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 T A N A R E A . T H I R D Q U A R T E R , 2 0 1 7.
The region’s real estate market remains strong, however the Fall market thus far indicates more balanced opportunities for both buyers and sellers. Through September, sold volume in Washington, DC increased 10.4% year to date. In the 3rd quarter, sold volume flattened to just 1.22% versus the same quarter last year. Multiple offers, although still common, are becoming less prevalent, even at lower price points. In Montgomery County, the change in momentum is more pronounced as 3rd quarter sold volume declined 3.59% versus the same quarter in 2016. Prices have remained steady with the YTD median sales prices increasing 3.7%. Northern Virginia continues to perform well with sold volume increasing 2.8% in the 3rd quarter and median sold prices increasing 3.5%. Close in submarkets such as Arlington continue to outperform other submarkets with sold volume increasing 18.3% year to date, new pending sales increasing and months of supply decreasing through the end of September. Strong momentum continues to build in the close-by community of Gibson Island. Sold volume in the 3rd quarter increased 46.2% versus last year and median sold prices year to date have increased 15.2%. Renewed awareness of the convenience and broad range of exceptional amenities offered on Gibson Island are contributing to this momentum. As we move quickly into the Holiday Season, all of us here remain grateful for the many opportunities to be engaged actively in the communities in which we live and work. Leadership is a privilege, and with it comes great responsibility to roll up our sleeves and help those less fortunate. We have and will continue to make those efforts a fundamental priority. On behalf of all of us at TTR Sotheby’s International Realty, thank you for your continued trust and support.
Best personal regards,
Mark C. Lowham CEO and Managing Partner
Contents SING L E FA M I LY H O M E SA L ES
CONDO & CO-OP SALES
PG 2-3
P G 8-9
WAS H I NGTO N, D C
WASHINGTON, D C NORTHE R N V IRGINIA
PG 4 - 5
NO RT H E R N VI RG I NI A
MONTGOME RY COUNTY
LOU D OU N COU NT Y FAUQU I E R COU NT Y PG 6 -7
M O NTG O M E RY COU NT Y A NNE A RU ND E L COU NT Y TA L BOT COU NT Y
Above: 867 Alvermar Ridge Drive, McLean VA | $4,275,000 Cover: 23030 Chain Bridge Road NW, Washington DC | $22,000,000
Washington, DC
2930 Woodland Drive NW Mass Ave Heights | $3,800,000
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
2807 Chesterfield Place NW Forest Hills | $4,950,000
5651 Moreland Street Chevy Chase, DC | $1,925,000
Single Family Home Sales Q3 2016
Q3 2017
%
18 $1,224,614 12
31 $1,085,835 12
+72% -11% 0%
8 $2,200,250 26
10 $1,403,425 19
+25% -36% -27%
36 $1,797,806 52
41 $1,768,732 36
+14% -1.6% -31%
29 $1,120,226 38
25 $1,217,116 40
-14% +9% +5%
48 $1,072,177 21
49 $1,139,594 24
+2% +6% +14%
12 $1,565,083 66
8 $1,483,750 16
-33% -5% -76%
8 $1,662,625 26
9 $1,547,472 74
+12% -7% +184%
26 $1,066,077 21
11 $1,037,450 15
-58% -3% -29%
27 $1,073,215 11
14 $1,161,943 22
+48% +8% +100%
9 $1,710,444 96
13 $1,837,794 32
+44% +7% -67%
8 $2,981,750 43
8 $2,314,312 52
0% -22% +21%
11 $1,271,127 16
16 $1,429,641 15
+45% +12% -6%
10 $2,347,250 50
3 $2,748,333 62
-70% +17% +24%
1 $6,500,000 717
2 $7,805,000 11
+100% +20% -98%
10 $1,622,650 59
8 $2,696,595 34
-20% +66% -42%
7 $965,357 24
9 $991,974 10
+29% +3% -58%
7 $830,072 12
10 $996,125 19
+43% +20% +58%
20 $905,750 23
15 $1,022,440 17
-25% +13% -26%
1 Logan Circle NW #7 Logan Circle | $1,350,000
930 French Street NW #1 Shaw | $1,395,000
4821 Upton Street NW Spring Valley | $1,295,000
Northern Virginia UNITS SOLD
Arlington
AVG SOLD PRICE AVG DAYS ON MARKET
UNITS SOLD
McLean 867 Alvermar Ridge Drive McLean, VA | $4,275,000
AVG SOLD PRICE AVG DAYS ON MARKET
UNITS SOLD
Falls Church
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
3905 Upland Street North
AVG SOLD PRICE AVG DAYS ON MARKET
Loudoun & Fauquier Counties
Arlington, VA | $2,395,000
UNITS SOLD
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 8922 Jeffery Road
Great Falls, VA | $6,750,000
AVG SOLD PRICE AVG DAYS ON MARKET
Single Family Home Sales Q3 2016
Q3 2017
%
341
363
+6%
$903,902
$935,601
+3%
23
29
+26%
149
171
+15%
$1,210,045
$1,403,283
+16%
58
59
+2%
281
292
+4%
$717,885
$708,291
-1.34%
34
29
-15%
323
327
+1%
$741,711
$792,686
+7%
31
32
+3%
74
64
-13%
$1,084,370
$1,194,477
+10%
102
61
-40%
256
206
-20%
$849,211
$902,370
+6%
42
35
-17%
Single Family Home Sales
6166 Cobbs Road
Alexandria, VA | $1,395,000
2380 Atoka Road
Marshall, VA | $3,995,000
Q3 2016
Q3 2017
% +40%
5
7
$513,640
$536,454
+4%
81
102
+26%
+7%
15
16
$908,133
$872,327
-4%
207
165
-20%
21
20
-5%
$464,781
$593,025
+28%
65
60
-8%
-10%
97
87
$535,585
$542,038
+1%
66
45
-32%
Villa Firenze - 1105 Waverly Way McLean, VA | $4,995,000
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
5105 Battery Lane
Bethesda, MD | $2,475,000
Talbot County UNITS SOLD
Easton
AVG SOLD PRICE AVG DAYS ON MARKET
UNITS SOLD
Saint Michaels
AVG SOLD PRICE AVG DAYS ON MARKET
Anne Arundel County 110 Summerfield Road Chevy Chase, MD | $2,499,000
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
Gibson Island 10017 Bentcross Drive Potomac, MD | $4,950,000
UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
Single Family Home Sales Q3 2016
Q3 2017
%
230
218
-5%
$1,143,584
$1,136,273
-1%
44
39
-11%
70
69
-1%
$1,283,045
$1,316,381
+3%
36
39
+8%
162
150
-7%
$1,038,748
$1,026,118
-1%
60
45
-25%
752 Broadwater Way
Gibson Island, MD | $2,990,000
Single Family Home Sales Q3 2016
Q3 2017
%
98
123
+25%
$368,762
$394,306
+7%
118
73
-38%
26
27
+4%
$487,769
$477,925
-2%
134
133
-1%
Single Family Home Sales Q3 2016
Q3 2017
%
317
367
+16%
$529,406
$540,462
+2%
49
60
+22%
129
104
-19%
$525,421
$601,965
+15%
47
56
+19% -9%
119
108
$440,504
$453,310
-3%
56
41
-27%
31
21
-32%
$644,151
$784,403
+22%
78
71
-9%
35
33
-6%
$493,262
$539,430
+9%
71
56
-21%
2
2
0%
$1,300,000
$1,900,000
+46%
82
138
+68%
6505 Pyle Road
Bethesda, MD | $1,989,000
630 Stillwater Road
Gibson Island, MD | $1,650,000
Washington, DC | Condo & Co-op Sales Q3 2016 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
725 5TH Street SE #23 Capitol Hill | $1,250,000
UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET
Q3 2017
%
12
22
+83%
$376,158
$595,582
+58%
21
39
+86
51
91
+78
$610,719
$561,071
-8%
36
25
%
13
25
+92%
$594,338
$714,056
+20%
50
52
+4%
79
76
-4%
$494,609
$455,469
-8%
23
25
+9%
24
25
+4%
$352,188
$305,380
-13%
42
41
-2%
39
46
+18%
$615,302
$542,608
-12%
24
21
-12%
80
62
-22%
$697,113
$838,344
+20%
23
17
-26%
19
20
+5%
$417,005
$339,670
-19%
60
74
+23%
43
50
+16%
$451,391
$516,123
+14%
20
19
-5%
12
10
-17%
$827,250
$724,335
-12%
14
20
+43%
770 Girard St NW #8E Shaw | $1,695,000
601 Fairfax St #502
8501 Gavin Manor Court # 11
Alexandria | $1,950,000
Chevy Chase | $1,049,000
Northern Virginia | Condo & Co-op Sales Q3 2016 UNITS SOLD
Arlington
AVG SOLD PRICE AVG DAYS ON MARKET
UNITS SOLD
McLean
AVG SOLD PRICE AVG DAYS ON MARKET
UNITS SOLD
Alexandria
AVG SOLD PRICE AVG DAYS ON MARKET
Q3 2017
% +4%
439
456
$438,132
$421,736
-4%
40
33
-17%
+9%
69
75
$396,234
$378,547
-4%
55
50
-9%
345
336
-3%
$309,342
$339,837
+10%
44
28
-36
Montgomery County | Condo & Co-op Sales Q3 2016 UNITS SOLD
Bethesda
AVG SOLD PRICE AVG DAYS ON MARKET
UNITS SOLD
Chevy Chase
AVG SOLD PRICE AVG DAYS ON MARKET
Q3 2017
%
98
88
-10%
$451,055
$391,791
-13%
48
44
-8%
42
39
-7%
$646,789
$535,941
-17%
47
47
0%
SOURCE: MRIS, 7/1/2016-9/30/2016; 7/1/2017-9/30/2017. DATA DEEMED RELIABLE, BUT NOT GUARANTEED.
Georgetown Brokerage 1206 30th Street NW Washington, DC 20007 Downtown Brokerage 1515 14th Street NW Washington, DC 20005
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D e t a i l s a t c a m p a g n a c e n t e r . o r g /s c o t t i s h w a l k w e e k e n d
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