FIRST QUARTER 2015
MARKET REPORT
WASHINGTON, DC
MARYLAND
VIRGINIA
A COMPREHENSIVE ANALYSIS OF THE RESIDENTIAL REAL ESTATE MARKET IN THE WASHINGTON METROPOLITAN AREA
5Q: 1601 5TH STREET NW, WASHINGTON DC | STARTING AT $1,425,000
O
n behalf of TTR Sotheby’s International Realty, we are pleased to present this comprehensive market analysis of the Washington metropolitan area for the first quarter of 2015. Despite record-setting cold and precipitation since the first of the year, the real estate market continues to perform well, and sales across the Mid-Atlantic Region increased approximately 19% versus the first quarter last year. Sales activity in Washington, DC, Northern Virginia and Montgomery County increased across the board, and listing inventory increased in all three jurisdictions, offering prospective buyers a greater range of choices. As we witnessed in 2014, those markets in close proximity to good transportation infrastructure and job centers continue to outperform other markets. Northern Virginia led the region in the first quarter with sales increasing 16% versus the first quarter of last year, and submarkets which struggled in 2014 appear to be gaining significant momentum. Great Falls, Virginia, as an example, achieved a year over year increase in sales of approximately 60% in the first quarter of 2015 versus the same period last year. Further distance from sequestration and federal budget cuts of 2013 appears to be giving many buyers in the region’s suburbs greater confidence to step back into the market. The key indicator of that renewed strength will be 2nd Quarter results which historically provide an important gauge of market activity for the entire year.
TTR Sotheby’s International Realty continues to outperform other major brokerage firms and achieve record-setting sales, including the highest private sale in the region so far this year of an important residence for $15.75 m. Commensurate with that growth, TTR Sotheby’s International Realty is further strengthening its commitment to leadership in the communities where we work and live. In the month of April, we are proud to serve as the lead sponsor of the Georgetown House Tour which supports St. John’s Church and its programs to assist at-risk families. In May, we continue our passionate support of Life With Cancer at the annual Lobster Extravanganza, and we kick-off our series of exhibitions supporting the local arts community in partnership with the historic Athenaeum in Old Town Alexandria. As important as our financial support, we are weekly front and center among the volunteers, hosts and workers lending a hand wherever we can. Finally, as Washington becomes increasingly connected to worldwide markets, strong global connections are more important than ever. With unrivaled access to the Sotheby’s International Realty global network of 700 offices in 53 countries, we are well positioned to answer questions and introduce you to an expert in virtually any market in the United States and around the world. Thank you again for the trust you continue to place in us. We hope the Spring season brings great happiness to you and your family, and we look forward to seeing you in the community in the months ahead.
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1045 31st St NW #506, Washington DC | LISTED FOR $2,500,000
ALEXANDRIA 400 S Washington Street Alexandria, VA 22314 703 310 6800
FIRST QUARTER 2015
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 20854 301 967 3344
McLEAN 6723 Whittier Avenue McLean, VA 22101 703 319 3344
TTRSIR LUXURY REPORT
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WASHINGTON, DC Statistics for single family home sales across various neighborhoods of Washington, DC.
AMERICAN UNIVERSITY
CLEVELAND PARK
Q1 2014
Q1 2015
%
14
17
21%
AVG SOLD PRICE
$1,005,179
$972,044
-3%
DAYS ON MARKET
14
24
71%
Q1 2014
Q1 2015
%
CAPITOL HILL
28
29
4%
UNITS SOLD
AVG SOLD PRICE
$2,106,448
$1,657,891
-21%
DAYS ON MARKET
135
53
-61%
Q1 2014
Q1 2015
%
UNITS SOLD
GEORGETOWN UNITS SOLD
CHEVY CHASE UNITS SOLD
Q1 2014
Q1 2015
%
10
12
20%
AVG SOLD PRICE
$1,644,075
$1,411,000
-14%
DAYS ON MARKET
29
34
17%
Q1 2014
Q1 2015
%
60
61
2%
AVG SOLD PRICE
$819,401
$903,658
10%
DAYS ON MARKET
48
26
-46%
Q1 2014
Q1 2015
%
UNITS SOLD
DUPONT
23
26
13%
UNITS SOLD
7
4
-43%
AVG SOLD PRICE
$1,174,262
$1,127,167
-4%
AVG SOLD PRICE
$2,472,957
$1,657,750
-33%
DAYS ON MARKET
27
80
196%
DAYS ON MARKET
137
76
-45%
3218 Volta Place NW, Washington DC | LISTED FOR $3,199,900
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Source: MRIS, 1/1/20154/1/2015. Data deemed reliable, but not guaranteed.
3223 Morrison St NW, Washington DC | SOLD FOR $1,750,000
FOREST HILLS
Q1 2014
Q1 2015
%
4
3
-25%
AVG SOLD PRICE
$1,257,500
$1,352,333
8%
DAYS ON MARKET
67
103
54%
Q1 2014
Q1 2015
%
UNITS SOLD
MOUNT PLEASANT UNITS SOLD
Q1 2014
Q1 2015
%
8
9
13%
AVG SOLD PRICE
$981,729
$863,333
-12%
DAYS ON MARKET
20
15
-25%
Q1 2014
Q1 2015
%
GLOVER PARK/BURLEITH
UNITS SOLD
SPRING VALLEY
13
9
-30%
7
7
0%
AVG SOLD PRICE
$858,115
$882,778
3%
AVG SOLD PRICE
$1,749,321
$1,626,429
-7%
DAYS ON MARKET
50
14
-72%
DAYS ON MARKET
57
60
5%
KALORAMA
Q1 2014
Q1 2015
%
WESLEY HEIGHTS
Q1 2014
Q1 2015
%
UNITS SOLD
6
6
0%
UNITS SOLD
7
6
-14%
AVG SOLD PRICE
$1,851,507
$2,642,167
43%
AVG SOLD PRICE
$1,317,357
$1,343,175
2%
DAYS ON MARKET
28
72
157%
DAYS ON MARKET
153
37
-76%
Q1 2014
Q1 2015
%
Q1 2014
Q1 2015
%
5
6
20%
0
1
N/A
AVG SOLD PRICE
$1,155,600
$1,731,333
50%
AVG SOLD PRICE
0
$5,600,000
N/A
DAYS ON MARKET
18
63
250%
DAYS ON MARKET
0
19
N/A
LOGAN UNITS SOLD
FIRST QUARTER 2015
UNITS SOLD
MASS. AVE HEIGHTS UNITS SOLD
Source: MRIS, 1/1/20154/1/2015. Data deemed reliable, but not guaranteed.
TTRSIR LUXURY REPORT
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VIRGINIA Statistics for single family home sales across various neighborhoods of Northern Virginia.
9325 Old Mansion Rd, Alexandria VA | LISTED FOR $3,195,000
ARLINGTON
Q1 2014
Q1 2015
%
McLEAN
UNITS SOLD
229
237
3%
UNITS SOLD
AVG SOLD PRICE
$802,092
$874,179
9%
DAYS ON MARKET
41
63
54%
Q1 2014
Q1 2015
%
158
182
AVG SOLD PRICE
$606,682
DAYS ON MARKET
Q1 2014
Q1 2015
%
90
85
-6%
AVG SOLD PRICE
$1,191,014
$1,215,553
2%
DAYS ON MARKET
105
98
-7%
ALEXANDRIA
Q1 2014
Q1 2015
%
15%
UNITS SOLD
188
231
23%
$641,713
6%
AVG SOLD PRICE
$679,324
$751,613
11%
50
56
12%
DAYS ON MARKET
46
68
48%
Q1 2014
Q1 2015
%
Q1 2014
Q1 2015
%
23
37
61%
110
144
31%
AVG SOLD PRICE
$1,160,393
$1,171,828
1%
AVG SOLD PRICE
$802,921
$890,709
11%
DAYS ON MARKET
133
147
11%
DAYS ON MARKET
56
76
36%
FALLS CHURCH UNITS SOLD
GREAT FALLS UNITS SOLD
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VIENNA UNITS SOLD
Source: MRIS, 1/1/2015-4/1/2015. Data deemed reliable, but not guaranteed.
MARYLAND Statistics for single family home sales across various neighborhoods of Maryland.
BETHESDA
Q1 2014
Q1 2015
%
UNITS SOLD
137
136
-1%
AVG SOLD PRICE
$1,077,002
$1,166,711
8%
DAYS ON MARKET
55
93
69%
Q1 2014
Q1 2015
%
73
75
3%
AVG SOLD PRICE
$1,068,389
$1,055,812
-1%
DAYS ON MARKET
101
102
1%
Q1 2014
Q1 2015
%
45
29
-36%
AVG SOLD PRICE
$1,249,231
$1,281,300
3%
DAYS ON MARKET
74
71
-4%
POTOMAC UNITS SOLD
CHEVY CHASE UNITS SOLD
Source: MRIS, 1/1/2015-4/1/2015. Data deemed reliable, but not guaranteed.
6804 Whittier Blvd Bethesda, MD SOLD FOR $1,500,000
9001 Congressional CT, Potomac, MD | LISTED FOR $5,200,000
FIRST QUARTER 2015
TTRSIR LUXURY REPORT
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SOTHEBY’S SOTHEBY’S AUCTION HOUSE
Unrivalled in terms of its quality, presentation and historical significance, the Andrews Collection represents years of acquisition by lifelong enthusiast and successful entrepreneur, Paul Andrews, and his son Chris.
SOTHEBY’S INTERNATIONAL REALTY
Sotheby’s International Realty launched its new web site in April, which puts an emphasis on the power of video to showcase properties. Visit sir.com
SOTHEBY’S WINE
On 8 & 9 May 2015 Sotheby’s will offer the collection of financier and philanthropist Don Stott in the highest value single-owner wine sale it has staged in New York since 2006.
SOTHEBY’S DIAMONDS
Sotheby’s unveils an exceedingly rare 100.20-carat diamond as much a masterpiece of human skill and artistry as it is a miracle of nature - this spectacular gem has everything one could ever want in a diamond.
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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TTRSIR.COM
OUTSTANDING FIRST QUARTER RESULTS TTR SOTHEBY’S INTERNATIONAL REALTY
1. PARC SOMERSET 5630 WISCONSIN AVE #1105, CHEVY CHASE MD
2. THE HOLLAND HOUSE 415 WOLFE ST, ALEXANDRIA VA
3. 4722 DORSET AVE, CHEVY CHASE MD
4. 201 LEE ST, ALEXANDRIA VA
5. TURNBERRY TOWERS 1881 NASH ST #1901, ARLINGTON VA
6. 2137 R ST NW, WASHINGTON DC
1. 5630 Wisconsin Avenue #1105, Chevy Chase MD 20815* | List Price $5,500,000 2. 415 Wolfe Street, Alexandria VA 22314 | List Price $5,200,000 3. 4722 Dorset Avenue, Chevy Chase MD 20815* | List Price $4,295,000 4. 201 Lee Street, Alexandria VA 22314 | List Price $3,985,000 5. 1881 Nash Street #1901, Arlington VA 22209 | List Price $3,875,000 6. 2137 R Street NW, Washington DC 20008 | List Price $3,275,000 *TTR Sotheby’s International Realty represented the buyer FIRST QUARTER 2015
TTRSIR LUXURY REPORT
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CONDOS & CO-OP SALES Sales statistics for Washignton DC, Virginia, and Maryland.
WASHINGTON, DC CAPITOL HILL
Q1 2014
Q1 2015
%
KALORAMA
Q1 2014
Q1 2015
%
32
39
22%
UNITS SOLD
37
31
-16%
AVG SOLD PRICE
$392,944
$505,096
29%
AVG SOLD PRICE
$558,785
$671,928
20%
DAYS ON MARKET
42
47
12%
DAYS ON MARKET
43
69
60%
DOWNTOWN
Q1 2014
Q1 2015
%
Q1 2014
Q1 2015
%
UNITS SOLD
24
27
13%
UNITS SOLD
36
40
11%
AVG SOLD PRICE
$524,167
$578,059
10%
AVG SOLD PRICE
$588,667
$585,719
-1%
DAYS ON MARKET
39
44
13%
DAYS ON MARKET
42
35
-17%
Q1 2014
Q1 2015
%
Q1 2014
Q1 2015
%
32
39
22%
UNITS SOLD
21
13
38%
AVG SOLD PRICE
$427,981
$522,056
22%
AVG SOLD PRICE
$555,467
$331,021
-40%
DAYS ON MARKET
54
47
13%
DAYS ON MARKET
38
69
82%
FOGGY BOTTOM/ WEST END
Q1 2014
Q1 2015
%
Q1 2014
Q1 2015
%
24
37
54%
UNITS SOLD
4
7
75%
AVG SOLD PRICE
$839,806
$715,149
-15%
AVG SOLD PRICE
$510,350
$613,408
20%
DAYS ON MARKET
86
49
-43%
DAYS ON MARKET
18
24
33%
Q1 2014
Q1 2015
%
Q1 2014
Q1 2015
%
15
21
40%
UNITS SOLD
15
19
27%
AVG SOLD PRICE
$1,100,555
$1,022,305
-7%
AVG SOLD PRICE
$449,483
$500,600
11%
DAYS ON MARKET
73
117
60%
DAYS ON MARKET
91
60
-34%
UNITS SOLD
DUPONT UNITS SOLD
UNITS SOLD
GEORGETOWN UNITS SOLD
2500 Virginia Ave NW #502/503B, Washington DC SOLD FOR $1,925,000
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TTRSIR.COM
LOGAN
MOUNT PLEASANT
SHAW
WESLEY HEIGHTS/ CATHEDRAL
Source: MRIS, 1/1/20154/1/2015. Data deemed reliable, but not guaranteed.
1601 5th St NW, Washington DC LISTED FOR $1,425,000
1700 Clarendon Blvd #117, Arlington VA | LISTED FOR $2,395,000
10779 Symphony Park Dr, Bethesda MD LISTED FOR $1,895,000
1881 Nash St #TS09, Arlington VA | SOLD FOR $3,095,000
VIRGINIA ARLINGTON
Q1 2014
Q1 2015
%
McLEAN
UNITS SOLD
260
284
9%
UNITS SOLD
AVG SOLD PRICE
$401,469
$402,644
.3%
DAYS ON MARKET
41
60
46%
BETHESDA
Q1 2014
Q1 2015
%
UNITS SOLD
57
62
9%
UNITS SOLD
AVG SOLD PRICE
370,800
371,747
.2%
DAYS ON MARKET
54
56
4%
Q1 2014
Q1 2015
%
42
51
21%
AVG SOLD PRICE
$379,709
$385,353
2%
DAYS ON MARKET
47
89
89%
Q1 2014
Q1 2015
%
29
27
-7%
AVG SOLD PRICE
$678,493
$568,589
-16%
DAYS ON MARKET
28
88
214%
MARYLAND
FIRST QUARTER 2015
CHEVY CHASE
Source: MRIS, 1/1/20154/1/2015. Data deemed reliable, but not guaranteed.
TTRSIR LUXURY REPORT
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SOLD DOLLAR VOLUME
MEDIAN SOLD PRICE
AVERAGE DAYS ON MARKET
Q1 2015
% change
Q1 2015
% change
Q1 2015
% change
WASHINGTON, DC
$928,962,102
5%
$495,000
5%
49
-2%
ARLINGTON COUNTY, VA
$321,035,313
17%
$533,750
6%
60
39%
FAIRFAX COUNTY, VA
$1,370,652,917
11%
$450,000
5%
70
29%
ALEXANDRIA CITY, VA
$253,176,415
39%
$484,000
9%
71
37%
MONTGOMERY COUNTY, MD
$960,395,973
9%
$380,000
32%
75
32%
SAVE THE DATES
GEORGETOWN HOUSE TOUR SATURDAY, APRIL 25, 2015 Each year, the Georgetown House Tour opens a number of Georgetown’s most beautiful homes and their impressive gardens to benefit the programs of St. John’s Church.
georgetownhousetour.com
THE LOBSTER EXTRAVAGANZA SATURDAY, MAY 2, 2015 This annual fundraising event supports Life with Cancer® and its mission to enhance the quality of life of those affected by cancer.
lobsterextravaganza.org
THE BARK BALL SATURDAY, JUNE 20, 2015 The Bark Ball is a benefit gala in honor of Washington Humane Society, and it draws many of the area’s most illustrious residents and their four-legged friends.
washhumane.org/barkball
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