WASHINGTON — Seven-figure home listings in the Washington market are increasingly common, representing 12.84 percent of all listings in February, but sales of million-dollar-plus listings have slowed.
High-end sellers are holding out for their prices, and largely getting them.
Long & Foster Real Estate’s LuxInsight report said active inventory in the high-end market in February was 5.3 percent higher than the previous month’s supply. The number of homes for more than $1 million that sold in February was 22.6 percent lower than a year ago.
Seven-figure listings that sold in February were on the market an average of 77 days, 5.5 percent longer than a year ago, but those sellers ended up getting 97.4 percent of their list prices, 0.5 percent higher than this time last year.
Among listings that are priced at $1 million or more, the median price is $1,350,000, about the same as a year earlier.
A million dollars is just entry level to the luxury market in the D.C. area.
Among high-end listings, 9.2 percent in February were priced between $1 million and $2 million, and 3.1 percent were priced between $2 million and $5 million.
About 0.54 percent of those high-end listings were priced at $5 million or more.
The most expensive residential sale in the Washington area in February was a 6,800-square-foot estate in D.C.’s Kalorama neighborhood that sold for $9 million, according to listing service Bright MLS, about $975,000 less than its original list price.
