THIRD QUARTER 2016
MARKET REPORT DC | MD | VA
A Comprehensive Analysis of the Residential Real Estate Market in the Washington Metropolitan Area
171 CREST RIVER DR, MIDDLETOWN VA | $2,400,000
1601 5TH STREET NW D, WASHINGTON DC | $1,575,000
THI R D QUA RT E R 2016
MARKET REPORT D C | MD | VA
W
ith the presidential election right around the corner, Washington is bracing for what promises to be a historic season. In all but one of the past four Presidential Election years, sales volume in the fourth quarter increased significantly. Neither approval ratings nor unity between Congress and the White
House correlates to real estate market trends. In fact, much like the stock market, real estate has historically performed better in times of a divided government versus a unified government. In all cases, the upper tier of the real estate market, the luxury sector, has outperformed all other sectors over any 10-year period in the past 100 years. As you will note in the data that follows, third quarter results across the region are relatively strong. Sold dollar volume across the Washington region increased 7.7% versus the same period last year. Similarly, median sold price increased 6.9%. In both Northern Virginia and Montgomery County, homes sold more quickly with average days on the market decreasing in both areas. Close-in locations inside the Capital Beltway continue to perform well, and submarkets with access to good transportation infrastructure and job centers are also outperforming other areas. As we move into the final quarter of 2016, we want to thank the countless community organizations who have inspired us this year. Once again, the Washington Business Journal named TTR Sotheby’s International Realty among the most philanthropic small businesses in Washington. This is important work, and our partners, staff and associates will continue to be highly engaged in the communities in which we live and work. More information on building our community as well as extraordinary real estate from Bethesda to Beijing can be found on our website, ttrsir.com. On behalf of our partners, Jonathan Taylor, Michael Rankin, David DeSantis, and Derrick Swaak, please accept our thanks for the opportunity to be of service. 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 T H I R 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
3036 Macomb Street NW, Washington DC | Listed for $4,495,000
3105 Chesapeake St NW, Washington DC Listed for $2,600,000
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
3125 Chain Bridge Rd NW, Washington DC Listed for $3,999,000
CLEVELAND PARK
Q3 2015
Q3 2016
%
26
18
-31%
1,108,404
1,224,614
10%
AVG SOLD PRICE
29
12
-59%
AVG DAYS ON MARKET
Q3 2015
Q3 2016
%
40
36
-10%
UNITS SOLD
1,963,872
1,707,806
-13%
AVG SOLD PRICE
41
52
27%
AVG DAYS ON MARKET
Q3 2015
Q3 2016
%
UNITS SOLD
CAPITOL HILL
DUPONT
60
48
-20%
996,693
1,072,177
8%
AVG SOLD PRICE
UNITS SOLD
18
21
17%
AVG DAYS ON MARKET
Q3 2015
Q3 2016
%
16
8
-50%
2,498,656
2,200,250
-12%
42
26
-38%
Q3 2015
Q3 2016
%
32
29
-9%
1,030,806
1,120,226
9%
22
38
73%
Q3 2015
Q3 2016
%
11
12
9%
1,831,610
1,565,083
-15%
17
66
288%
Source: MRIS, 7/1/2015-9/30/2015; 7/1/2016-9/30/2016 | Data deemed reliable, but not guaranteed.
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TTRSIR.COM
2241 Bancroft Pl NW, Washington DC Listed for $6,250,000
1726 Hoban Rd NW, Washington DC Listed for $4,625,000
4520 Dexter St NW, Washington DC Listed for $2,195,000
1821 Vermont Avenue NW, Washington DC | Listed for $1,595,000
FOREST HILLS UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET MOUNT PLEASANT UNITS SOLD
Q3 2015
Q3 2016
%
4
8
100%
UNITS SOLD
2,646,215
1,662,625
-37%
AVG SOLD PRICE
61
26
-57%
AVG DAYS ON MARKET
Q3 2015
Q3 2016
%
GLOVER PARK/BURLEITH
SPRING VALLEY
14
27
93%
1,054,121
1,073,215
2%
AVG SOLD PRICE
9
11
22%
AVG DAYS ON MARKET
KALORAMA
Q3 2015
Q3 2016
%
UNITS SOLD
5
8
60%
UNITS SOLD
2,513,400
2,981,750
19%
AVG SOLD PRICE
8
43
438%
Q3 2015
Q3 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
UNITS SOLD
WESLEY HEIGHTS
AVG DAYS ON MARKET MASS. AVE HEIGHTS
11
11
0%
UNITS SOLD
1,111,018
1,271,127
14%
AVG SOLD PRICE
65
16
-75%
AVG DAYS ON MARKET
Q3 2015
Q3 2016
%
27
26
-4%
1,118,592
1,066,077
-5%
14
21
50%
Q3 2015
Q3 2016
%
8
9
13%
1,764,962
1,710,444
-3%
31
96
210%
Q3 2015
Q3 2016
%
6
10
67%
1,469,417
2,347,250
60%
47
50
6%
Q3 2015
Q3 2016
%
1
1
0%
3,000,000
6,500,000
117%
68
717
954%
Source: MRIS, 7/1/2015-9/30/2015; 7/1/2016-9/30/2016 | Data deemed reliable, but not guaranteed.
THIRD QUARTER 2016
TTRSIR MARKET REPORT
5
VI RG I N I A T H I R 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
Q3 2015
Q3 2016
%
UNITS SOLD
416
341
-18%
848,212
903,902
7%
28
23
-18%
Q3 2015
Q3 2016
%
286
281
-2%
683,794
717,885
5%
AVG SOLD PRICE
30
34
13%
AVG DAYS ON MARKET
Q3 2015
Q3 2016
%
58
74
28%
UNITS SOLD
1,260,736
1,084,370
-14%
AVG SOLD PRICE
75
102
36%
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
Q3 2015
Q3 2016
%
141
149
6%
1,356,276
1,210,045
-11%
54
58
7%
ALEXANDRIA
Q3 2015
Q3 2016
%
UNITS SOLD
358
323
-10%
731,104
741,711
1%
30
31
3%
Q3 2015
Q3 2016
%
294
256
-13%
803,201
849,211
6%
28
42
50%
UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
VIENNA
Source: MRIS, 7/1/2015-9/30/2015; 7/1/2016-9/30/2016 | Data deemed reliable, but not guaranteed.
6828 Sorrel St, McLean VA | Listed for $3,499,000
316 Gordon Rd, Kinsale VA | Listed for $995,000
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TTRSIR.COM
473 Millwood Rd, Boyce VA | Listed for $2,290,000
M A RY L A N D T H I R 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
8560 Horseshoe Ln, Potomac MD | Listed for $2,749,000
9900 Newhall Rd, Potomac MD | Listed for $3,499,000
1800 Holly Beach Farm Rd, Annapolis MD | Listed for $14,500,000
BETHESDA
Q3 2015
Q3 2016
%
UNITS SOLD
251
230
-8%
1,112,845
1,143,584
3%
35
44
26%
Q3 2015
Q3 2016
%
160
162
1%
1,056,925
1,038,748
-2%
46
60
30%
Q3 2015
Q3 2016
%
86
70
-19%
1,380,124
1,283,045
-7%
46
36
-22%
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 6309 Bradley Blvd, Bethesda MD | Listed for $2,275,000
THIRD QUARTER 2016
Source: MRIS, 7/1/2015-9/30/2015; 7/1/2016-9/30/2016 | Data deemed reliable, but not guaranteed.
TTRSIR MARKET REPORT
7
SOTHEBY’S SOTHEBY’S MAGAZINE FEATURE
This autumn, Zaha Hadid’s Lilas in Bloom is rising in Beyond Limits, a Sotheby’s selling exhibition of monumental outdoor sculpture at Chatsworth House in Derbyshire. Planned well before Hadid’s untimely death last March, its presence comes as a tribute to the architect’s mastery. For more: ttrsir.us/lilasbloom
SOTHEBY’S INTERNATIONAL REALTY
Sotheby’s International Realty announced a new international partnership with Juwai.com, China’s premier real estate portal that receives over 2 million unique monthly visitors. This ensures greater visibility to Chinese consumers searching for homes worldwide.
SOTHEBY’S AUCTION
On 11 November, Sotheby’s will be hosting a sale during the International Photography Fair, Paris Photo, an unmissable event for dealers, collectors, curators, artists, and art aficionados.
TTRSIR NEWS
We are thrilled to announce the official move of our Downtown, DC office, now located at 1515 14th Street NW. We’ve found our new home; let us find yours! And coming late fall 2016: 2300 Clarendon Blvd in Arlington, Virginia.
TTRSIR AND THE COMMUNITY
Join us for Fair Chance’s 2016 Butterfly Bash, the annual event that raises funds and honors local leaders who are committed to helping children in Washington, DC. The Butterfly Bash allows Fair Chance to provide support for nonprofits working to break the cycle of poverty for children. 8
TTRSIR.COM
S I G N I F I CA N T CO N T RACTS + SA L ES F RO M THE THIRD 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. 1111 19TH ST N #2903, ARLINGTON VA
2. 3001 44TH PL NW, WASHINGTON DC
3. 3327 DENT PL NW, WASHINGTON DC
4. 9407 LUDGATE DR, ALEXANDRIA VA
5. 1824 23RD ST NW, WASHINGTON DC
6. 43 W LENOX ST, CHEVY CHASE MD
1. 1111 19h Street N #2903, Arlington VA I Listed for $2,178,000 (Under Contract; TTRSIR represented seller) 2. 3001 44th Pl NW, Washington DC I Listed for $3,995,000 (TTRSIR represented seller and buyer) 3. 3327 Dent Pl NW, Washington DC I Listed for $4,000,000 (TTRSIR represented seller and buyer) 4. 9407 Ludgate Dr, Alexandria VA I Listed for $2,495,000 (TTRSIR represented seller and buyer) 5. 1824 23rd Street NW, Washington DC I Listed for $3,650,000 (Under contract; TTRSIR represented seller and buyer) 6. 43 W Lenox St, Chevy Chase MD I Listed for $2,975,000 (TTRSIR represented seller)
WA S H I N GT O N, D C T H I R D Q UA R T E R 2 0 1 6 | C O N D O & C O - O P SA L E S CAPITOL HILL
Q3 2015
Q3 2016
%
KALORAMA
Q3 2015
Q3 2016
%
8
12
50%
UNITS SOLD
55
39
-29%
387,750
376,158
-3%
AVG SOLD PRICE
632,965
615,302
-3%
20
21
5%
AVG DAYS ON MARKET
25
24
-4%
DOWNTOWN
Q3 2015
Q3 2016
%
LOGAN
Q3 2015
Q3 2016
%
UNITS SOLD
46
51
11%
63
80
27%
570,877
610,719
7%
425,260
607,113
43%
28
36
29%
19
23
21%
Q3 2015
Q3 2016
%
Q3 2015
Q3 2016
%
141
79
-44%
UNITS SOLD
53
43
-19%
630,207
494,609
-22%
AVG SOLD PRICE
456,758
451,391
-1%
26
23
-12%
AVG DAYS ON MARKET
26
20
-23%
Q3 2015
Q3 2016
%
Q3 2015
Q3 2016
%
22
24
9%
19
19
0%
325,473
352,188
8%
AVG SOLD PRICE
595,654
417,005
-30%
23
42
83%
AVG DAYS ON MARKET
45
60
33%
Q3 2015
Q3 2016
%
Q3 2015
Q3 2016
%
27
13
-52%
UNITS SOLD
7
12
71%
725,593
594,338
-18%
AVG SOLD PRICE
517,857
827,250
60%
30
50
67%
AVG DAYS ON MARKET
18
14
-22%
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
UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET MOUNT PLEASANT
WESLEY HEIGHTS/ CATHEDRAL UNITS SOLD
SHAW
Source: MRIS, 7/1/2015-9/30/2015; 7/1/2016-9/30/2016 | Data deemed reliable, but not guaranteed.
1601 5th Street NW D, Washington DC Listed for $1,575,000
925 H Street NW #301, Washington DC Listed for $999,900
10
TTRSIR.COM
1390 V Street NW #416, Washington DC Listed for $519,000
1837 Wyoming Ave #D NW, Washington DC | Starting at $1,499,000
VI RG I N I A T H I R D Q UA RT E R 2 0 1 6 | C O N D O & C O - O P SA L E S ARLINGTON
Q3 2015
Q3 2016
%
McLEAN
UNITS SOLD
419
439
5%
UNITS SOLD
426,606
438,132
3%
AVG SOLD PRICE
40
40
0%
AVG DAYS ON MARKET
AVG SOLD PRICE AVG DAYS ON MARKET
Q3 2015
Q3 2016
%
58
69
19%
422,800
396,234
-6%
59
55
-7%
Q3 2015
Q3 2016
%
40
42
5%
752,498
646,789
-14%
38
47
24%
Source: MRIS, 7/1/2015-9/30/2015; 7/1/2016-9/30/2016 | Data deemed reliable, but not guaranteed.
1600 Clarendon Blvd W306, Arlington VA Listed for $1,599,000
M A RY L A N D T H I R D Q UA RT E R 2 0 1 6 | C O N D O & C O - O P SA L E S BETHESDA
Q3 2015
Q3 2016
%
UNITS SOLD
85
98
15%
371,946
451,055
21%
AVG SOLD PRICE
41
48
17%
AVG DAYS ON MARKET
AVG SOLD PRICE AVG DAYS ON MARKET
CHEVY CHASE UNITS SOLD
Source: MRIS, 7/1/2015-9/30/2015; 7/1/2016-9/30/2016 | Data deemed reliable, but not guaranteed.
5610 Wisconsin Ave #PH-19D, Chevy Chase MD Listed for $2,995,000
THIRD 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 V I CTO R I A , B R I T I S H C O LU M B I A CA N A DA | P R O P E RT Y I D : 4 6 TS S S
TTR Sot h e by ’s I n te r n at i o n al Rea l ty i s pa rt of a g l o ba l rea l esta te ne two rk of ove r 8 35 of f i ces i n 63 co u n t r i es. Whe t he r yo u a re b uy i ng i n S haw, se l l i ng i n New De l hi , o r curi ou s ab ou t any p oi n t i n b e twe e n, we l o o k fo r wa rd to t he o p p o rt uni ty to b e of se r v i ce.
T T RS I R .CO M
IN THE COMMUNITY
FAIR CHANCE BUTTERFLY BASH FRIDAY, OCTOBER 21, 2016
VOLTA PARK DAY SUNDAY, OCTOBER 30TH, 2016
Join us for Fair Chance’s 2016 Butterfly Bash, the annual event that raises funds and honors local leaders who are committed to helping children in Washington, DC. The Butterfly Bash allows Fair Chance to provide support for nonprofits working to break the cycle of poverty for children.
Support Friends of Volta Park, a community-based non-profit organization whose mission is to work with the neighborhood and the DC Department of Parks and Recreation to maintain, improve and beautify Volta Park’s grounds and gardens.
fairchancedc.org/events/2016_bash
voltapark.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