THIRD QUARTER 2015
MARKET REPORT
WASHINGTON, DC
MARYLAND
VIRGINIA
A COMPREHENSIVE ANALYSIS OF THE RESIDENTIAL REAL ESTATE MARKET IN THE WASHINGTON METROPOLITAN AREA
3245 N STREET NW, WASHINGTON DC | LISTED FOR $9,995,000
T
he Washington Metropolitan area continued to reflect enviable economic results through the third quarter of 2015. According to the Center for Regional Analysis at GMU, unemployment dropped to 4.3%, and the region added over 60,000 jobs since August of 2014. With this strong employment report as background, the total sold dollar volume in Washington, DC increased 7.38%, and the median sold price increased 4.62%. Condominium and Co-op sales in Washington remained strong with average sold prices increasing 4.14%. The Georgetown submarket, although still strong, eased with sold dollar volume decreasing 4.34% and average days on market increasing to 58. Logan Circle, on the other hand, continued to show strength with the number of units sold remaining constant at 141 and average days on market decreasing once again from 29 to 23 so far this year. Fairfax County continues to lead the regional market in terms of overall sales, and sold dollar volume increased a healthy 12.53% to $6.4 billion through September 2015. The number of units sold increased 10.96% at a median sales price of $478,000, a 3.46% increase over last year. Homes priced above $2.5 million continued to reflect excellent buying opportunities for purchasers with 34 sales so far this year and 139 active listings. Homes at all price points are also taking a little longer to sell with the average days on the market increasing from 40 to 48 as buyers consider more options. As reported earlier this year, Alexandria continues to strengthen with many homes located in areas proximate to jobs and good transportation infrastructure. In this submarket, sold dollar volume increased 6.43% versus 2014. The average days on market increased to 50 versus 44 last year. Attached townhouses with 4 bedrooms or more continue to appeal to buyers and average sold price for this segment increased 22.18% with 172 units sold. Montgomery County market dynamics were comparable to those in Fairfax County. Total sales volume increased 11.49% to $4.7 billion. Median sales prices remained unchanged, but buyers also took longer to make decisions with average days on market increasing 19.57% to 55 versus 46 last year. Interestingly, 631 homes sold in the $1M - $2.5M range compared to 662 homes in the same price range in Fairfax County. At TTR Sotheby’s International Realty, we maintain and analyze the very latest market data in real time so that our 275 highly skilled experts can continue to offer the highest level of service and advice to our clients. In addition to real-time data, our global marketing platform spanning over 61 countries and 800 offices allows us to provide our clients with extraordinary access to buyers and sellers worldwide. Whether you are buying in Cleveland Park, selling in Shanghai, or curious about any point in between, we look forward to the opportunity to be of service. Best personal regards, Mark C. Lowham Managing Partner TTR Sotheby’s International Realty
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TTRSIR.COM
1331 Constitution Ave NE, Washington DC | Listed for $1,330,000
ALEXANDRIA 400 S Washington Street Alexandria, VA 22314 +1 703 310 6800足
THIRD QUARTER 2015
CHEVY CHASE 5454 Wisconsin Avenue Chevy Chase, MD 20815 +1 301 967 3344
DOWNTOWN 1506 14th Street NW Washington, DC 20005 +1 202 234 3344
GEORGETOWN 1206 30th Street NW Washington, DC 20007 +1 202 333 1212
McLEAN 6723 Whittier Avenue McLean, VA 22101 +1 703 319 3344
TTRSIR MARKET REPORT
3
WASHINGTON, DC Statistics for single family home sales across various neighborhoods of Washington, DC.
AMERICAN UNIVERSITY UNITS SOLD
Q3 2014
Q3 2015
%
CLEVELAND PARK
Q3 2015
%
23
26
13%
UNITS SOLD
9
16
78%
AVG SOLD PRICE
$992,332
$1,108,404
12%
AVG SOLD PRICE
$1,543,611
$2,498,656
62%
DAYS ON MARKET
10
29
190%
DAYS ON MARKET
37
42
14%
Q3 2014
Q3 2015
%
Q3 2014
Q3 2015
%
34
40
18%
45
32
-29%
AVG SOLD PRICE
$1,690,137
$1,963,872
16%
AVG SOLD PRICE
$970,213
$1,030,806
6%
DAYS ON MARKET
41
41
0%
DAYS ON MARKET
41
22
-46%
Q3 2014
Q3 2015
%
DUPONT
Q3 2014
Q3 2015
%
55
60
9%
UNITS SOLD
10
11
10%
AVG SOLD PRICE
$963,377
$996,693
3%
AVG SOLD PRICE
$1,390,375
$1,831,610
32%
DAYS ON MARKET
19
18
-5%
DAYS ON MARKET
19
17
-11%
GEORGETOWN UNITS SOLD
CHEVY CHASE UNITS SOLD
CAPITOL HILL UNITS SOLD
4 Thompson Circle NW, Washington DC | Listed for $6,749,000
4
Q3 2014
TTRSIR.COM
Source: MRIS, 7/1/20159/30/2015. Data deemed reliable, but not guaranteed.
2849 McGill Terrace NW, Washington DC | Sold for $3,000,000
FOREST HILLS UNITS SOLD
Q3 2014
Q3 2015
%
GLOVER PARK/BURLEITH
Q3 2014
Q3 2015
%
7
4
-43%
UNITS SOLD
15
27
80%
AVG SOLD PRICE
$1,932,483
$2,646,215
37%
AVG SOLD PRICE
$919,557
$1,118,592
22%
DAYS ON MARKET
43
61
42%
DAYS ON MARKET
30
14
-53%
Q3 2014
Q3 2015
%
Q3 2014
Q3 2015
%
25
14
-44%
12
7
-42%
AVG SOLD PRICE
$946,320
$1,054,121
11%
AVG SOLD PRICE
$1,530,438
$1,798,929
18%
DAYS ON MARKET
12
9
-25%
DAYS ON MARKET
48
35
-27%
KALORAMA
Q3 2014
Q3 2015
%
WESLEY HEIGHTS
Q3 2014
Q3 2015
%
UNITS SOLD
7
5
-29%
8
6
-25%
AVG SOLD PRICE
$2,007,429
$2,513,400
25%
AVG SOLD PRICE
$1,561,375
$1,469,417
-6%
DAYS ON MARKET
53
8
-85%
DAYS ON MARKET
32
47
47%
Q3 2014
Q3 2015
%
Q3 2014
Q3 2015
%
MOUNT PLEASANT UNITS SOLD
LOGAN UNITS SOLD
SPRING VALLEY UNITS SOLD
UNITS SOLD
MASS. AVE HEIGHTS
14
11
-21%
UNITS SOLD
1
1
0%
AVG SOLD PRICE
$1,181,179
$1,111,018
-6%
AVG SOLD PRICE
$2,500,000
$3,000,000
20%
DAYS ON MARKET
25
65
160%
DAYS ON MARKET
0
68
N/A
THIRD QUARTER 2015
Source: MRIS, 7/1/20159/30/2015. 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.
6534 Sothoron Rd, McLean VA | Listed for $3,295,000
ARLINGTON
Q3 2014
Q3 2015
%
UNITS SOLD
353
416
18%
UNITS SOLD
AVG SOLD PRICE
$854,471
$848,212
-.1%
DAYS ON MARKET
27
28
Q3 2014
Q3 2014
Q3 2015
%
143
141
-1%
AVG SOLD PRICE
$1,322,083
$1,356,276
3%
4%
DAYS ON MARKET
47
54
15%
Q3 2015
%
ALEXANDRIA
Q3 2014
Q3 2015
%
235
286
22%
UNITS SOLD
305
358
17%
AVG SOLD PRICE
$677,253
$683,794
1%
AVG SOLD PRICE
$726,290
$731,104
.6%
DAYS ON MARKET
25
30
20%
DAYS ON MARKET
30
30
0%
Q3 2014
Q3 2015
%
Q3 2014
Q3 2015
%
42
58
38%
UNITS SOLD
228
251
10%
AVG SOLD PRICE
$1,422,516
$1,260,736
-11%
AVG SOLD PRICE
$841,142
$828,497
-2%
DAYS ON MARKET
94
75
-20%
DAYS ON MARKET
34
38
12%
FALLS CHURCH UNITS SOLD
GREAT FALLS UNITS SOLD
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McLEAN
TTRSIR.COM
VIENNA
Source: MRIS, 7/1/20159/30/2015. Data deemed reliable, but not guaranteed.
MARYLAND Statistics for single family home sales across various neighborhoods of Maryland.
BETHESDA
Q3 2014
Q3 2015
%
UNITS SOLD
232
251
8%
AVG SOLD PRICE
$1,095,099
$1,112,845
2%
DAYS ON MARKET
36
35
-3%
Q3 2014
Q3 2015
%
152
160
5%
AVG SOLD PRICE
$1,118,342
$1,056,925
-5%
DAYS ON MARKET
48
46
-4%
Q3 2014
Q3 2015
%
65
86
32%
AVG SOLD PRICE
$1,362,902
$1,380,124
1%
DAYS ON MARKET
32
46
44%
POTOMAC UNITS SOLD
CHEVY CHASE UNITS SOLD
Source: MRIS, 7/1/2015-9/30/2015. Data deemed reliable, but not guaranteed.
13331 Signal Tree Ln, Potomac MD I Listed for $7,995,000
9704 Spicewood Ln, Potomac MD I Listed for $3,595,000
THIRD QUARTER 2015
TTRSIR MARKET REPORT
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SOTHEBY’S ART& HOME NOVEMBER 2015
The elements of an extraordinary life
This fall, we are publishing our luxurious bi-annual magazine which brings together the world of Sotheby’s and Washington’s finest homes. In this issue, we highlight Alfred Taubman and his extraordinary collection, which will be offered at Sotheby’s New York gallery in November. Other profiles include Sam Simon, the co-creator of The Simpsons, and interior designer Jeffrey Bilhuber. To round out the issue, the magazine will have stories on blue diamonds, a British Lord who hosts a major auto race at his estate, and homes with extraordinary spaces for art. Rich editorial about art, design and Washington’s most extraordinary properties, delivered to your doorstep and your desktop at www.ttrsir.com
SOTHEBY’S SPOTLIGHT PROPERTY
Tom Cruise’s Telluride Home: Nestled deep within the rarest assemblage of nearly 300 acres of rolling meadows and mature forest just 12 minutes from the historic resort town of Telluride, Colorado, this property offers the ultimate retreat for those seeking privacy, scenic beauty and serenity.
OPPORTUNITY GATEWAYS
Recent fluctuations in emerging-market nations are leading a new generation of Ultra High Net Worth (UHNW) investors to consider investing in luxury residential real estate in Western markets. 12% of second homes purchased by emerging market UHNW individuals are located outside their country of residence.
SCAVULLO ICONS OF GLAMOUR
Some say that there was not a single star in the latter half of the 20th century who wasn’t photographed by Francesco Scavullo. Many of his most enduring pictures will be offered in a series of auctions at Sotheby’s beginning this autumn. (Linda Evangelista pictured.)
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TTRSIR.COM
O U T S TA N D I N G Y E A R -T O - D AT E R E S U LT S T T R S O T H E B Y ’ S I N T E R N AT I O N A L R E A LT Y
1. 1129 CREST LANE, McLEAN VA
2. 1319 30TH STREET NW, WASHINGTON DC
3. 11100 CRIPPLEGATE ROAD, POTOMAC MD
4. 8617 COUNTRY CLUB DRIVE, BETHESDA MD
5. 3245 N STREET NW, WASHINGTON DC
6. 8101 RIVER ROAD #454, BETHESDA MD
1. SOLD 1129 Crest Lane, McLean VA 22101 I Listed for $5,895,000 2. UNDER CONTRACT 1319 30th Street NW, Washington DC 20007 I Listed for $5,100,000 3. SOLD 11100 Cripplegate Road, Potomac MD 20854 I Listed for $6,950,000 (highest sale in Potomac since 2010) 4. SOLD 8617 Country Club Drive, Bethesda MD 20817 I Listed for $2,775,000 5. NEW LISTING 3245 N Street NW, Washington DC 20007 I Listed for $9,995,000 6. NEW LISTING Quarry Springs: 8101 River Road #454, Bethesda MD 20817 I Listed for $4,670,000
THIRD QUARTER 2015
TTRSIR MARKET REPORT
9
CONDOS & CO-OP SALES Sales statistics for Washington DC, Virginia, and Maryland.
WASHINGTON, DC CAPITOL HILL
Q3 2014
Q3 2015
%
KALORAMA
Q3 2014
Q3 2015
%
11
8
-27%
UNITS SOLD
30
55
83%
AVG SOLD PRICE
$441,082
$387,750
-12%
AVG SOLD PRICE
$466,782
$632,965
36%
DAYS ON MARKET
27
20
-26%
DAYS ON MARKET
28
25
-11%
DOWNTOWN
Q3 2014
Q3 2015
%
Q3 2014
Q3 2015
%
UNITS SOLD
52
46
-12%
73
63
-14%
AVG SOLD PRICE
$547,288
$570,877
4%
AVG SOLD PRICE
$572,466
$425,260
-26%
DAYS ON MARKET
41
28
-32%
DAYS ON MARKET
23
19
-17%
Q3 2014
Q3 2015
%
Q3 2014
Q3 2015
%
143
141
-1%
UNITS SOLD
61
53
-13%
AVG SOLD PRICE
$515,513
$630,207
22%
AVG SOLD PRICE
$470,731
$456,758
-3%
DAYS ON MARKET
24
26
8%
DAYS ON MARKET
20
26
30%
FOGGY BOTTOM/ WEST END
Q3 2014
Q3 2015
%
Q3 2014
Q3 2015
%
23
22
-4%
UNITS SOLD
11
7
-36%
AVG SOLD PRICE
401,978
325,473
-19%
AVG SOLD PRICE
$596,804
$517,857
-13%
DAYS ON MARKET
27
23
-15%
DAYS ON MARKET
35
18
-49%
Q3 2014
Q3 2015
%
Q3 2014
Q3 2015
%
18
27
50%
UNITS SOLD
17
19
12%
AVG SOLD PRICE
$825,597
$725,593
-12%
AVG SOLD PRICE
$386,941
$595,654
54%
DAYS ON MARKET
56
30
-46%
DAYS ON MARKET
46
45
-2%
UNITS SOLD
DUPONT UNITS SOLD
UNITS SOLD
GEORGETOWN UNITS SOLD
2501 Pennsylvania Ave NW #5C, Washington DC Listed for $2,495,000
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LOGAN UNITS SOLD
MOUNT PLEASANT
SHAW
WESLEY HEIGHTS/ CATHEDRAL
Source: MRIS, 7/1/20159/30/2015. Data deemed reliable, but not guaranteed.
149 T Street NW #2, Washington DC Listed for $749,000
8101 River Rd #454, Bethesda MD | Listed for $4,670,000
12025 New Dominion Pkwy #301, Reston VA Listed for $1,189,900
1111 19th St N #2903, Arlington VA | Listed for $2,307,000
VIRGINIA ARLINGTON
Q3 2014
Q3 2015
%
McLEAN
UNITS SOLD
411
419
2%
UNITS SOLD
AVG SOLD PRICE
415,863
426,606
3%
DAYS ON MARKET
36
40
11%
BETHESDA
Q3 2014
Q3 2015
%
UNITS SOLD
74
85
15%
AVG SOLD PRICE
368,759
371,946
1%
DAYS ON MARKET
36
41
14%
Q3 2014
Q3 2015
%
54
58
7%
AVG SOLD PRICE
401,792
422,800
5%
DAYS ON MARKET
33
59
79%
Q3 2014
Q3 2015
%
22
40
82%
AVG SOLD PRICE
$532,041
$752,498
41%
DAYS ON MARKET
44
38
-14%
MARYLAND
THIRD QUARTER 2015
CHEVY CHASE UNITS SOLD
Source: MRIS, 7/1/20159/30/2015. Data deemed reliable, but not guaranteed.
TTRSIR MARKET REPORT
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5063 Overlook Rd NW, Washington DC | Listed for $4,495,000
SAVE THE DATES
SHINOLA DC OPENING RECEPTION WEDNESDAY, OCTOBER 28TH
ACT FOR ALEXANDRIA HARVEST DINNER & WINE AUCTION FRIDAY, OCTOBER 30TH
Join us in welcoming Shinola to their new 14th Street location. Shinola is based in Detroit and dedicated to producing American-built products including watches, bicycles, leather goods, and journals of the highest possible quality.
ACT brings the community together to elevate local philanthropic giving and engagement to new heights, supports local nonprofits working to aid the most vulnerable and develops solutions for our most pressing community challenges.
shinola.com
actforalexandria.org
KNOCK OUT ABUSE GALA THURSDAY, NOVEMBER 5TH
FAIR CHANCE BUTTERFLY BASH FRIDAY, NOVEMBER 6TH
Knock Out Abuse builds public awareness and financial support to eradicate domestic violence and to help women and children whose lives have been shattered by abuse, poverty and homelessness.
Fair Chance’s signature event raises funds and honors local leaders who are committed to helping children in Washington, DC. Your support helps to break the cycle of poverty for children.
knockoutabuse.org
fairchancedc.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