YEAR-END 2013
LUXURY REPORT WASHINGTON DC
MARYLAND
VIRGINIA
A COMPREHENSIVE ANALYSIS OF THE RESIDENTIAL REAL ESTATE MARKET IN THE WASHINGTON METROPOLITAN AREA
ttrsir.com
O
n behalf of our team of dedicated professionals at TTR Sotheby’s International Realty, we are pleased to present this comprehensive market summary for the Washington metropolitan area.
Several key factors drove the market in 2013; first, the region faced a notable shortage of inventory as our region added over 20,000 new jobs and more individuals continued to move to the area. At the same time, interest rates remain at historically low levels with 30-year fixed conventional loans available at around 4%. These factors provided upward pressure on prices across most regional markets and diffused the dampening affects of sequestration and the temporary government shutdown. In fact, the median sales price in Washington, DC increased 10% in 2013, and the average days on market dropped by as much as 50% in some local submarkets. Despite low inventory levels and challenges in the market in 2013, TTR Sotheby’s International Realty continued its robust growth, achieving a 33% increase in sales volume over 2012 and positioning our firm once again as the fastest growing luxury brokerage firm in the region. As we look ahead to 2014, all indications point to another strong year in the real estate market in the Washington metropolitan area. We continue to add jobs at a healthy pace, and interest rates are poised to remain at historically low levels. As a result, we project existing home sales will retain the healthy gains seen this past year, with continued upward pressure on prices through 2014. Finally, as the Washington region becomes increasingly connected to the worldwide markets, strong global connections are more important than ever. Our area continues to provide an important destination for wealth being generated in the world’s fastest growing economies. As the Washington metropolitan area’s exclusive Sotheby’s International Realty firm, we are proudly connected to our distinguished network of over 600 offices in 50 countries around the world and are uniquely positioned to reach the world’s most affluent buyers. Locally, our goal for 2014 is to continue to provide the highest level of professional services coupled with the highest standards of integrity to our clients across all price ranges. We are grateful for all of you who continue to place your trust in our firm, and we look forward to serving you in the months ahead. We welcome further inquiries about your local market or specific property and look forward to working with you.
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10411 New Ascot Drive, Great Falls Offered at $7,995,000
Georgetown 1206 30th Street NW Washington, DC 20007 202 333 1212
Downtown 1506 14th Street NW Washington, DC 20005 202 234 3344
Chevy Chase 5454 Wisconsin Avenue Chevy Chase, MD 20815 301 967 3344
McLean 6723 Whittier Avenue McLean, VA 22101 703 319 3344
Alexandria 400 S. Washington Street Alexandria, VA 22314 703 310 6800足
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WASHINGTON DC Statistics for single family home sales for the neighborhoods of Washington, DC.
2012
2013
2012
70
74
6
182
179
$874,754
$937,414
7
$930,088
$975,975
5
39
13
-67
41
30
-27
2012
2013
2012
2013
52
46
-12
53
32
$1,498,258
$1,495,958
0
$1,502,673
$1,487,988
-1
89
76
-15
44
62
41
2012
2013
2012
2013
108
125
16
42
60
$904,994
$961,619
6
$1,480,131
$1,546,843
5
36
34
-6
63
23
-63
3150 South Street NW #2E, Washington Sold for $3,400,000
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2013 -2
-40
43
98%
Average Sold to Original List Price in Washington, DC
2104 R Street NW #5, Washington Offered at $2,750,000
$2,948,243,000 Billion Sold in Washington, DC in 2013
2012
2013
2013
2012
2013
68
76
12
70
70
$928,454
0
$983,287
6
$1,306,114
$1,306,436
0
44
30
-32
69
75
9
2012
2013
2012
2013
28
47
68
33
34
3
$2,045,608
$2,169,427
6
$1,473,202
$1,468,217
0
144
72
-50
80
34
-58
2012
2013
2012
2013
30
34
13
68
47
-31
32
34
6
$1,458,633
$1,486,007
2
$920,097
$1,018,344
11
$1,314,121
$1,275,644
-3
65
84
29
43
21
-51
127
56
-56
2012
2013
2012
2013
127
138
$1,631,036 $1,871,324 75
YEAR-END 2013
2012
108
2012
2013
7
59
59
0
4
16
$808,028
$885,631
10
$1,580,000
46
23
11
-52
117
7
75
$1,306,000 -17 15
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-87
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SOTHEBY’S SOTHEBY’S AUCTION HOUSE Our November Contemporary Art Evening sale in New York achieved $380.7 Million USD, the highest total in the Sotheby’s history.
SOTHEBY’S INT’L REALTY Sierra Sotheby’s International Realty recently represented the sale of Tommy Hilfiger co-founder Joel Horowitz’s 210-acre Lake Tahoe estate for $48 Million USD.
SOTHEBY’S WINE This year, art and wine collided when Sotheby’s Wine received a new vintage of Dom Pérignon’s limited edition champagnes with labels created by artist Jeff Koons, with cases starting at $2,028 USD. Photo courtesy of Dom Pérignon.
SOTHEBY’S DIAMONDS Leading the largest jewelery sale in history, the Pink Star diamond brought $83 Million USD, a new high for any jewel at auction.
SOTHEBY’S INSTITUTE OF ART Sotheby’s Institute of Art has a network of more than 6,000 alumni working in the art markets around the world.
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TTR SOTHEBY’S INTERNATIONAL REALTY
TTR Sotheby’s International Realty sells 3 exceptional properties a day in the Washington metropolitan area
The Friary on the Severn Offered at $28,800,000
ttrsir.com YEAR-END 2013
TTRSIR LUXURY REPORT
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Since January 2013,TTR Sotheby’s International Realty represented twice as many buyers and sellers of Northern Virginia’s most luxurious homes sold for $4.5 million and above than our closest competitor.*
VIRGINIA
Statistics for single family home sales for the neighborhoods of Virginia
212 South Alfred Street, Alexandria Offered at $1,395,000
ARLINGTON
2012
2013
%
GREAT FALLS
UNITS SOLD
1391
1402
18
UNITS SOLD
$736,941
$808,383
3
AVG SOLD PRICE
DAYS ON MARKET
54
40
-5
DAYS ON MARKET
FALLS CHURCH
2012
2013
%
MCLEAN
947
988
4
$565,288
$619,909
10
AVG SOLD PRICE
49
35
-29
DAYS ON MARKET
AVG SOLD PRICE
UNITS SOLD AVG SOLD PRICE DAYS ON MARKET
UNITS SOLD
2012
2013
%
OLD TOWN
2012
2013
%
210
260
8
UNITS SOLD
365
380
4
$1,137,210
$1,223,470
1
AVG SOLD PRICE
$739,202
$798,961
8
106
99
-12
DAYS ON MARKET
63
45
-29
2012
2013
%
VIENNA
551
562
2
$1,189,250 94
$1,317,920 11 84
-11
UNITS SOLD AVG SOLD PRICE DAYS ON MARKET
2012
2013
%
767
804
5
$733,558
$786,234
7
62
44
-29
97% *Source: MRIS, Sales 1/1/13+ $4.5m+ in Alexandria, Arlington and Fairfax Counties. Data deemed reliable, but not guaranteed. 8
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Average Sold to Original List Price in Virginia in 2013
MARYLAND Statistics for single family home sales for the neighborhoods of Maryland 2012
2013
799
908
14
$942,947
$1,030,656
9
60
49
-18
2012
2013
228
254
$1,255,394 $1,219,467 66
46
2012
2013
11
483
559
-3
$956,158
$1,082,512
13
69
-20
-30
86
16
94%
Average Sold to Original List Price in Maryland in 2013
4616 Drummond Avenue, Chevy Chase Sold for $4,100,000
YEAR-END 2013
TTRSIR LUXURY REPORT
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CONDO + CO-OP SALES
In 2013, TTR Sotheby's International Realty represented 80% of the sales of condominiums sold for $3 million and above in Washington, DC.
Sales statistics for Washington DC, Virginia and Maryland Washington, DC
2012
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2013 26
35
44
$425,528
$395,102
1
89
71
-20
2012
2013
162
116
$355,807
$355,807
0
69
31
-55
-28
2012
2013
153
175
14
$446,431
$491,820
10
54
34
-37
2012
2013
214
270
26
$442,775
$440,713
0
32
30
-6
2012
2013
149
186
25
$653,894
$574,435
-12
105
81
-23
2012
2013
3150 South Street NW #PH1F, Washington Sold for $5,200,000
10
70
77
$758,883
$812,135
7
73
85
16
2012
2013
136
218
$566,899
$574,452
1
64
41
-36
60
2012
2013
201
253
26
$595,384
$631,129
0
34
29
-6
2012
2013
1615 Queen Street N #M401 Arlington Sold for $1,100,000
5630 Wisconsin Avenue #302 Chevy Chase Sold for $3,500,000
Virginia
Maryland
2012
2013
2012
2013
96
73
-24
1396
1586
14
274
331
21
$446,733
$441,781
-1
$405,799
$419,856
3
$372,425
$395,120
6
112
67
-40
54
34
-37
66
47
-29
2012
2013
2012
2013
2012
2013
33
27
-18
191
198
4
121
156
$574,619
$478,998
-17
$395,306
$412,078
4
$606,493
$654,428
8
48
34
-29
39
33
-15
68
43
-37
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SIGNIFICANT SALES - 2013 TTR Sotheby's International Realty represented the highest sale in the Washington region in 2013.
626 Chain Bridge Road, McLean
SOLD PRICE
3301 N Street NW, Washington
SOLD PRICE
$12,000,000
Address Undisclosed, McLean, VA*
$5,000,000
3301 N Street NW, Washington, DC*
$7,950,000
2861 Woodland Drive NW, Washington, DC
$4,850,000
12929 Catoctin Hollow Road, Thurmont, MD
$7,400,000
576 Innsbruck Avenue, Great Falls, VA*
$4,500,000
2424 Kalorama Road NW, Washington, DC
$6,200,000
1614 20th Street NW, Washington, DC*
$4,100,000
4616 Drummond Avenue, Chevy Chase, MD*
$5,570,000
1001 Dogue Hill Lane, McLean, VA
$4,100,000
3150 South Street NW #PH1E, Washington, DC*
$5,495,000
2910 Edgevale Terrace NW, Washington, DC
$4,100,000
505 Innsbruck Avenue, Great Falls, VA
$5,250,000
3836 Woodley Road NW, Washington, DC
$3,825,000
2107 Wyoming Avenue NW, Washington, DC
$5,200,000
2910 South Street NW #PH1F, Washington, DC
$3,600,000
407 Chain Bridge Road, McLean, VA
$5,175,000
626 Chain Bridge Road, McLean, VA*
$3,500,000
5630 Wisconsin Avenue #302, Chevy Chase, MD*
$5,100,000
405/507 Chain Bridge Road, McLean, VA
$3,475,000
8120 Spring Hill Farm Drive, McLean, VA
1001 Dogue Hill Lane, McLean
2910 Edgevale Terrace NW, Washington
* Participated on both sides of the transaction
All information obtained is deemed reliable but not guaranteed
YEAR-END 2013
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628 East Capitol Street NE, Washington Sold for $2,600,000