Fairfax County Virginia Luxury Housing Market Update September 218
Fairfax County, Virginia - September 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 757 New Listings 212 Units Sold Median Sale Price $1,387,5 1,2 92 82 72 62 52 42 4 35 3 25 2 15 1 5 18 16 14 12 1 8 6 4 2 $1,55, $1,5, $1,45, $1,4, $1,35, $1,3, $1,25, $1,2, $1,15, Down -2.3% Up 5.% Up 1.% Down -9.3% 2
Fairfax County, Virginia - September 218 Compared to last September, the total number of homes more than $1 Million available this month was lower by 2.3% and lower by 1.3% compared to September 216. Active inventory this September was.7% higher than the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $1M + 21.83% $1M - $2M 16.32% $2M - $5M 4.96% $5M+.55% 1, 9 8 7 6 5 4 3 2 1 ACTIVE INVENTORY 926 8 724 614 62 691 836 939 927 921 885 833 844 816 733 629 648 73 777 843 86 84 84 767 775 726 596 528 528 595 685 791 836 845 83 752 757 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 4 35 3 25 2 15 29 213 22 212 9 85 8 844 1 5 67 78 75 75 7 775 757 3
Fairfax County, Virginia - September 218 This month s units sold for homes more than $1 Million was higher than at this time last year, an increase of 1.% versus last September and a decrease of 1.8% versus September of 216. There was a decrease of 36.5% in luxury units sold in September compared to August of this year. 8 6 4 2 UNITS SOLD Versus Previous Years 6 18 16 14 12 1 8 6 4 2 UNITS SOLD 63 73 5 79 36 51 69 94 99 153 99 16 83 7 92 65 51 13 91 14 151 125 119 6 97 89 95 59 39 81 99 137 141 124 14 Sold Date City Zip Code RECENT SELECTED LUXURY SALES Final List Price Final Sale Price Sale Price as % of List Price September 1, 218 Mc Lean 2212 $3,9, $4,62,948 118.% 176 September 14, 218 Mc Lean 2211 $3,85, $3,795, 98.6% 23 September 6, 218 Great Falls 22 $1,995, $1,86, 93.2% 18 September 28, 218 Vienna 22182 $1,549, $1,45, 93.6% 78 September 6, 218 Herndon 2171 $1,549, $1,435, 92.6% 39 September 19, 218 Herndon 217 $1,43,634 $1,429,344 99.9% 1 September 28, 218 Alexandria 2238 $1,439, $1,42, 98.7% 1 September 11, 218 Mc Lean 2211 $1,45, $1,27, 87.6% 183 September 19, 218 Vienna 22181 $1,15, $1,15, 1.% 4 September 5, 218 Vienna 22182 $1,175, $1,136, 96.7% 19 DOM Buyer Long & Foster Represented Seller 4
Fairfax County, Virginia - September 218 In September, the median sales price for homes more than $1 Million was $1,387,5, a decrease of 9.3% compared to last year. The current median sales price was higher by 9.2% than in August. $1,6, $1,5, $1,4, $1,3, $1,2, $1,1, $1,3, MEDIAN SALES PRICE Versus Previous Years $1,529, $1,387,5 $1,8, MEDIAN SALES PRICE $1,6, $1,4, $1,2, $1,, $8, $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, $1,275, $1,23, $1,529, $1,3, $1,255, $1,275, $1,29, $1,332,5 $1,265, $1,325, $1,31, $1,285, $1,272, $1,27,642 $1,387,5 $6, $4, $2, $ $25,, TOTAL DOLLAR VOLUME SOLD $2,, $15,, $1,, Total volume sold this September was.6% lower than the same month one year ago. $5,, $ $95,69,524 $15,312,433 $99,213,91 $98,5,492 5
Fairfax County, Virginia - September 218 In September, the average sale price for homes more than $1 Million was 98.8% of the average list price, which is 1.7% higher than at this time last year. 1% 98% 96% SALE PRICE AS % OF LIST PRICE 96.9% 97.3% 97.1% 98.8% This month, the average number of days on market was 57, lower than the average last year, which was 89, a decrease of 3%. 94% 92% 9% 12 1 8 6 4 DAYS ON MARKET 12 95 98 9 98 13 16 9 9513 89 93 99 79 71 73 88 88 62 64 78 81 78 67 61 64 65 63 57 57 52 5 5 47 2 In September, there were 11. months of supply available, compared to 12. in September of 217. That is a decrease of 8.3% versus a year ago. 18 16 14 12 1 8 6 4 2 14. 11. 14. 7. 17. 13. 12. 9. 9. 8. 7. MONTHS OF SUPPLY 11. 9. 1. 9. 13. 7. 9. 5. 12. 7. 5. 8. 15. 8. 7. 5. 7. 11. 6
Fairfax County, Virginia - September 218 References & Definitions FAIRFAX, VA: LISTING SOURCE, REPORTING AREA, & DEFINITION Based on data supplied by Bright 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 September 1, 215 through September 3, 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 September 1, 215 through September 3, 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 September 1, 215 through September 3, 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