One-in-nine houses and condos currently on the market in Washington is listed for $1 million or more, and seven-figure sales are up.
Long & Foster’s Luxury Insight report says 10.8 percent of the current residential inventory for sale is listed at $1 million or more. There are 85 homes currently on the market for $5 million or more.
Long & Foster says 281 houses and condos went for $1 million or more in April, up 6.8 percent from a year ago, and up 36 percent from two years ago.
Active inventory of seven-figure properties is up 11.6 percent from April 2013.
Seven-figure properties take longer to sell, but they’re selling faster. Long & Foster says properties that sold for $1 million or more last month were on the market an average of 65 days, selling almost twice as fast as 15 months ago.
One $2.2 million property represented by Long & Foster in Chevy Chase, Maryland was on the market for just one day. A $3.2 million home in Bethesda found a buyer in 10 days.
Last month’s highest priced sale in the Washington region was a Georgetown mansion that sold for $16.1 million.
© 2014 American City Business Journals, Inc.