1 in 8 Washington residential listings $1M or more

WASHINGTON — The number of pricey residential real estate listings on the market in the Washington metropolitan area continues to grow, with 12.09 percent of all listings in December priced at $1 million or more.

That’s 9.6 higher than a year ago, and more than 18 percent higher than two years ago.

Long & Foster’s LuxInsight report says 1,866 residential properties on the market last month were seven-figure listings. Of those listings, 8.4 percent were priced between $1 million and $2 million, 3.2 percent were priced between $2 million and $5 million and 0.5 percent were priced at $5 million or more.

Those high-end properties are also selling. Compared to a year ago, $1 million-plus sales that closed in December were up 7.4 percent.

The median price in the $1 million-plus category ($1.3 million) is 3.7 percent below the median price in the category in December 2015. Houses and condos in that price range are selling a little faster, and sellers are getting, for the most part, what they want.

Long & Foster says the average number of days on the market in the seven-figure category was 68 days, compared to 95 days a year earlier.  The average sale price was 96.8 percent of the average list price, a 1.2 percent year-over-year increase.

You can read Long & Foster’s complete LuxInsight report here.

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