2018 Year End Market Report A C O M P R E H E N S I V E A N A LY S I S O F T H E R E S I D E N T I A L R E A L E S TAT E M A R K E T I N T H E W A S H I N G T O N M E T R O P O L I TA N A R E A .
Amazon captured headlines across the Washington region in November with the announcement of its HQ2 being partially located in the heart of Arlington, Virginia. The infusion of additional technology jobs will be highly beneficial to the region over the long term, however the benefits are already emerging. In December, both Arlington and adjoining Alexandria witnessed significant increases in new contracts. Arlington experienced a 76.1% increase in new contracts in December versus 2017, followed by a 62.7% increase in Alexandria. Sold dollar volume increased by approximately 33% in both jurisdictions. On the flip side, the number of active new listings dropped significantly, which indicates upward pressure on prices as we move into the first quarter of 2019. Elsewhere across the region, we experienced stable growth across most economic indicators. Population growth increased 1.1% across the Washington MSA in 2018, and the region continues to attract talent from around the world. Between 2016-2017, our region witnessed a net international migration of approximately 43,000 people, in addition to our strong job growth. Our region added over 53,000 new jobs in 2018, and Northern Virginia is projected to lead net employment growth through 2020. Of note, jobs in the Federal Government decreased by 3,600 in 2018, however Federal procurement in the region increased to $82.6 billion, the highest level in 10 years. This further reinforced that the economic engine of the region is fueled increasingly by the private sector. The bottom line is, an unemployment rate of 2.9% for the region is strong by any measure. Ultimately, the fundamental driver for our real estate market is that a majority of people with jobs buy homes. More jobs and growth continue to strain the transportation infrastructure of the region, and almost 18% of our workforce now commutes over 60 minutes per day. This has a direct influence on our real estate market, and we continue to see sub-markets proximate to jobs centers and transportation infrastructure, which outperform other markets. As an example, downtown Washington continues to be a stable and growing market with average sales prices around $650,000 in 2018. Of note, new contracts in the Logan/Thomas Circle market increased over 33% in December, mirroring the activity in Arlington and Alexandria - all markets with excellent transportation infrastructure and proximity to growing job centers. Momentum is also tangible in Montgomery County. In 2018, the median sold price in this close-in county increased 4.8%, while homes sold more rapidly with the average days on market decreasing 20.3%. In close-in McLean, sold volume and prices edged upwards slightly, however the number of new contracts more than doubled in December versus the same month in 2017. In Annapolis, Maryland, the 2018 market showed signs of strength, sold volume increased 3.1% and median sales prices increased 4.9%. Properties sold faster with average days on market decreasing 15.1%. In December, the median sales price increased 11.2%, despite a decrease in total sales. Looking ahead for 2019, TTR Sotheby’s International Realty will continue to expand and strengthen services to our clients across the region and around the world. In January, we opened our newest office in The Plains, Virginia. In June, we will open a new flagship office in the heart of Bethesda, Maryland, adding to the growing portfolio of Sotheby’s International Realty offices, which now spans 92 counties around the globe. We have doubled-down on the training, innovation, and strategic technology platforms we provide our associates, insuring they provide the best of class professional advisory services regardless of where in the world our clients live or plan to invest. The latest example of this is our MyHQHome.com initiative, which is a proprietary, online resource, insuring clients moving to or from Seattle, Long Island, Nashville and Washington, DC have instant access to the latest real estate market data and community information from their desktop or mobile device. Despite our global reach, we will always remain firmly grounded and engaged in the communities we live and work. In 2019, the firm and our 425 associates will continue to lead the markets, and we will continue to be the most philanthropic brokerage firm in the Washington region both in donating time and financial resources to those most at risk in our communities. The year ahead will be an important year in the Washington region in terms of continued economic growth and global visibility, and all of us at TTR Sotheby’s International Realty are grateful for the opportunity to be of service. Best personal regards, Mark C. Lowham CEO and Managing Partner
Contents S I N G L E FA M I LY H O M E S A L E S
CONDO & CO-OP SALES
PG 2-3
PG 8-9
WAS H I N GTO N , D C
NORTHERN VIRGINIA
MONTGOMERY COUNTY
PG 4-5
WAS H I N GTO N , D C
NORTHERN VIRGINIA
LOUDOUN COUNTY
FA U Q U I E R C O U N T Y
P G 6 -7
MONTGOMERY COUNTY
ANNE ARUNDEL COUNTY
TA L B O T C O U N T Y
Cover and Above: 40889 Stumptown Road | Waterford, Virginia
WAS H I N GTO N , D C
947 S Street NW Shaw | $2,100,000
2829 29th Place NW Woodley Park | $1,395,000
3718 S Street NW Burleith | $1,995,000
American University
Units Sold Avg. Sold Price Avg. Days on Market
Cleveland Park
Units Sold Avg. Sold Price Avg. Days on Market
Georgetown
Units Sold Avg. Sold Price Avg. Days on Market
Capitol Hill
Units Sold Avg. Sold Price Avg. Days on Market
Chevy Chase, DC
Units Sold Avg. Sold Price Avg. Days on Market
Dupont
Units Sold Avg. Sold Price Avg. Days on Market
Forest Hills
Units Sold Avg. Sold Price Avg. Days on Market
Glover Park / Burleith
Units Sold Avg. Sold Price Avg. Days on Market
Mount Pleasant
Units Sold Avg. Sold Price Avg. Days on Market
Spring Valley
Units Sold Avg. Sold Price Avg. Days on Market
Kalorama
Units Sold Avg. Sold Price Avg. Days on Market
Logan
Units Sold Avg. Sold Price Avg. Days on Market
Wesley Heights
Units Sold Avg. Sold Price Avg. Days on Market
Mass Ave Heights
Units Sold Avg. Sold Price Avg. Days on Market
Kent
Units Sold Avg. Sold Price Avg. Days on Market
Palisades
Units Sold Avg. Sold Price Avg. Days on Market
Shaw
Units Sold Avg. Sold Price Avg. Days on Market
Bloomingdale/ LeDroit Park
Units Sold Avg. Sold Price Avg. Days on Market
S I N G L E FA M I LY H O M E S A L E S 2017
2018
%
104 $1,038,781 16
91 $1,104,397 33
-13% +6% +106%
38 $1,636,388 21
47 $1,669,303 44
+24% +2% +110%
238 $1,314,604 44
125 $1,965,507 64
-43% +50% +45%
115 $1,251,662 35
322 $1,051,133 31
+180% -16% -11%
186 $1,116,586 17
163 $1,223,995 29
-12% +10% +71%
51 $1,651,062 26
46 $1,646,279 55
-10% +112%
26 $1,488,360 55
34 $1,718,785 44
+31% +15% -20%
63 $1,152,081 10
88 $1,186,462 26
+40% +3% +160%
69 $1,125,854 13
69 $1,138,412 31
+1% +138%
52 $1,941,086 59
37 $1,700,266 54
+29% -12% -8%
28 $2,543,625 50
36 $2,639,056 98
-29% +4% +96%
53 $1,480,274 14
51 $1,370,716 39
-4% -7% +179%
27 $1,812,426 32
26 $1,395,297 40
-4% -23% +25%
12 $5,029,500 75
9 $2,715,111 162
-25% -46% +116%
44 $1,886,097 43
45 $2,219,974 70
+2% +18% +63%
45 $1,340,750 31
38 $1,350,336 40
-16% +1% +29%
40 $999,557 19
29 $1,014,293 26
-28% +1% +37%
92 $1,033,468 17
83 $1,021,985 36
-10% -1% +112%
4807 17th St NW Crestwood | $1,425,000
1436 Foxhall Road NW Foxhall Heights | $2,995,000
2003 1st Street NW Bloomingdale | $869,000
NORTHERN VIRGINIA
Units Sold
Arlington
Avg. Sold Price Avg. Days on Market
Units Sold
McLean
Avg. Sold Price Avg. Days on Market
Units Sold
1607 Fremont Lane
Falls Church
Vienna | $879,900
Avg. Sold Price Avg. Days on Market
Units Sold
Alexandria
Avg. Sold Price Avg. Days on Market
Units Sold
Great Falls
Avg. Sold Price Avg. Days on Market
Units Sold
Vienna
Avg. Sold Price Avg. Days on Market
L O U D O U N & FA U Q U I E R C O U N T I E S
1413 North Longfellow Street
Units Sold
Arlington | $950,000
The Plains
Avg. Sold Price Avg. Days on Market
Units Sold
Middleburg
Avg. Sold Price Avg. Days on Market
Units Sold
Marshall
Avg. Sold Price Avg. Days on Market
Units Sold
Purcellville Upperville 800 Blue Ridge Ave Middleburg | $399,000
Avg. Sold Price Avg. Days on Market
Units Sold Avg. Sold Price Avg. Days on Market
S I N G L E FA M I LY H O M E S A L E S 2017
2018
%
1,461
1,354
-7%
$927,922
$961,760
+3%
30
50
+66%
648
607
-6%
$1,430,046
$1,518,532
+6%
60
79
+32%
1,155
954
-17%
$679,958
$743,683
+9%
30
51
+70%
3,515
3,729
+6%
$623,780
$644,240
+3%
30
50
+67%
247
222
-10%
$1,227,854
$1,121,988
-9%
84
98
+17%
846
785
-7%
$894,869
$895,565
-
40
57
+42%
886 Chinquapin Road McLean | $$7,250,000
S I N G L E FA M I LY H O M E S A L E S 2017
2018
%
27
19
-30%
$712,425
$1,478,516
+108%
222
198
-11%
55
51
-7%
$835,581
$643,569
-17%
151
171
+13%
88
90
+2%
$563,842
$465,272
-17%
64
103
+61%
350
300
-14%
$528,329
$543,514
+3%
48
71
+48%
11
7
-36%
$1,715,409
$844,286
-51%
242
168
-31%
512 Pendleton Street Alexandria | $1,997,900
901 Falls Bridge Lane Great Falls | $1,219,000
MONTGOMERY COUNTY
Units Sold
Bethesda
Avg. Sold Price Avg. Days on Market
Units Sold
Chevy Chase
Avg. Sold Price Avg. Days on Market
Units Sold
Potomac
Avg. Sold Price Avg. Days on Market
8920 Burdette Road Bethesda | $2,750,000
TA L B O T C O U N T Y
Units Sold
Easton
Avg. Sold Price Avg. Days on Market
Units Sold
Saint Michaels
Avg. Sold Price Avg. Days on Market
ANNE ARUNDEL COUNTY
6210 Wedgewood Road Bethesda | $1,998,000
Units Sold
Annapolis Severna Park Edgewater Davidsonville Crownsville
Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
1291 Hollywood Avenue Annapolis | $2,995,000
S I N G L E FA M I LY H O M E S A L E S 2017
2018
%
890
857
+4%
$1,141,218
$1,155,736
+1%
42
54
+29%
250
249
-
$1,334,501
$1,414,043
+6%
43
51
+19%
540
566
+5%
$1,058,646
$1,065,995
-
51
70
+37%
2670 Claibourne Court Annapolis | $2,690,000
S I N G L E FA M I LY H O M E S A L E S 2017
2018
%
430
373
-13%
$421,434
$407,645
-3%
83
119
+43%
87
89
+2%
$631,232
$565,856
-10%
119
164
+38%
S I N G L E FA M I LY H O M E S A L E S 2017
2018
%
1328
1311
-1%
$536,028
$566,961
+6%
62
75
+21% +1%
395
399
$599,472
$580,356
-3%
52
70
+35%
399
377
-6%
$476,218
$498,339
+5%
54
78
+44%
80
99
+24%
$697,383
$630,261
-10%
87
92
+6%
150
140
-7%
$503,781
%539,681
+7%
62
99
+60%
4830 Langdrum Lane Chevy Chase | $998,000
10913 Burbank Drive Potomac | $1,895,000
WAS H I N GTO N , D C
|
CONDO & CO-OP SALES
2017 Units Sold
Capitol Hill Downtown
Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
Georgetown
Units Sold Avg. Sold Price Avg. Days on Market
Dupont
Units Sold Avg. Sold Price Avg. Days on Market
Foggy Bottom / West End Kalorama
Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
Logan
Units Sold Avg. Sold Price Avg. Days on Market
Wesley Heights / Cathedral Mount Pleasant
Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
Shaw
611 D Street SE Unit 4d Capitol Hill | $630,000
Units Sold Avg. Sold Price Avg. Days on Market
2018
%
42
216
$414,577
$542,076
+414% +31%
28
33
+18% +5%
159
167
$576,197
$575,778
-
33
49
+48%
90
89
-1%
$950,614
$902,099
-5%
59
69
+17%
188
512
+172%
$496,370
$635,964
+28%
23
45
+97% -27%
190
139
$746,640
$689,291
-8%
42
46
+10%
184
182
-1%
$607,477
$591,548
-3%
21
40
+86% -46%
153
83
$872,851
$467,454
-46%
18
62
+244%
93
125
+34%
$409,801
$513,682
+25%
64
35
-45%
197
51
-74%
$515,456
$800,824
+55%
20
35
+75%
54
51
-6%
$775,160
$800,824
+3%
24
36
+50%
2660 Connecticut Ave NW #3c Woodley Park | $3,195,000
1205 North Garfield St
1628 11th St NW # 109 Shaw | $1,225,000
Arlington | $469,000
NORTHERN VIRGINIA
CONDO & CO-OP SALES
|
Units Sold
Arlington McLean Alexandria
Avg. Sold Price
1,664
1,722
% +3%
$421,765
$427,643
+1%
35
53
+51%
Units Sold
317
284
-10%
$385,131
$399,279
+4%
54
58
+7%
2,026
2,058
+2%
$315,192
$318,967
+1%
34
56
+65%
Avg. Sold Price Avg. Days on Market
Units Sold Avg. Sold Price Avg. Days on Market
Units Sold
Chevy Chase
2018
Avg. Days on Market
MONTGOMERY COUNTY
Bethesda
2017
|
CONDO & CO-OP SALES
2017
2018
392
329
% -16%
$523,608
$436,642
-17%
Avg.Days on Market
52
66
+27%
Units Sold
170
159
-6%
$645,910
$610,338
-6%
59
585
+44%
Avg. Sold Price
Avg. Sold Price Avg. Days on Market
Source: MRIS, 1/1/2017-12/31/2017; 1/1/2018-12/31/2018. Data deemed reliable, but not guaranteed. 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. ©2018 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
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