SECOND QUARTER 2016
MARKET REPORT DC | MD | VA
A Comprehensive Analysis of the Residential Real Estate Market in the Washington Metropolitan Area
2169 LOGANS MILL RD, THE PLAINS VIRGINIA | $6,895,000
ALEXANDER HALL: 2709 N STREET NW #102, WASHINGTON DC | $2,495,000
S ECO N D QUA RT E R 2016
MARKET REPORT D C | MD | VA
W
ith the presidential elections quickly approaching, Washington is bracing for what promises to be a dynamic, if not historic, season. We are often asked, “How do presidential elections impact the Washington real estate market?” The answer surprised us. We reviewed data from the past four election years, commencing in 2000. In all but one of the election years, sales volume in the fourth quarter increased significantly, ranging from 25%38% versus the same quarter the previous year. The one exception was 2008 in which the region and the entire country was still in the midst of The Great Recession. A continued strong job market in the Washington region, coupled with historically low mortgage interest rates, suggests that we will see strong momentum in our regional real estate market through the balance of the year. As we review year-to-date results, it is clear that the momentum continues to transcend both the city as well as the close-in suburbs. Montgomery County witnessed a 13.3% increase in sold dollar volume in the second quarter versus the same period last year. Median sold prices increased slightly at 1.4%. Washington, DC continues to reflect strong market fundamentals with sold volume increasing 11.5% and median sold price increasing 1.9% versus the same quarter last year. Northern Virginia, particularly the close-in suburbs, continues to be strong with sold volume increasing 7.4% and median sold prices increasing just slightly. Transportation and proximity to job centers continue to be important variables in purchasers’ decisions. Well positioned submarkets such as Alexandria continue to witness strong demand; sold volume increased 5.0% and median sold price increased 3.3%. Bethesda experienced even stronger results with sold volume increasing 20.6% and median sold price increasing 3.6%, making it one of the strongest submarkets in the region. As we move into the second half of the year, our partners, staff and associates will continue to be highly engaged in the communities in which we live and work. In particular, we encourage you to save the date for Celebrate Logan on September 17th benefiting N Street Village (celebratelogan.org) as well as for the Joan Hisaoka “Make a Difference” Gala benefiting Life With Cancer and The Smith Center (joanhisaokagala.org). More information on these community events as well as extraordinary real estate from Bloomindale to Bejing can be found on our website, ttrsir.com. In the interim, we hope you and your family enjoy a truly memorable summer.
Best personal regards, Mark C. Lowham CEO and Managing Partner TTR Sotheby’s International Realty
WA S H I N GT O N, D C S EC O N D Q UA R T E R 2 0 1 6 | S I N G L E FA M I LY H O M E SA L E S
3614 Prospect St NW, Washington DC | Listed for $4,295,000
3424 P Street NW, Washington DC Under Contract (Listed for $1,795,000)
AMERICAN UNIVERSITY UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET GEORGETOWN UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET CHEVY CHASE UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
4629 30th Street NW, Washington DC Listed for $1,995,000
CLEVELAND PARK
Q2 2015
Q2 2016
%
31
24
-23%
$1,040,587
$1,063,000
2%
30
21
-30%
Q2 2015
Q2 2016
%
45
18
-60%
UNITS SOLD
$2,169,278
$1,856,106
-14%
AVG SOLD PRICE
49
25
-49%
AVG DAYS ON MARKET
Q2 2015
Q2 2016
%
UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET CAPITOL HILL
DUPONT
65
34
-48%
UNITS SOLD
$1,044,266
$1,166,600
12%
AVG SOLD PRICE
20
14
-30%
AVG DAYS ON MARKET
Q2 2015
Q2 2016
%
21
12
-43%
$1,747,110
$2,250,062
29%
39
14
-64%
Q2 2015
Q2 2016
%
43
32
-26%
$1,011,474
$1,021,295
1%
18
21
17%
Q2 2015
Q2 2016
%
13
8
-38%
$1,945,489
$1,863,250
-4%
12
13
8%
Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.
4
TTRSIR.COM
1237 30th St NW, Washington DC Listed for $2,500,000
5071 Sedgwick St NW, Washington DC Listed for $1,899,000
600 E St NE, Washington DC Listed for $1,495,000
1622 34th St NW, Washington DC | Under Contract (Listed for $1,790,000)
FOREST HILLS UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET MOUNT PLEASANT UNITS SOLD
Q2 2015
Q2 2016
%
7
8
14%
UNITS SOLD
$2,097,500
$2,627,000
25%
AVG SOLD PRICE
52
18
-65%
AVG DAYS ON MARKET
Q2 2015
Q2 2016
%
GLOVER PARK/BURLEITH
SPRING VALLEY
25
14
-44%
$999,188
$1,058,074
6%
8
36
350%
KALORAMA
Q2 2015
Q2 2016
%
UNITS SOLD
11
6
-45%
UNITS SOLD
$2,777,091
$2,135,833
-23%
AVG SOLD PRICE
77
41
-47%
AVG DAYS ON MARKET
Q2 2015
Q2 2016
%
AVG SOLD PRICE AVG DAYS ON MARKET
AVG SOLD PRICE AVG DAYS ON MARKET LOGAN UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
17
9
-47%
$1,218,135
$1,304,972
7%
9
14
56%
UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET WESLEY HEIGHTS
MASS. AVE HEIGHTS UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
Q2 2015
Q2 2016
%
29
10
-66%
$1,166,944
$957,850
-18%
19
24
26%
Q2 2015
Q2 2016
%
16
4
-75%
$1,605,969
$1,913,750
19%
28
13
-54%
Q2 2015
Q2 2016
%
13
5
-62%
$1,152,577
$1,504,000
30%
37
14
-62%
Q2 2015
Q2 2016
%
1
0
N/A
$12,250,000
N/A
N/A
152
N/A
N/A
Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.
SECOND QUARTER 2016
TTRSIR MARKET REPORT
5
VI RG I N I A S EC O N D Q UA R T E R 2 0 1 6 | S I N G L E FA M I LY H O M E SA L E S ARLINGTON
Q2 2015
Q2 2016
%
UNITS SOLD
498
260
-48%
$875,562
$888,893
2%
26
23
-12%
Q2 2015
Q2 2016
%
281
165
-41%
$654,764
$647,386
-1%
26
18
-31%
Q2 2015
Q2 2016
%
70
45
-36%
$1,296,546
$1,264,944
-2%
AVG SOLD PRICE
73
57
-22%
AVG DAYS ON MARKET
AVG SOLD PRICE AVG DAYS ON MARKET FALLS CHURCH UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET GREAT FALLS UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
McLEAN
Q2 2015
Q2 2016
%
185
121
-35%
$1,317,103
$1,351,712
3%
49
50
2%
ALEXANDRIA
Q2 2015
Q2 2016
%
UNITS SOLD
417
248
-41%
$747,849
$701,641
-6%
26
21
-19%
Q2 2015
Q2 2016
%
294
151
-49%
$803,201
$800,467
-0.3%
28
32
14%
UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
AVG SOLD PRICE AVG DAYS ON MARKET VIENNA UNITS SOLD
Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.
13768 Balmoral Greens Ave, Clifton VA | Listed for $7,495,000
6912 Benjamin St, McLean VA | Listed for $4,950,000
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TTRSIR.COM
1213 Merchane Ln, McLean VA | Listed for $2,695,000
M A RY L A N D S EC O N D Q UA R T E R 2 0 1 6 | S I N G L E FA M I LY H O M E SA L E S
9001 Durham Dr, Potomac MD | Listed for $4,995,000
1737 Skippers Row, Gibson Island MD | Listed for $2,195,000
1645 Fairview Beach Rd, Pasadena MD | Listed for $4,250,000
BETHESDA
Q2 2015
Q2 2016
%
UNITS SOLD
281
177
-37%
$1,098,634
$1,070,302
-3%
31
27
-13%
Q2 2015
Q2 2016
%
209
125
-40%
$1,017,298
$986,706
-3%
38
37
-3%
Q2 2015
Q2 2016
%
104
43
-59%
$1,288,489
$1,267,528
-2%
36
36
0%
AVG SOLD PRICE AVG DAYS ON MARKET POTOMAC UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET CHEVY CHASE UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET 25715 Bruffs Island Rd, Easton MD | Listed for $2,950,000
SECOND QUARTER 2016
Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.
TTRSIR MARKET REPORT
7
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SOTHEBY’S INTERNATIONAL REALTY
Sotheby’s International Realty leads all other real estate companies in the Individual Sales Volume Category in REAL Trends/The Wall Street Journal Report’s “Top Thousand,” with 45 of the top 250 real estate agents and teams in the United States based on 2015 annual sales volume and transaction sides.
SOTHEBY’S AUTOMOBILES
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SOTHEBY’S MAGAZINE
Summertime means travel, and for many of us, artrelated destinations set the itinerary. In cities around the world, museums await; the coolness of their galleries offer a retreat for the senses and a bounty of art to behold. This year, three institutions top our mustsee list: bit.ly/SummerMuseums
TTRSIR AND THE COMMUNITY
This summer, enjoy extraordinary performances at American’s only National Park for the Performing Arts. TTR Sotheby’s International Realty is proud to support the Wolf Trap Foundation and its important arts and education programs throughout the year. Wolftrap.org for more information. 8
TTRSIR.COM
S I G N I F I CA N T CO N T RACTS + SA L ES F RO M THE SECOND QUARTER 2016 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. 1701 18TH ST NW #PH402, WASHINGTON DC
2. 6444 GEORGETOWN PIKE, MCLEAN VA
3. 2946 CHAIN BRIDGE RD NW, WASHINGTON DC
4. 2823 N STREET NW, WASHINGTON DC
5. 5063 OVERLOOK DR NW, WASHINGTON DC
6. 7118 GLENBROOK RD, BETHESDA MD
1. 1701 18th St NW #PH402, Washington DC I Listed for $1,899,000 (TTRSIR represented seller and buyer – most expensive one-bedroom condominium to sell in DC since 2010.) 2. 6444 Georgetown Pike, McLean VA I Listed for $5,000,000 (TTRSIR represented seller and buyer) 3. 2946 Chain Bridge Rd NW, Washington DC I Listed for $3,695,000 (TTRSIR represented seller and buyer) 4. 2823 N Street NW, Washington DC I Listed for $6,850,000 (TTRSIR represented seller) 5. 5063 Overlook Dr NW, Washington DC I Listed for $3,950,000 (TTRSIR represented seller and buyer) 6. 7118 Glenbrook Rd, Bethesda MD I Listed for $7,995,000 (TTRSIR represented seller)
WA S H I N GT O N, D C S EC O N D Q UA RT E R 2 0 1 6 | C O N D O & C O - O P SA L E S CAPITOL HILL
Q2 2015
Q2 2016
%
KALORAMA
Q2 2015
Q2 2016
%
7
11
57%
UNITS SOLD
62
31
-50%
$409,107
$413,636
1%
$656,216
$523,858
-20%
17
23
35%
18
26
44%
DOWNTOWN
Q2 2015
Q2 2016
%
Q2 2015
Q2 2016
%
UNITS SOLD
56
32
-43%
68
62
-9%
$658,426
$563,433
-14%
AVG SOLD PRICE
$572,553
$658,920
15%
31
40
29%
AVG DAYS ON MARKET
13
13
0%
Q2 2015
Q2 2016
%
Q2 2015
Q2 2016
%
168
87
-48%
69
40
-42%
$565,884
$546,571
-3%
AVG SOLD PRICE
$498,013
$506,130
2%
20
22
10%
AVG DAYS ON MARKET
18
13
-28%
Q2 2015
Q2 2016
%
Q2 2015
Q2 2016
%
33
14
-58%
24
19
-21%
$313,103
$337,129
8%
AVG SOLD PRICE
$492,692
$538,600
9%
24
24
0%
AVG DAYS ON MARKET
33
74
124%
Q2 2015
Q2 2016
%
Q2 2015
Q2 2016
%
23
20
-13%
13
5
-62%
$785,320
$810,800
3%
$753,069
$736,800
-2%
21
42
100%
26
22
-15%
UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
AVG SOLD PRICE AVG DAYS ON MARKET DUPONT UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET FOGGY BOTTOM/ WEST END UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET GEORGETOWN UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
AVG SOLD PRICE AVG DAYS ON MARKET LOGAN UNITS SOLD
MOUNT PLEASANT UNITS SOLD
WESLEY HEIGHTS/ CATHEDRAL UNITS SOLD
SHAW UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.
2501 Pennsylvania Ave NW #3A, Washington DC Listed for $2,395,000
3039 16th St NW #301, Washington DC | Listed for $819,000
10
TTRSIR.COM
1001 L St NW #102, Washington DC Under Contract (Listed for $509,900)
11+T: 1102 T St NW, Washington DC | Starting at $779,000
VI RG I N I A S EC O N D Q UA RT E R 2 0 1 6 | C O N D O & C O - O P SA L E S ARLINGTON
Q2 2015
Q2 2016
%
UNITS SOLD
471
296
-37%
UNITS SOLD
$422,774
$408,488
-3%
AVG SOLD PRICE
32
35
9%
AVG DAYS ON MARKET
AVG SOLD PRICE AVG DAYS ON MARKET
McLEAN
Q2 2015
Q2 2016
%
62
40
-35%
$382,504
$372,560
-3%
46
72
57%
Q2 2015
Q2 2016
%
45
20
-56%
$616,669
$517,550
-16%
41
27
-34%
Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.
601 N Fairfax St #203, Alexandria VA Listed for $3,500,000
M A RY L A N D S EC O N D Q UA RT E R 2 0 1 6 | C O N D O & C O - O P SA L E S BETHESDA
Q2 2015
Q2 2016
%
UNITS SOLD
99
59
-40%
$424,338
$593,808
40%
AVG SOLD PRICE
39
28
-28%
AVG DAYS ON MARKET
AVG SOLD PRICE AVG DAYS ON MARKET
CHEVY CHASE UNITS SOLD
Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.
147 Waterfront St #301, National Harbor MD Under Contract (listed for $2,578,000)
SECOND QUARTER 2016
TTRSIR MARKET REPORT
11
G L O B A L S P OT L I G H T P RO P E RTY SA N TO R I N I , G R E EC E | P R O P E RT Y I D : 6 3 2 S 8 T
TTR Sot h e by ’s I n te rna t i o na l Rea l ty i s pa rt of a g l o ba l rea l esta te n e twor k of ove r 8 35 of f i ces i n 63 co unt ri es. W he t he r yo u a re b uy i ng i n Sh aw, se l l i n g i n N ew De l hi , o r c uri o us a b o ut a ny p o i nt i n be twe e n, we l ook for ward to t he o p p o rt uni ty to be of se r v i ce.
T T RS I R .CO M
IN THE COMMUNITY
JOAN HISAOKA “MAKE A DIFFERENCE” GALA SATURDAY, SEPTEMBER 17, 2016
CELEBRATE LOGAN SATURDAY, SEPTEMBER 17, 2016
The Joan Hisoaka “Make a Difference” gala is a charity event supporting Life With Cancer, The Smith Center, and the Brem Foundation, as it continues to help others living with cancer and to bring hope and healing to those faced with serious illness.
Enjoy an afternoon of food and fun, featuring exclusive tastings from the local restaurants of Logan Circle and the 14th Street Corridor. Event benefits N Street Village to address issues of homelessness and extreme poverty.
joanhisaokagala.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. ©2016 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