Washington, D.C. Metropolitan Area Luxury Housing Market Update November 217
Washington D.C. Metropolitan Area - November 217 The real estate market is always changing, and if you re buying or selling a home especially a luxury property it s critical to understand the current market conditions. More than simply seeing what s happening to real estate as a whole in your local area, you need insights on what s taking place in the highend market, specifically with uncommon and unique homes like yours or those for which you re shopping. That s why Long & Foster publishes our exclusive LuxInsight report giving consumers like you invaluable information on the luxury market performance in your local area. Published monthly, LuxInsight provides you with A broad overview of real estate trends in the high-end real estate market. From median sale prices and active inventory to the current housing Demand and available active listings, LuxInsight gives you access to essential statistics you need to know. Beyond this valuable market information, Long & Foster s team of luxury sales associates is available to guide you through the real estate process. We believe luxury real estate is all about the individual, and when you work with us, you'll receive an experience tailored to your unique needs. You'll enjoy exceptional service and expertise, provided by agents who specialize in marketing and selling the most stunning luxury homes. You'll gain our exclusive connections around the world and get a luxury home experience with proven results. AT A GLANCE Active Inventory 2,52 New Listings 393 Units Sold 344 Median Sale Price 1,2 7 $1,45, 1, 8 6 4 2 6 5 4 3 2 1 $1,4, $1,35, $1,25, N-14 F-15 M-15 A-15 N-15 F-16 M-16 A-16 N-16 F-17 M-17 A-17 N-17 N-14 F-15 M-15 A-15 N-15 F-16 M-16 A-16 N-16 F-17 M-17 A-17 N-17 $1,2, N-14 F-15 M-15 A-15 N-15 F-16 M-16 A-16 N-16 F-17 M-17 A-17 N-17 Down -6.3% Down -15.8% Up 16.6% No Change 2
Washington D.C. Metropolitan Area - November 217 Compared to last November, the total number of homes more than $1 Million available this month was lower by 6.3% and higher by.4% compared to November 215. Active inventory this November was 15.2% lower than the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $1M + 11.85% $1M - $2M 8.35% $2M - $5M 3.% $5M+.5% 3, ACTIVE INVENTORY 2,5 2, 1,5 1, 1,915 1,597 1,522 1,617 1,9 2,265 2,447 2,47 2,446 2,368 2,468 2,44 2,43 1,725 1,721 1,834 2,193 2,535 2,556 2,556 2,446 2,292 2,459 2,379 2,191 1,95 1,949 2,97 2,419 2,581 2,62 2,66 2,462 2,32 2,5 2,42 2,52 5 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 1,2 1, 8 6 4 2 36 32 467 213 244 269 393 314 2,25 2,2 2,15 2,1 2,5 2, 1,95 2,191 2,43 2,52 3
Washington D.C. Metropolitan Area - November 217 This month s units sold for homes more than $1 Million was higher than at this time last year, an increase of 16.6% versus last November and an increase of 26.% versus November of 215. There was a decrease of 2.5% in luxury units sold in November compared to October of this year. 4 3 2 1 UNITS SOLD Versus Previous Years 273 295 344 7 UNITS SOLD 6 5 546 537 65 4 3 2 1 2 297 193 177 259 34 393 459 428 322 272 274 273 299 166 19 245 357 413 396 412 268 289 295 335 235 252 376 394 452 422 268 353 344 Sold Date City Zip Code RECENT SELECTED LUXURY SALES Final List Price Final Sale Price Sale Price as % of List Price November 3, 217 Mc Lean 2212 $6,, $4,67, 77.8% 62 November 17, 217 Mc Lean 2211 $4,395, $4,25, 96.7% 1 November 9, 217 Mc Lean 2211 $3,85, $3,595, 93.4% 97 November 1, 217 Potomac 2854 $3,488, $3,425, 98.2% 75 November 3, 217 Potomac 2854 $3,175, $2,88, 9.7% 21 November 6, 217 Chevy Chase 2815 $2,625, $2,4, 91.4% 33 November 1, 217 Rockville 2852 $2,395, $2,335, 97.5% 57 November 3, 217 Potomac 2854 $2,495, $2,315, 92.8% 5 November 8, 217 Washington 216 $2,395, $2,3, 96.% 19 November 2, 217 Leesburg 2176 $2,4, $2,25, 93.8% 14 DOM Buyer Long & Foster Represented Seller 4
Washington D.C. Metropolitan Area - November 217 In November, the median sales price for homes more than $1 Million was, similar compared to the same time last year. The current median sales price is higher by 2.% than in October. $1,35, $1,295, $1,29, $1,285, $1,28, $1,287,5 MEDIAN SALES PRICE Versus Previous Years $1,296, $1,45, MEDIAN SALES PRICE $1,4, $1,35, $1,25, $1,2, $1,331,147 $1,35, $1,45, $1,295, $1,284, $1,294,5 $1,275, $1,265, $1,299, $1,337,378 $1,325, $1,34,9 $1,287,5 $1,36, $1,325, $1,347, $1,345, $1,26, $1,31, $1,275, $1,316,574 $1,315,5 $1,249, $1,296, $1,313, $1,39, $1,345, $1,276,25 $1,297, $1,28, $1,325, $1,311,25 $1,357,244 $1,275, $1,15, $1,,, $9,, $8,, $7,, $6,, $5,, $4,, $3,, $2,, $1,, $ $3,98,26 TOTAL DOLLAR VOLUME SOLD $46,946,276 $419,398,514 $518,274,194 Total volume sold this November was 23.6% higher than the same month one year ago. 5
Washington D.C. Metropolitan Area - November 217 In November, the average sale price for homes more than $1 Million was 97.4% of the average list price, which is.5% higher than at this time last year. This month, the average number of days on market was 52, lower than the average last year, which was 6, a decrease of 13.3%. 1% 98% 96% 94% 92% 9% 96.5% 97.% SALE PRICE AS % OF LIST PRICE 96.9% 97.4% 12 1 8 6 4 2 DAYS ON MARKET 97 95 71 72 73 76 6 69 73 5 51 57 53 6 66 68 71 73 63 55 62 65 69 46 56 59 61 63 6 62 62 55 54 49 52 46 45 MONTHS OF SUPPLY In November, there were 6. months of supply available, compared to 7.4 in November of 216. That is a decrease of 18.9% versus a year ago. 12 1 8 6 4 2 9.6 5.4 7.9 9.1 7.3 7.5 6.2 5.4 5.7 7.4 9.1 8.8 7.5 5.8 1.4 9.7 9. 7.1 6.2 4.7 6.2 5.6 9.2 8.2 7.4 5.7 8.3 8.3 6.4 6.6 4.9 4.3 5.5 5.5 9.3 6.9 6. 6
Washington D.C. Metropolitan Area - November 217 References & Definitions WASHINGTON D.C. METROPOLITAN AREA: LISTING SOURCE, REPORTING AREA, & DEFINITION Based on data supplied by Metropolitan Regional Information Systems (MRIS) and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Counties & cities included in this area are: District of Columbia; Arlington, Clarke, Fairfax, Fauquier, Loudoun, Prince William, Spotsylvania, Stafford, Warren Counties and Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas, Manassas Park Cities in Virginia; Calvert, Charles, Prince George s, Frederick, Montgomery Counties in Maryland; Jefferson County in West Virginia. Analysis dates for all regions are November 1, 214 through November 3, 217. MEDIA CONTACT Vicki Bendure, Bendure Communications Email: Vicki@bendurepr.com Phone: (54) 687-336 Contacts & Disclaimers CREATED BY Michael Bystry, Long & Foster Real Estate, Inc. Senior Market Research Analyst DISCLAIMER "Information contained in this report is based on data provided by the local area Multiple Listing Service and its member Association(s) of REALTORS. No representation, expressed or implied, should be taken from information herein. Neither these organizations nor Long & Foster Real Estate, Inc. guarantee or are in any way responsible for the accuracy of these results, which do not reflect all activity in the marketplace. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are November 1, 214 through November 3, 217. Information contained in this report is not limited to transactions done by Long & Foster Real Estate, Inc. The data reported is solely for residential real estate transactions. Information contained in this report is deemed reliable but not guaranteed, should be independently verified and does not constitute an opinion of Long & Foster Real Estate, Inc. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are November 1, 214 through November 3, 217". Material appearing in this report may be reproduced or copied without permission. Please use the following acknowledgement for citation: Source: Long & Foster Real Estate, Inc. and also cite the appropriate MLS. 7