SECOND QUARTER 2015
MARKET REPORT
WASHINGTON, DC
MARYLAND
VIRGINIA
A COMPREHENSIVE ANALYSIS OF THE RESIDENTIAL REAL ESTATE MARKET IN THE WASHINGTON METROPOLITAN AREA
3609 R STREET NW, WASHINGTON DC | LISTED FOR $2,500,000
T
he Mid-Atlantic Region continues to benefit from an extended Spring Market. As of July 1st, new pending sales for the entire region increased almost 14% versus the same period last year, reflecting the slow start that many buyers and sellers experienced coming out of a long winter. The suburban markets in both Fairfax and Montgomery Counties have shown renewed strength with the number of units sold increasing in excess of 10% in both jurisdictions versus the first half of 2014. Washington, DC continues to be at the center of the strong market with total sales volume increasing over 3% in the first half of the year and the median sales price increasing almost 5%. Most sales continue to be consummated at a relatively brisk pace, with the majority of homes listed for less than three weeks. As noted above, the Montgomery County market is strengthening, particularly for homes below $1 million, although thoughtful pricing for listings is increasingly important across all price points. The ratio of average sales price to original list price decreased slightly to 96.7%, slightly below the ratio for both the District of Columbia and Fairfax County. Similarly, the average sales price declined to $715,533 versus $730,402 for detached single family homes with four or more bedrooms. The average days on the market across all price points increased 21% from 47 days to 57 days, making accurate pricing even more important as buyers take longer to make a final decision. As a bellwether for the regional economy, Fairfax County showed notable strength in the first half of 2015. Total sold dollar volume increased almost 12%, and the median sales price increased 3.26%. This activity was led by single family, detached home sales, which increased almost 12%. The upper brackets present significant opportunities for buyers with a robust inventory of 141 units listed for $2.5 m. and higher, many at well below replacement cost. TTR Sotheby’s International Realty continues to lead the markets in which we are active – across all price points. In Northern Virginia, we represented more buyers and sellers than any other brokerage firm in homes selling for $4 m.+ over the past three years. In the downtown Washington market, total sales from our 14th Street office exceeded our closest competitor by over 36% with an average sales price of $725, 198. At the heart of this growth and regardless of price point, we continue to be focused on providing our clients with the highest levels of service coupled with exceptional integrity. In addition, we continue to engage not only the markets, but also the communities in which we live and work. This September, we invite you to join us for several exceptional events enhancing the quality of life of everyone in our community including the Joan Hisaoka “Make A Difference” Gala benefiting Life With Cancer and the CharityWorks Dream Ball benefiting The Yellow Ribbon Fund and Best Buddies. Also, we invite you to join us in September for Celebrate Logan benefiting N Street Village, the perfect way to taste and to experience the City’s hottest restaurant scene. We are grateful for the trust you continue to place in us and we welcome your enquiries. On behalf of the entire TTR Sotheby’s International Realty family of professionals, thank you. Mark C. Lowham Managing Partner, TTR Sotheby’s International Realty
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The Residences at The Ritz-Carlton #PH2A, Georgetown | LISTED FOR $13,950,000
ALEXANDRIA 400 S Washington Street Alexandria, VA 22314 703 310 6800足
SECOND QUARTER 2015
CHEVY CHASE 5454 Wisconsin Avenue Chevy Chase, MD 20815 301 967 3344
DOWNTOWN 1506 14th Street NW Washington, DC 20005 202 234 3344
GEORGETOWN 1206 30th Street NW Washington, DC 20007 202 333 1212
McLEAN 6723 Whittier Avenue McLean, VA 22101 703 319 3344
TTRSIR MARKET REPORT
3
WASHINGTON, DC Statistics for single family home sales across various neighborhoods of Washington, DC.
AMERICAN UNIVERSITY
CLEVELAND PARK
Q2 2014
Q2 2015
%
18
31
72%
AVG SOLD PRICE
$998,460
$980,652
-2%
DAYS ON MARKET
7
11
57%
Q2 2014
Q2 2015
%
42
34
19%
UNITS SOLD
AVG SOLD PRICE
$2,257,881
$2,318,735
3%
DAYS ON MARKET
32
71
122%
Q2 2014
Q2 2015
%
UNITS SOLD
GEORGETOWN UNITS SOLD
CHEVY CHASE UNITS SOLD
Q2 2014
Q2 2015
%
11
16
45%
AVG SOLD PRICE
$2,090,500
$1,448,112
-31%
DAYS ON MARKET
23
31
35%
Q2 2014
Q2 2015
%
26
41
58%
AVG SOLD PRICE
$1,106,331
$1,046,210
-5%
DAYS ON MARKET
37
19
-49%
Q2 2014
Q2 2015
%
UNITS SOLD
CAPITOL HILL
DUPONT
59
48
-19%
UNITS SOLD
11
9
-18%
AVG SOLD PRICE
$1,092,096
$1,088,100
-.5%
AVG SOLD PRICE
$3,162,682
$1,803,962
-43%
DAYS ON MARKET
14
19
35.71%
DAYS ON MARKET
25
17
-32%
3303 Water Street NW #8F, Washington DC | LISTED FOR $9,000,000
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Source: MRIS, 4/1/20156/30/2015. Data deemed reliable, but not guaranteed.
560 N Street SW #8911, Washington DC | LISTED FOR $1,050.000
FOREST HILLS
Q2 2014
Q2 2015
%
6
6
0%
AVG SOLD PRICE
$1,124,167
$1,618,333
44%
DAYS ON MARKET
17
64
276%
Q2 2014
Q2 2015
%
UNITS SOLD
MOUNT PLEASANT UNITS SOLD
Q2 2014
Q2 2015
%
30
19
-37%
AVG SOLD PRICE
$928,479
$999,785
8%
DAYS ON MARKET
7
19
171%
Q2 2014
Q2 2015
%
GLOVER PARK/BURLEITH
UNITS SOLD
SPRING VALLEY
16
20
25%
UNITS SOLD
23
12
-48%
AVG SOLD PRICE
$1,002,678
$944,950
-6%
AVG SOLD PRICE
$2,028,991
$1,481,208
-27%
DAYS ON MARKET
8
10
25%
DAYS ON MARKET
58
30
-48%
KALORAMA
Q2 2014
Q2 2015
%
WESLEY HEIGHTS
Q2 2014
Q2 2015
%
UNITS SOLD
7
12
71%
UNITS SOLD
13
14
8%
AVG SOLD PRICE
$2,406,646
$3,889,667
62%
AVG SOLD PRICE
$1,939,914
$1,172,282
-40%
DAYS ON MARKET
34
75
121%
DAYS ON MARKET
41
48
17%
Q2 2014
Q2 2015
%
Q2 2014
Q2 2015
%
17
17
0%
5
0
-100%
AVG SOLD PRICE
$1,390,594
$1,154,327
-17%
AVG SOLD PRICE
$2,191,000
0
-100%
DAYS ON MARKET
11
8
-27%
DAYS ON MARKET
27
0
-100%
LOGAN UNITS SOLD
SECOND QUARTER 2015
MASS. AVE HEIGHTS UNITS SOLD
Source: MRIS, 4/1/20156/30/2015. Data deemed reliable, but not guaranteed.
TTRSIR MARKET REPORT
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VIRGINIA Statistics for single family home sales across various neighborhoods of Northern Virginia.
4736 Neptune Drive, Alexandria VA | LISTED FOR $3,795,000
ARLINGTON
Q2 2014
Q2 2015
%
UNITS SOLD
426
411
-4%
UNITS SOLD
AVG SOLD PRICE
$868,243
$899,414
4%
DAYS ON MARKET
22
29
32%
Q2 2014
Q2 2015
%
268
284
AVG SOLD PRICE
$651,459
DAYS ON MARKET
Q2 2014
Q2 2015
%
163
177
9%
AVG SOLD PRICE
$1,325,114
$1,258,492
-5%
DAYS ON MARKET
38
56
47%
ALEXANDRIA
Q2 2014
Q2 2015
%
6%
UNITS SOLD
400
394
-2%
$671,711
3%
AVG SOLD PRICE
$737,093
$732,228
-1%
21
23
10%
DAYS ON MARKET
27
27
0%
Q2 2014
Q2 2015
%
Q2 2014
Q2 2015
%
55
69
25%
UNITS SOLD
250
266
6%
AVG SOLD PRICE
$1,284,380
$1,208,304
-6%
AVG SOLD PRICE
$865,627
$829,552
-4%
DAYS ON MARKET
57
46
-19%
DAYS ON MARKET
22
27
23%
FALLS CHURCH UNITS SOLD
GREAT FALLS UNITS SOLD
6
McLEAN
TTRSIR.COM
VIENNA
Source: MRIS, 4/1/2015-6/30/2015. Data deemed reliable, but not guaranteed.
MARYLAND Statistics for single family home sales across various neighborhoods of Maryland.
BETHESDA
Q2 2014
Q2 2015
%
UNITS SOLD
233
266
14%
AVG SOLD PRICE
$1,110,888
$1,105,723
-.5%
DAYS ON MARKET
24
35
46%
Q2 2014
Q2 2015
%
150
183
22%
AVG SOLD PRICE
$1,035,726
$946,698
-9%
DAYS ON MARKET
36
35
11%
Q2 2014
Q2 2015
%
85
87
2%
AVG SOLD PRICE
$1,257,145
$1,273,313
1%
DAYS ON MARKET
28
31
11%
POTOMAC UNITS SOLD
CHEVY CHASE UNITS SOLD
Source: MRIS, 4/1/2015-6/30/2015. Data deemed reliable, but not guaranteed.
6308 Orchid Drive, Bethesda MD I LISTED FOR $1,999,999
15325 Masonwood Drive, Gaithersburg MD | LISTED FOR $7,000,000
SECOND QUARTER 2015
TTRSIR MARKET REPORT
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SOTHEBY’S SOTHEBY’S AUCTION HOUSE
On 22 September, 2015 Sotheby’s London will present the Victory Watch, originally commissioned for Winston Churchill. Churchill said when he received the gift, “I admire so much the care and the quality with which this delicate example of craftsmanship and Swiss precision was realised.” For more info, visit www.sothebys.com
SOTHEBY’S INTERNATIONAL REALTY
In June, we launched our newest publication, which brings together for the first time the world of Sotheby’s and Washington’s finest homes. Rich editorial about art, design and Washington’s most extraordinary properties, delivered to your doorstep and your desktop at www.ttrsir.com
SOTHEBY’S WINE
Sotheby’s will reveal a collection for auction of the most sought-after wines that has been amassed over the last 20 years. Some highlights include Léoville Las Cases 1985, Ducru Beaucaillou 1996 and Léoville Poyferré 2003.
SOTHEBY’S VIEW AT HOME
Our new Sotheby’s View at Home app for iPad allows you to take a self-guided tour through our New York and London exhibition spaces and to view any artwork in the context of your own home. To learn more about this new innovative technology, visit www.sothebys.com
SOTHEBY’S INSTITUTE OF ART
Sotheby’s Institute of Art abroad encourages students to take their studies across the globe. Students have embarked on their art world adventure in places such as The Vatican and the Great Wall of China.
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OUTSTANDING YEAR-TO-DATE RESULTS TTR SOTHEBY’S INTERNATIONAL REALTY
1. THE FILLMORE SCHOOL 1801 35TH STREET NW, WASHINGTON, DC
2. 1129 CREST LANE, MCLEAN VA
3. 4722 DORSETT AVENUE, CHEVY CHASE MD
4. 3317 PROSPECT STREET NW, WASHINGTON, DC
5. 2206 KALORAMA ROAD NW, WASHINGTON DC
6. 906 CREEK DRIVE, ANNAPOLIS MD
1. 1801 35th Street NW, Washington DC 20007 | Listed for $14,000,000, Sold for $16,500,000 2. 1129 Crest Lane, McLean VA 22101 | Under Contract I Listed for $5,895,000 3. 4722 Dorset Avenue, Chevy Chase MD 20815* | Sold for $4,200,000 4. 3317 Prospect Street NW, Washington DC 20007* | Sold for $4,100,000 5. 2206 Kalorama Road NW, Washington DC 20008* | List Price $3,900,000 6. 906 Creek Drive, Annapolis MD 21403* | Sold for $3,250,000 *TTR Sotheby’s International Realty represented the buyer SECOND QUARTER 2015
TTRSIR MARKET REPORT
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CONDOS & CO-OP SALES Sales statistics for Washington DC, Virginia, and Maryland.
WASHINGTON, DC CAPITOL HILL
Q2 2014
Q2 2015
%
KALORAMA
Q2 2014
Q2 2015
%
15
10
-33%
UNITS SOLD
47
60
28%
AVG SOLD PRICE
$326,073
$388,575
19%
AVG SOLD PRICE
$528,310
$596,897
13%
DAYS ON MARKET
33
50
52%
DAYS ON MARKET
24
21
-13%
DOWNTOWN
Q2 2014
Q2 2015
%
Q2 2014
Q2 2015
%
UNITS SOLD
45
33
-27%
UNITS SOLD
55
45
-18%
AVG SOLD PRICE
$583,078
$703,682
21%
AVG SOLD PRICE
$660,986
$698,807
6%
DAYS ON MARKET
16
16
0%
DAYS ON MARKET
13
13
0%
Q2 2014
Q2 2015
%
MOUNT PLEASANT
Q2 2014
Q2 2015
%
32
39
22%
UNITS SOLD
65
62
-5%
AVG SOLD PRICE
$427,981
$522,056
22%
AVG SOLD PRICE
$521,428
$466,032
-11%
DAYS ON MARKET
54
47
13%
DAYS ON MARKET
20
30
50%
FOGGY BOTTOM/ WEST END
Q2 2014
Q2 2015
%
Q2 2014
Q2 2015
%
18
34
89%
UNITS SOLD
13
16
23%
AVG SOLD PRICE
$379,213
$375,544
-1%
AVG SOLD PRICE
$599,965
$862,519
44%
DAYS ON MARKET
19
34
79%
DAYS ON MARKET
8
23
188%
Q2 2014
Q2 2015
%
Q2 2014
Q2 2015
%
15
21
40%
UNITS SOLD
25
19
-24%
AVG SOLD PRICE
$1,100,555
$1,022,305
-7%
AVG SOLD PRICE
$447,040
$480,163
7%
DAYS ON MARKET
73
117
60%
DAYS ON MARKET
47
45
-4%
UNITS SOLD
DUPONT UNITS SOLD
UNITS SOLD
GEORGETOWN UNITS SOLD
12025 New Dominion Pkwy #403, Reston VA LISTED FOR $1,795,000
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LOGAN
SHAW
WESLEY HEIGHTS/ CATHEDRAL
Source: MRIS, 4/1/20156/30/2015. Data deemed reliable, but not guaranteed.
4301 Military Road NW #710, Washington DC LISTED FOR $2,495,000
8101 River Road #441, Bethesda MD | LISTED FOR $4,199,000
1837 Kalorama Road NW #E, Washington DC LISTED FOR $995,000
635 Q Street NW, Washington DC | LISTED FOR $899,000
VIRGINIA ARLINGTON
Q2 2014
Q2 2015
%
McLEAN
UNITS SOLD
446
478
7%
UNITS SOLD
AVG SOLD PRICE
$412,856
$440,524
6.70%
DAYS ON MARKET
28
34
21%
BETHESDA
Q2 2014
Q2 2015
%
CHEVY CHASE
UNITS SOLD
92
94
2%
UNITS SOLD
AVG SOLD PRICE
$380,668
$455,180
20%
DAYS ON MARKET
36
37
3%
Q2 2014
Q2 2015
%
52
74
42%
AVG SOLD PRICE
$403,213
$377,682
-6%
DAYS ON MARKET
23
43
87%
Q2 2014
Q2 2015
%
34
50
47%
AVG SOLD PRICE
$867,495
$836,625
-4%
DAYS ON MARKET
24
41
71%
MARYLAND
SECOND QUARTER 2015
Source: MRIS, 4/1/20156/30/2015. Data deemed reliable, but not guaranteed.
TTRSIR MARKET REPORT
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626 Chain Bridge Road, McLean VA | LISTED FOR $6,495,000
SOLD DOLLAR VOLUME
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
YTD
% change
YTD
% change
YTD
% change
$2,499,448,998
3%
$520,500
5%
49
-2%
ARLINGTON COUNTY, VA
$903,039,332
8%
$556,750
6%
49
32%
FAIRFAX COUNTY, VA
$4,019,471,810
12%
$475,000
3%
50
22%
ALEXANDRIA CITY, VA
$1,256,669,955
7%
$451,400
4%
53
13%
MONTGOMERY COUNTY, MD
$2,874,134,743
9%
$400,000
0%
57
21%
WASHINGTON, DC
SAVE THE DATES
JOAN HISAOKA GALA SATURDAY, SEPTEMBER 19, 2015 The Joan Hisaoka “Make a Difference” gala is a charity event to support Life With Cancer, The Smith Center, and the Brem Foundation.
joanhisaokagala.org
CHARITY WORKS DREAM BALL SATURDAY, SEPTEMBER 26, 2015
CELEBRATE LOGAN SATURDAY, SEPTEMBER 19, 2015
This annual fundraiser offers a magical evening of cocktails, dinner, and dancing to support Best Buddies and The Yellow Ribbon Fund.
Celebrate Logan is an exclusive three hour tasting event that supports N Street Village, and organization devoted to women and their recovery and empowerment.
charityworksdc.org
celebratelogan.org
This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. ©MMXV Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned And Operated. SIR1