FIRST QUARTER 2017
MARKET REPORT A Co m p r e h e ns ive A na l ysi s of the Re si d e n ti al Re al Estate M ar ke t in th e Washi n g ton M e tr opol i tan Ar e a
2925 N GLEBE ROAD ARLINGTON, VIRGINIA | $3,300,000
FIRST QUARTER 2017
MARKET REPORT With the new administration in place, Washingtonians have returned to business, and our current real estate market reflects definitive momentum heading into the Spring. The Center for Regional Analysis at GMU reports that median sales prices, sales, and pending sales hit the highest level in March in over a decade in the Washington region. In the first quarter of 2017, sold dollar volume across the Mid-Atlantic increased 17.8% versus 2016. Median sales prices followed suit, increasing 6.3% and average days on market decreased 14.8%. Close-in locations inside the Capital Beltway continue to perform particularly well, and submarkets with access to good transportation infrastructure and job centers are also outperforming other areas. Sales in the District of Columbia increased 33.6%, median sales price increased 3.4%, and average days on the market declined 8.7%. Of particular note, sales in Logan Circle more than doubled with a 115.1% increase in sold dollar volume, and median sales prices increased 2.3%. Similarly, Georgetown experienced a 54.9% increase in sales with median sales prices increasing 7.6%. In Montgomery County, sales increased 21.1% and median sales prices increased 6.7%. In Fairfax County, Great Falls showed renewed strength in the first quarter with sales increasing 74.6% and median sales prices increasing 2.5%. In Alexandria, sales increased 10.5%, and properties sold more quickly with average days on the market decreasing 19.4% to 54 days. As we move into the second quarter of 2017, we want to thank the countless organizations that continue to make a difference in our community and with which we are honored to partner. In particular, we hope you will join us on May 6th for the annual Life With Cancer Lobster Extravaganza (lifewithcancer.org) providing support to those affected by cancer, the Halcyon Awards Gala (halcyonhouse.org) on May 20th celebrating social entrepreneurs, and the Hillwood Gala (hillwood. org) on June 6th which kicks off the exhibition of Marjorie Merriweather Post’s spectacular collection of jewels. More information on building our community as well as extraordinary real estate from Annapolis to Australia 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 G TO N , D C F IR S T QUA R T E R 2 017 | SI N G LE FA M I LY HOM E SA LE S
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
CLEVELAND PARK
Q1 2016
Q1 2017
%
7
8
14%
UNITS SOLD
$1,118,143
$1,136,625
2%
AVG SOLD PRICE
16
8
-50%
Q1 2016
Q1 2017
%
AVG DAYS ON MARKET CAPITOL HILL
27
30
11%
UNITS SOLD
$1,495,704
$1,962,467
31%
AVG SOLD PRICE
47
60
28%
AVG DAYS ON MARKET
Q1 2016
Q1 2017
%
35
37
6%
$1,038,658
$1,077,327
4%
28
14
-50%
DUPONT UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
Q1 2016
Q1 2017
%
6
7
16%
$1,611,072
$1,968,571
22%
39
26
-33%
Q1 2016
Q1 2017
%
12
28
133%
$970,458
$1,312,362
35%
45
42
-7%
Q1 2016
Q1 2017
%
10
10
0%
$1,640,150
$1,909,150
16%
20
43
115%
2121 Dunmore Ln NW, Washington DC | $5,750,000
33.6%
5208 MacArthur Terr NW, Washington DC | $2,600,000
FOREST HILLS UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET MOUNT PLEASANT 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
Q1 2016
Q1 2017
%
4
6
50%
$2,072,500
$1,605,075
-22%
AVG SOLD PRICE
54
65
20%
AVG DAYS ON MARKET
Q1 2016
Q1 2017
%
10
13
30%
UNITS SOLD
$1,026,500
$1,028,192
0%
AVG SOLD PRICE
29
18
-38%
Q1 2016
Q1 2017
%
GLOVER PARK/BURLEITH
UNITS SOLD
SPRING VALLEY
AVG DAYS ON MARKET WESLEY HEIGHTS
5
7
40%
UNITS SOLD
$1,878,000
$3,036,714
62%
AVG SOLD PRICE
37
61
65%
AVG DAYS ON MARKET
Q1 2016
Q1 2017
%
11
14
27%
UNITS SOLD
$1,318,409
$1,524,857
16%
AVG SOLD PRICE
10
37
270%
MASS. AVE HEIGHTS
AVG DAYS ON MARKET
i n c rea se i n Sold Do l l a r Vo l u m e in Wa s h i n g to n , D C Q1 20 17 vs. Q 1 20 16
Q1 2016
Q1 2017
%
23
11
-52%
$1,136,309
$1,159,777
2%
33
8
-76%
Q1 2016
Q1 2017
%
4
10
150%
$2,008,750
$2,069,600
3%
34
93
173%
Q1 2016
Q1 2017
%
3
4
33%
$2,096,250
$1,646,250
-21%
50
18
-64%
Q1 2016
Q1 2017
%
1
5
400%
$5,800,000
$5,721,800
-1%
68
100
47%
Source: MRIS, 1/1/2016-3/31/2016; 1/1/2017-3/31/2017 | Total Sold Dollar Volume source: RBI, 4/2017. Data deemed reliable, but not guaranteed.
VIRGINIA F IR S T QUA R T E R 2 017 | SI N G LE FA M I LY HOM E SA LE S
ARLINGTON UNITS SOLD 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
Q1 2016
Q1 2017
McLEAN
%
240
259
8%
UNITS SOLD
$816,965
$917,793
12%
AVG SOLD PRICE
49
40
-18%
AVG DAYS ON MARKET
Q1 2016
Q1 2017
%
142
189
$630,539
Q1 2016
Q1 2017
%
103
120
16%
$1,411,275
$1,242,214
-12%
90
66
-27%
ALEXANDRIA
Q1 2016
Q1 2017
%
33%
UNITS SOLD
220
228
4%
$660,875
5%
AVG SOLD PRICE
$748,556
$749,016
0%
43
35
19%
AVG DAYS ON MARKET
45
36
-20%
Q1 2016
Q1 2017
%
Q1 2016
Q1 2017
%
34
52
53%
UNITS SOLD
136
161
18%
$1,146,263
$1,323,878
15%
AVG SOLD PRICE
$799,757
$879,092
10%
110
128
16%
AVG DAYS ON MARKET
46
49
6%
VIENNA
74.6%
12220 Deer Crest Ct, Fairfax VA $1,199,990
7629 Burford Dr, McLean VA | $2,450,000
i n c rea se i n So l d Dolla r Vo l u me i n G rea t Fa lls, Fa i r fa x County Q 1 20 17 vs. Q1 20 16
905 Dewolfe Dr, Alexandria VA | $1,399,000
Source: MRIS, 1/1/2016-3/31/2016; 1/1/2017-3/31/2017 | Total Sold Dollar Volume source: RBI, 4/2017. Data deemed reliable, but not guaranteed.
MARYLAND F I R S T QUA R T ER 2 017 | SI N G LE FA M I LY HOM E SA LE S
21.1%
i n c rea se i n So l d Dolla r Vo l u me i n M o n tgom e r y Co u n ty. Q 1 20 17 vs. Q1 20 16
5517 Pembroke Road, Bethesda MD | $18,000,000
9325 Belle Terre Way, Potomac MD | $4,250,000
BETHESDA
Q1 2016
Q1 2017
%
UNITS SOLD
142
171
20%
$1,123,719
$1,182,825
5%
61
46
-24%
Q1 2016
Q1 2017
%
82
93
13%
$957,082
$1,008,544
5%
72
57
-20%
Q1 2016
Q1 2017
%
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
39
46
18%
$1,271,477
$1,328,389
4%
63
60
-5%
9121 Burdette Rd, Bethesda MD | $5,995,000
Source: MRIS, 1/1/2016-3/31/2016; 1/1/2017-3/31/2017 | Total Sold Dollar Volume source: RBI, 4/2017. Data deemed reliable, but not guaranteed.
WA S H I N G TO N , D C F I R S T QUA R T E R 2 017 | CON DO & CO-OP SA LE S
CAPITOL HILL UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET DOWNTOWN UNITS SOLD 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
Q1 2016
Q1 2017
%
KALORAMA
Q1 2016
Q1 2017
%
8
8
0%
UNITS SOLD
33
34
3%
$339,600
$349,450
3%
AVG SOLD PRICE
$598,855
$568,082
-5%
66
20
-70%
33
29
-12%
Q1 2016
Q1 2017
%
Q1 2016
Q1 2017
%
AVG DAYS ON MARKET LOGAN
20
30
50%
UNITS SOLD
$623,760
$527,869
-15%
AVG SOLD PRICE
87
37
-57%
AVG DAYS ON MARKET
Q1 2016
Q1 2017
%
76
99
30%
UNITS SOLD
$498,078
$589,226
18%
AVG SOLD PRICE
36
30
-17%
AVG DAYS ON MARKET
Q1 2016
Q1 2017
%
MOUNT PLEASANT
WESLEY HEIGHTS/ CATHEDRAL
14
20
43%
UNITS SOLD
$455,000
$342,645
-25%
AVG SOLD PRICE
60
55
-8%
AVG DAYS ON MARKET
Q1 2016
Q1 2017
%
14
20
43%
$1,006,482
$1,197,550
19%
44
90
104%
SHAW UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
32
86
169%
$561,831
$639,271
14%
29
31
7%
Q1 2016
Q1 2017
%
33
39
18%
$466,280
$522,815
12%
23
17
-26%
Q1 2016
Q1 2017
%
8
16
100%
$553,688
$495,297
-10%
75
73
-3%
Q1 2016
Q1 2017
%
5
11
120%
$679,936
$784,382
15%
16
37
131%
4740 Connecticut Ave NW #409, Washington DC | $599,000
2425 L St NW #700, Washington DC | $5,400,000
772 Girard St NW #8E, Washington DC | $1,700,000
Source: MRIS, 1/1/2016-3/31/2016; 1/1/2017-3/31/2017 | Total Sold Dollar Volume source: RBI, 4/2017. Data deemed reliable, but not guaranteed.
VIRGINIA F I R S T QUA R T E R 2 017 | CON DO & CO-OP SA LE S
ARLINGTON
Q1 2016
Q1 2017
%
UNITS SOLD
256
328
28%
UNITS SOLD
$429,035
$411,189
-4%
AVG SOLD PRICE
49
49
0%
AVG DAYS ON MARKET
AVG SOLD PRICE AVG DAYS ON MARKET
McLEAN
Q1 2016
Q1 2017
%
52
69
30%
$431,366
$395,670
-8%
68
68
0%
Q1 2017
%
1881 Nash Street N TS01, Arlington VA | $6,999,999
MARYLAND F I R S T QUA R T E R 2 017 | CON DO & CO-OP SA LE S
BETHESDA UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
Q1 2016
Q1 2017
%
CHEVY CHASE
53
85
60%
UNITS SOLD
$453,841
$569,133
25%
AVG SOLD PRICE
67
78
16%
AVG DAYS ON MARKET
5600 Wisconsin Ave, #1103-1104, Chevy Chase MD | $3,495,000
Source: MRIS, 1/1/2016-3/31/2016; 1/1/2017-3/31/2017. Data deemed reliable, but not guaranteed.
Q1 2016 26
38
46%
$723,710
$696,225
-4%
47
78
66%
OU R O FFICES GEORGETOWN BROKERAGE 1206 30th Street NW Washington, DC 20007
The Marketing Suite 1506 14th Street NW Washington, DC 20005 ttrsir.com | +1 202 234 3344
DOWNTOWN BROKERAGE 1515 14th Street NW Washington, DC 20005 McLEAN BROKERAGE 6723 Whittier Avenue McLean, VA 22101 ALEXANDRIA BROKERAGE 400 S Washington Street Alexandria, VA 22314 ARLINGTON BROKERAGE 2300 Clarendon Blvd Arlington, VA CHEVY CHASE BROKERAGE 5454 Wisconsin Avenue Chevy Chase, MD ANNAPOLIS BROKERAGE 209 Main Street Annapolis, MD
GLOBAL SPOTLIGHT PROPERTY T E R R E S A Z U R E , SA I N T M A RT I N Lo cate d i n t he m ost excl us i ve resi d e n t i a l a rea i n Fre n c h Sa i n t M a r t i n , t h i s e l e ga n t v i l l a af fo rds 4 be dro o m s, 4. 5 bath ro o m s, a se pa ra te ca re ta ke r ’s co t ta ge, a n d swe e p i n g vi ews to t he C ar i bbean. Pr i ce d we l l b e l ow t h e ow n e r ’s cost a t $ 3,95 0,0 0 0. Co ntact Les l ey Re e d | l es l ey@ st m a r t i n so t h e bysrea l ty.co m | 0 1 1- 590 - 690 -3 0 5 3 5 4 (c)
UPCOMING EVENTS Halcyon Awards Gala May 20, 2017
Capitol Hill 60th Annual House & Garden Tour May 13–14, 2017
TTR Sotheby’s International Realty is a proud Innovation Supporter of the 2017 Halcyon Awards Gala - which recognizes and honors talented arts icons, entrepreneurs & visionaries. halcyonhouse.org
The Capitol Hill Restoration Society’s Annual House & Garden Tour is one of the Grand Dames of the Capitol Hill social calendar. Capitol Hill residents will open their best homes and gardens to satisfy the curiosity of their neighbors. chrs.org/house-and-garden-tour
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. ©2017 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