More $1m houses sold in DC than any other city

[Anonymous]

I was a bit surprised by these figures for 1st quarter.

DISTRICT OF COLUMBIA
135 homes sold for more than $1 million in Q1 2013, up 22% from 2012.
These homes achieved 94% of their list price and were on the market for an average of 78 days.

THE CITY OF ALEXANDRIA, VIRGINIA
12 homes sold for more than $1 million in Q1 2013, the same number that sold in 2012.
These homes achieved 90% of their list price and were on the market for an average of 118 days.
See all homes for sale in the City of Alexandria.

ARLINGTON COUNTY, VIRGINIA
54 homes sold for more than $1 million in Q1 2013, up 64% from 2012.
These homes achieved 90% of their list price and were on the market for an average of 127 days.

FAIRFAX COUNTY, VIRGINIA
139 homes sold for more than $1 million in Q1 2013, up 20% from 2012.
These homes achieved 92% of their list price and were on the market for an average of 136 days.

MONTGOMERY COUNTY, MARYLAND
112 homes sold for more than $1 million in Q1 2013, up 23% from 2012.
These homes achieved 89% of their list price and were on the market for an average of 147 days.

[Anonymous]

This is meaningless without knowing what percent of the whole market each has.
It's obviously not a huge percent.

[Anonymous]

Why is this surprising? I'm serious. Can you articulate why?

My hunch is that surprised people will know their personal target (or dream) neighborhood well - the one with the $ homes - and forget about the rest of that jurisdiction.

So, yes, Lyon village. But remember crystal city and four mile run. Sure, great falls. But then there's Annandale and Burke and on and on.

[Anonymous]

You're surprised there's more demand and deeper pockets in the District than the suburbs? Have you been under a rock for the last decade?

[Anonymous]

Golly, peeps. No need to be pissy about the OP's apparent "ignorance" as compared with your apparent "knowledge superiority." Please think before you type.

As a DC native, it's definitely interesting to see how the tides have turned. Back 20, 30 years ago, there were pockets of expensive homes in DC, but now the geography of $$$ real estate has expanded in the district. What was once red-light, is now up-and-coming. Given that our economy is in the toilet, where have all the low income folks gone?

I'd say this is a moment to reflect on the dire straits of the affordable housing market and the people who need it.

[Anonymous]

Given that our economy is in the toilet, where have all the low income folks gone?

I'd say this is a moment to reflect on the dire straits of the affordable housing market and the people who need it.

For those who pay their own way .... "affordable housing" is in PG County. Part of Alexandria, parts of S. Arlington. Charles County, Carroll County, Spotsylvania, Warrenton and Culpepper. Prince William County.

For those who DON'T pay their own way, and who live in all- or almost-all subsidized gov't-owned housing, they're largely still in the District. But obviously, they're not home owners / home buyers so they're not included in the ^^^ stats discussed here. Yes, I realize this is not technically affordable housing, because these people don't need to afford anything since DC and the Feds pick up the tab. But I mention it to point out there are still plenty of POOR people in the District

[Anonymous]

Anonymous wrote:You're surprised there's more demand and deeper pockets in the District than the suburbs? Have you been under a rock for the last decade?

Let's see. There were more $1M+ sales in Fairfax alone (139) than in DC (135). Add in the 178 homes in the other jurisdictions and it's even clearer that most of the demand and deep pockets continue to reside outside DC.

Did you misplace your calculator for the last decade?