Fairfax County Virginia Luxury Housing Market Update November 217
Fairfax County, Virginia - 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 573 New Listings 91 Units Sold Median Sale Price $1,252, 4 35 3 25 2 15 1 5 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 18 16 14 12 1 8 6 4 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 $1,55, $1,5, $1,45, $1,4, $1,35, $1,3, $1,25, $1,2, $1,15, 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 -21.6% Down -3.5% Up 22.9% Down -3.8% 2
Fairfax County, Virginia - November 217 Compared to last November, the total number of homes more than $1 Million available this month was lower by 21.6% and lower by 2.9% compared to November 215. Active inventory this November was 2.% lower than the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $1M + 21.62% $1M - $2M 15.85% $2M - $5M 5.17% $5M+.6% 1, 9 8 7 6 5 4 3 2 1 ACTIVE INVENTORY 638 545 539 579 67 823 931 939 937 919 926 874 724 614 62 691 835 938 926 92 884 832 843 814 731 627 646 699 773 839 856 836 799 763 766 716 573 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 4 35 3 25 2 15 1 5 112 63 53 131 73 91 96 8 6 4 2 724 731 573 3
Fairfax County, Virginia - November 217 This month s units sold for homes more than $1 Million was higher than at this time last year, an increase of 22.9% versus last November and an increase of 72.% versus November of 215. There was a decrease of 9.5% in luxury units sold in November compared to October of this year. 1 8 6 4 2 5 UNITS SOLD Versus Previous Years 7 18 16 14 12 1 8 6 4 2 52 76 47 47 65 75 112 126 12 83 63 73 5 79 36 51 UNITS SOLD 69 94 99 153 99 16 74 83 7 92 65 51 12 91 137 151 124 117 6 95 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 14, 217 Mc Lean 2211 $2,149,9 $1,887,5 87.8% 147 November 22, 217 Great Falls 2266 $1,925, $1,, 96.6% 481 November 29, 217 Great Falls 2266 $1,749,9 $1,75, 1.% 47 November 15, 217 Lorton 2279 $1,749, $1,7, 97.2% 9 November 15, 217 Great Falls 2266 $1,699, $1,66, 97.7% 1 November 15, 217 Reston 2191 $1,625, $1,625, 1.% 2 November 13, 217 Vienna 22182 $1,645, $1,475, 89.7% 47 DOM Buyer Long & Foster Represented Seller 4
Fairfax County, Virginia - November 217 In November, the median sales price for homes more than $1 Million was $1,252,, a decrease of 3.8% compared to last year. The current median sales price was lower by 3.7% than in October. $1,32, $1,3, $1,28, $1,26, $1,24, $1,22, $1,37,5 MEDIAN SALES PRICE Versus Previous Years $1,31,25 $1,252, $1,8, MEDIAN SALES PRICE $1,6, $1,4, $1,2, $1,, $8, $1,355,857 $1,38, $1,359, $1,215, $1,28, $1,275, $1,24, $1,256,25 $1,289, $1,293, $1,25, $1,295, $1,37,5 $1,412, $1,285, $1,311,5 $1,31, $1,3, $1,225, $1,28, $1,275, $1,273,75 $1,3, $1,325, $1,31,25 $1,34,75 $1,324,83 $1,32, $1,26, $1,276, $1,25, $1,265, $1,278, $1,23, $1,529, $1,3, $1,252, $6, $4, $2, $ $25,, TOTAL DOLLAR VOLUME SOLD $2,, $15,, $1,, Total volume sold this November was 36.7% higher than the same month one year ago. $5,, $ $79,577,56 $72,963,289 $95,461,817 $13,469,445 5
Fairfax County, Virginia - November 217 In November, the average sale price for homes more than $1 Million was 96.1% of the average list price, which is similar compared to a year ago. This month, the average number of days on market was 65, lower than the average last year, which was 74, a decrease of 12.2%. 1% 98% 96% 94% 92% 9% 95.7% 95.3% 96.% SALE PRICE AS % OF LIST PRICE 96.1% 12 1 8 6 4 DAYS ON MARKET 1 11 12 95 98 88 9 98 13 16 9 9513 89 97 79 71 88 67 81 61 62 62 78 82 79 71 74 68 57 61 63 65 55 57 52 2 MONTHS OF SUPPLY In November, there were 6.7 months of supply available, compared to 1.4 in November of 216. That is a decrease of 35.6% versus a year ago. 2 15 1 5 12.3 7.2 11.5 12.3 1.3 11. 8.3 7.5 7.8 11.1 14.7 12. 14.5 7.8 17.2 13.6 12.1 1. 9.4 6. 8.9 7.9 11.4 9.8 1.4 6.8 9.9 13.7 7.6 9.2 6.3 5.5 6.4 6.5 12.8 7.5 6.7 6
Fairfax County, Virginia - November 217 References & Definitions FAIRFAX, VA: LISTING SOURCE, REPORTING AREA, & DEFINITION Based on data supplied by the Metropolitan Regional Information Systems (MRIS) MLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. This report includes coverage for the county of Fairfax, Virginia only. 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