months of supply available in Silver Spring, compared to 1.5 in May 2019. That is a decrease of 11% 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 241 homes newly listed for sale in Silver Spring compared to 431 in May 2019, a decrease of 44%. There were 249 current contracts pending sale this May compared to 318 a year ago. The number of current contracts is 22% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Silver Spring was 99.8% 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 21, lower than the average last year, which was 24, a decrease of 13%.

The Long & Foster Market Minute Silver Spring are defined as properties listed in zip code/s 20901, 20902, 20903, 20904, 20905, 20906 and 20910.
*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.