Courtesy of Mak Geodde
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 high-end 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
Homes $1 Million+
INVENTORY PRICE RANGES
Compared to last August, the total number of homes more than $1 Million available this month was lower by 22.1% and lower by 22.0% compared to August 2018.
Active inventory this August was 7.3% lower than the previous month’s supply of available inventory.
ACTIVE INVENTORY
Homes $1 Million+
NEW LISTINGS & NEW CONTRACTS
Homes $1 Million+
ACTIVE INVENTORY
Versus Previous Years
Homes $1 Million+
UNITS SOLD
Versus Previous Years
Homes $1 Million+
This month’s units sold for homes more than $1 Million was higher than at this time last year, an increase of 35.6% versus last August and an increase of 70.5% versus August of 2018.
There was a decrease of 16.4% in luxury units sold in August compared to July of this year.
UNITS SOLD
Homes $1 Million+
RECENT SELECTED LUXURY SALES
Homes $1 Million
MEDIAN SALES PRICE
Versus Previous Years
Homes $1 Million+
In August, the median sales price for homes more than $1 Million was $1,375,000, an increase of 9.5% compared to last year.
The current median sales price was higher by 7.4% than in July.
MEDIAN SALES PRICE
Homes $1 Million+
TOTAL DOLLAR VOLUME SOLD
Homes $1 Million+
Total volume sold this August was 37.0% higher than the same month one year ago.
SALE PRICE AS % OF LIST PRICE
Homes $1 Million+
In August, the average sale price for homes more than $1 Million was 98.6% of the average list price, which is 1.1% higher than at this time last year.
This month, the average number of days on market was 45, lower than the average last year, which was 49, a decrease of 8.2%.
DAYS ON MARKET
Homes $1 Million+
MONTHS OF SUPPLY
Homes $1 Million+
In August, there were 3.1 months of supply available, compared to 5.4 in August of 2019. That is a decrease of 42.6% versus a year ago.
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 August 1, 2017 through August 31, 2020.
Contacts & Disclaimers
MEDIA CONTACT
Vicki Bendure, Bendure Communications
Email: Vicki@bendurepr.com
Phone: (540) 687-3360
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 August 1, 2017 through August 31, 2020. 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 August 1, 2017 through August 31, 2020″.
Source: Long & Foster Real Estate, Inc.
