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Focus On: Silver Spring Housing Market |
October 2023 |
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Zip Code(s): 20901, 20902, 20903, 20904, 20905, 20906 and 20910 |
Units Sold
170 |
Active Inventory
225 |
Median Sale Price
$513,750 |
Days On Market
20 |
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Down -11%
Vs. Year Ago |
Down -26%
Vs. Year Ago |
Up 6%
Vs. Year Ago |
Down -17%
Vs. Year Ago |
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Units Sold
There was a decrease in total units sold in October, with 170 sold this month in Silver Spring Real Estate versus 187 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 11% versus October 2022.
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Active Inventory
Versus last year, the total number of homes available this month is lower by 81 units or 26%. The total number of active inventory this October was 225 compared to 306 in October 2022. This month's total of 225 is lower than the previous month's total supply of available inventory of 230, a decrease of 2%.
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Median Sale Price
Last October, the median sale price for Silver Spring Homes was $485,000. This October, the median sale price was $513,750, an increase of 6% or $28,750 compared to last year. The current median sold price is 3% higher than in September.
Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.
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New Listings
197 |
Current Contracts
165 |
Sold Vs. List Price
101.0% |
Months of Supply
1.3 |
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Down -11%
Vs. Year Ago |
Down -17%
Vs. Year Ago |
Up 1.2%
Vs. Year Ago |
Down -18%
Vs. Year Ago |
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Months of Supply
In October, there was 1.3 months of supply available in Silver Spring, compared to 1.6 in October 2022. That is a decrease of 18% 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.
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New Listings & Current Contracts
This month there were 197 homes newly listed for sale in Silver Spring compared to 221 in October 2022, a decrease of 11%. There were 165 current contracts pending sale this October compared to 198 a year ago. The number of current contracts is 17% lower than last October.
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Sale Price to List Price Ratio
In October, the average sale price in Silver Spring was 101.0% of the average list price, which is 1.2% higher than at this time last year.
Days on Market
This month, the average number of days on market was 20, lower than the average last year, which was 24, a decrease of 17%.
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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. |
Information 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. |