A total of 2742 homes sold in 2018 versus 2713 in 2019 regardless of price range or type*. This shows a consistent performance January over January and is a good indicator of a stable market.
Luxury homes are properties priced $2M+. The activity of this market is an excellent indicator of how the entire market is performing. 2019 is off to a great start by surpassing the sales of 2018. Although there were only three more sales in 2019 than 2018, the average sales price increase by over $500,000 in the top tier.
Another noteworthy statistic is that the average days on market went from 102 in 2018 to 69 this January.
Washington has the most sales in the upper brackets year over year followed by Bethesda/Chevy Chase MD and then McLean/Arlington VA.
You can’t predict and entire year based on one month’s worth of inventory, but 2019 is off to a strong start. There is a consistent number of contracts written, the prices have increased and the days on market have decreased. What Buyers are seeing is lack of quality inventory. They are willing to spend the money to purchase homes, but they expect those homes to meet all their criteria and be in excellent condition.
*Data collected is based on contracts written from January 1st to January 31st 2018 verses 2019.