As we are in the midst of a scorching summer, many people are hitting the pool, taking vacations, and otherwise trying their best to keep cool. Though many people are keeping busy, the real estate market in Silver Spring was taking it easy in June 2019.
For zip codes 20901, 20902, 20903, 20904, 20905, 20906, and 20910, inventory took a dip while days on market increased. Last month the total number of homes for sale in Silver Spring was 413, down 20% from a year ago, which was 518. And, the month prior (May 2019) the homes for sale in Silver Spring was 472. Though there was less inventory, those on the market sat a little longer, with an average of 35 days on the market. This is up 46% from last year, where the average days on the market for Silver Spring real estate was 24.
This past June there were 364 new listings of Silver Spring homes, which is down 5% from a year ago. Though there weren’t as many listings, the current contracts went up 9% from a year ago with 314 current contracts in June.
Though there is less inventory, units sold and sales price have barely budged. 321 units were sold in June 2019, down only 1% from a year ago. Median sales prices have ticked up marginally, with the median sales price this June at $430,000, compared to a median sales price of $415,000 last June. And the sale to list price ratio has stayed relatively the same at 99.7% for Silver Spring real estate.