Long & Foster’s Quarterly Capital Region Market Report details trends in luxury real estate
Home sales remained relatively unchanged in the second quarter of 2018, as tightening inventory continue to affect the housing market in the Capital Region and across the country. In the greater D.C. metro area, the overall number of homes for sale dropped almost 15 percent in the second quarter compared to the year prior, according to the Long & Foster | Christie’s International Real Estate 2018 Q2 Quarterly Capital Region Market Report.
The luxury market—homes above $1 million in the Capital Region—was less afflicted by inventory challenges, but it, too, saw a 2 percent decline of properties for sale. With fewer houses on the market, homes sold faster and often for more money than in the past. The number of days that properties were listed on the market before selling dropped by double-digits in D.C., Northern Virginia and Montgomery Country, Maryland.
“The luxury real estate market in the greater D.C. region is complex and ever-changing market, but it also presents tremendous opportunities for both buyers and sellers,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “If you are looking for a real estate partner to help you navigate these conditions, Long & Foster | Christie’s has 50 years of real estate expertise in the area and ranks as the region’s No. 1 brokerage, both in traditional and luxury real estate sales.“
Within Washington, D.C., luxury home sales increased by 4.3 percent in the second quarter of the year, while median sale prices saw no change. Average monthly inventory increased by 10.2 percent, and the days on market dropped 13.8 percent to just 25 days. D.C.’s most prominent luxury neighborhoods—as rated by the percent of active listings over $1 million—included Spring Valley with 94 percent of listings falling into the luxury category, Kent with 87 percent and Georgetown with 65 percent.
Luxury real estate sales declined slightly in Northern Virginia in the second quarter of 2018, with units sold down by 4.5 percent. Average monthly inventory also dropped by 5.1 percent compared to the second quarter of 2017, while median sale prices rose 2.1 percent. The average time properties spent on the market declined by 16.9 percent, selling much faster than the same quarter last year. The Northern Virginia areas with most luxury homes on the market included Great Falls, which had 65 percent luxury property listings, as well as McLean with 53 percent and Vienna with 34 percent.
In Montgomery County, Maryland, the number of luxury properties sold in the second quarter rose by 8.3 percent. Average monthly inventory of luxury homes for sale declined by a slight 1.1 percent for the quarter, and the median sale price decreased by 1.8 percent. The average marketing time dropped 14.8 percent to 46 days, down from 54 days in the same quarter in 2017. Among the area’s luxury neighborhoods, Potomac had the highest percent of luxury listings at 54 percent, followed by Chevy Chase at 47 percent and Cabin John at 46 percent.
In addition to highlighting major trends in the D.C. region, the Long & Foster | Christie’s Capital Region Market Report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. To view the report in its entirety, visit https://mydigitalpublication.com/view/long-and-foster/market-report-capital-region/2018-q2-capital-region-market-report.
For more information about Long & Foster, visit LongandFoster.com.