Luxury condos in D.C. sell just as fast as those in Silicon Valley, according to a new report by a real estate firm.
WASHINGTON — High-end condos in the District don’t stay on the market long, according to Coldwell Banker Real Estate LLC’s new report on luxury residential sales, which profiles nearly 50 “Power Markets.”
Coldwell Banker analyzed the top 5 percent and 10 percent of active listings sold in 2017 and said D.C. tied Silicon Valley for how quickly high-end condos moved, with a median number of just nine days on the market.
“A two to three-bedroom luxury condo in D.C. may cost anywhere between $1 million and $1.5 million today — compared to $850,000 to $900,000 in 2014,” said James Braeu, branch vice president of Coldwell Banker Residential Brokerage in Dupont-Logan.
“Back then, people were saying, ‘Who would pay a million for a condo?’ But now they’re doing it. The most remarkable change we saw last year was that prices were increasing so quickly due to lack of inventory,” he said.
The median sales price for the top 5 percent of the attached market in D.C. hit $1.75 million, or $610 per square foot in 2017.
Seattle came in third for quick luxury condo sales, at 14 median days on the market.
The report also breaks down the most affordable luxury condos and single-family homes and least affordable based on price-per-square-foot 2017 sales.
Raleigh-Durham, North Carolina, topped the affordable luxury list, at a median price per square foot for single family homes of $171.
The most expensive in 2017 was the Los Angeles area, which includes neighboring towns such as Santa Monica and Malibu, where the median price per square foot for the top 5 percent of single-family homes was $2,044 last year.
Vail, Colorado, took the top spot for condos, at $1,497 per square foot.
Coldwell Banker also predicts the Amazon headquarters selection will fuel even healthier sales of luxury homes. It said 14 out of the 20 Amazon HQ2 finalists are in the report’s Power Markets, including Fairfax, Virginia; Montgomery County, Maryland; and Washington, D.C.
Like WTOP on Facebook and follow @WTOP on Twitter to engage in conversation about this article and others.