The Long & Foster Market Minute

Focus On: American University Park and the Palisades Housing Market March 2021

Zip Code(s): 20016
Units Sold
43
Active Inventory
72
Median Sale Price
$1,000,000
Days On Market
23
Up 16%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -48%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 43 sold this month in American University Park and the Palisades Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 5 units or 7%. The total number of active inventory this March was 72 compared to 67 in March 2020. This month's total of 72 is lower than the previous month's total supply of available inventory of 78, a decrease of 8%.

Median Sale Price
Last March, the median sale price for American University Park and the Palisades Homes was $950,000. This March, the median sale price was $1,000,000, an increase of $50,000 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
58
Current Contracts
54
Sold Vs. List Price
101.2%
Months of Supply
1.7
No Change
Vs. Year Ago
Up 15%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -8%
Vs. Year Ago

Months of Supply
In March, there was 1.7 months of supply available in American University Park and the Palisades, compared to 1.8 in March 2020. That is a decrease of 8% 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 58 homes newly listed for sale in American University Park and the Palisades, which is similar to the amount in March 2020. There were 54 current contracts pending sale this March compared to 47 a year ago. The number of current contracts is 15% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in American University Park and the Palisades was 101.2% of the average list price, which is 1.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 23, lower than the average last year, which was 44, a decrease of 48%.

The Long & Foster Market Minute American University Park and the Palisades are defined as properties listed in zip code/s 20016 and includes, but is not limited to these neighborhoods: Spring Valley, Wesley Heights, AU Park, and the Palisades.
*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.