Montgomery County Maryland Luxury Housing Market Update May 218
Montgomery County, Maryland - May 218 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 664 New Listings 266 Units Sold 14 Median Sale Price $1,299, 7 65 6 55 5 45 4 35 3 35 3 25 2 15 1 5 16 14 12 1 8 6 4 2 $1,45, $1,4, $1,35, $1,3, $1,25, $1,2, Up 4.2% Up 15.2% Up 2.7% Up 2.1% 2
Montgomery County, Maryland - May 218 Compared to last May, the total number of homes more than $1 Million available this month was higher by 4.2% and higher by 11.% compared to May 216. Active inventory this May was 3.9% higher than the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $1M + 24.73% $1M - $2M 17.69% $2M - $5M 6.44% $5M+.6% 7 6 5 4 3 2 1 ACTIVE INVENTORY 599 62 57 527 584 568 487 394 382 4 5 611 598 619 572 537 592 585 533 466 471 487 573 636 637 655 61 556 626 584 491 44 4 418 537 639 664 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 35 3 25 2 15 1 5 247 19 119 128 12 231 266 144 68 66 64 62 6 58 56 664 637 598 3
Montgomery County, Maryland - May 218 This month s units sold for homes more than $1 Million was higher than at this time last year, an increase of 2.7% versus last May and an increase of 41.4% versus May of 216. There was an increase of 34.6% in luxury units sold in May compared to April of this year. 15 1 5 99 UNITS SOLD Versus Previous Years 116 14 16 UNITS SOLD 14 12 1 8 6 4 2 9 12 129 12 73 54 72 72 39 51 55 14 99 144 95 18 57 69 61 79 49 68 94 118 116 14 92 19 54 56 87 81 44 36 14 14 14 Sold Date City Zip Code RECENT SELECTED LUXURY SALES Final List Price Final Sale Price Sale Price as % of List Price May 29, 218 Chevy Chase 2815 $2,949, $2,925, 99.2% 214 May 11, 218 Bethesda 2814 $3,495, $2,85, 81.5% 85 May 31, 218 Chevy Chase 2815 $2,195, $2,315, 15.5% 11 May 14, 218 Chevy Chase 2815 $2,25, $2,165, 96.2% 12 May 17, 218 Potomac 2854 $2,298, $2,15, 93.6% 63 May 3, 218 Potomac 2854 $1,875, $1,875, 1.% 4 May 18, 218 Bethesda 2816 $1,949, $1,868, 95.8% 3 May 1, 218 Chevy Chase 2815 $1,925, $1,85, 96.1% 212 May 31, 218 Chevy Chase 2815 $1,999, $1,85, 92.5% 315 May 31, 218 Potomac 2854 $1,795, $1,74, 96.9% 46 DOM Buyer Long & Foster Represented Seller 4
Montgomery County, Maryland - May 218 In May, the median sales price for homes more than $1 Million was $1,299,, an increase of 2.1% compared to last year. The current median sales price is approximately the same as April. $1,31, $1,3, $1,29, $1,28, $1,27, $1,26, $1,25, $1,24, $1,26, MEDIAN SALES PRICE Versus Previous Years $1,272,5 $1,299, $1,45, MEDIAN SALES PRICE $1,4, $1,35, $1,3, $1,25, $1,2, $1,15, $1,39,25 $1,3, $1,3, $1,295, $1,415, $1,262,5 $1,249,5 $1,365, $1,255, $1,376, $1,33, $1,315,5 $1,26, $1,31,25 $1,35, $1,36, $1,375, $1,225, $1,38, $1,315, $1,26, $1,47,5 $1,287,5 $1,357,5 $1,272,5 $1,35, $1,349,5 $1,345, $1,32,625 $1,286,673 $1,3, $1,4, $1,3, $1,387,5 $1,259,65 $1,292, $1,299, $1,1, $25,, TOTAL DOLLAR VOLUME SOLD $2,, $15,, $1,, Total volume sold this May was 22.7% higher than the same month one year ago. $5,, $ $127,345,156 $14,96,229 $165,464,61 $23,56,66 5
Montgomery County, Maryland - May 218 In May, the average sale price for homes more than $1 Million was 97.8% of the average list price, which is 1.5% higher than at this time last year. This month, the average number of days on market was 42, lower than the average last year, which was 73, a decrease of 42.5%. 1% 98.1% 98% 96% 94% 92% 9% SALE PRICE AS % OF LIST PRICE 97.1% 96.3% 97.8% DAYS ON MARKET 12 1 8 6 4 2 77 67 63 49 42 42 37 15 69 94 8 73 77 81 74 73 65 65 58 61 67 58 62 58 51 5 54 44 43 43 99 92 84 64 71 49 42 MONTHS OF SUPPLY In May, there were 4.7 months of supply available, compared to 5.5 in May of 217. That is a decrease of 14.5% versus a year ago. 14 12 1 8 6 4 2 6.7 5. 4.4 5.2 8. 1.5 6.8 5.5 9.8 7.8 9.1 5.9 6. 4.3 6. 5. 1.4 8.5 8.7 5.9 9.6 7.2 6.1 5.4 5.5 4.7 6.6 5.1 11.6 1.4 5.6 5. 9.1 11.6 5.2 6.1 4.7 6
Montgomery County, Maryland - May 218 References & Definitions MONTGOMERY, MD: 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 Montgomery, Maryland only. Analysis dates for all regions are May 1, 215 through May 31, 218. 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 May 1, 215 through May 31, 218. 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 May 1, 215 through May 31, 218". 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