KELLERWILLIAMS REALTY ÂŽ
Q3 2018 MARKET REPORT W W W . K W M E T R O C E N T E R . C O M
The third quarter results are in and they continue to show a market in flux. Home sale price increases (NOVA +3.2%, Washington, D.C. +2.7% & Montgomery Co +3.7%) kept pace with forecasted projections and are generally the highlight of the numbers across all markets. Unit sales continue to lag behind with some exceptions (Alexandria up 3.6% qtr) with depressed inventory levels being the main driver behind this metric. The exception being Wash DC which has experienced a rise in housing stock over the past few months.
10,120 UNITS SOLD
Many factors will drive the health of the market over the next few months. Seasonality will play a part in the fall/winter selling season but rising interest rates may actually offset sales in a positive manner in the near term. In addition, new construction declines will put upward pressure on resales and as our region continues to add jobs housing demands will rise. Expect sales to continue on a level of last year.
$530,508
$5.4 B
AV E R AG E S A L E P R I C E
S O L D D O L L A R VO L U M E
NORTHERN VIRGINIA POWERED BY JB KIRKLAND, GRAPHIC DESIGN
WA S H I N G T O N ,
7
CONTENTS
CAPITOL
D. C .
HILL
7 D O W N T O W N 7 D U P O N T 8
F O G G Y
B O T T O M / W E S T
8 G E O R G E T O W N 8 K A L O R A M A 8
L O G A N
C I R C L E
9
M O U N T
P L E A S A N T
9 S H AW 9
NORTHERN
W E S L E Y
H E I G H T S
VIRGINIA
3
ALEXANDRIA
3
ARLINGTON
3
FALLS
4
LORTON
4
LOUDOUN
5
M c L E A N
11 P O T O M AC
5
SPRINGFIELD
12 R O C K V I L L E
5
VIENNA
12
MARYLAND
CHURCH 11 B E T H E S D A COUNTY
11
C H E V Y
S I LV E R
C H A S E
S P R I N G
E N D
K W
M E T R O
C E N T E R
NORTHERN VIRGINIA
“
9% Sept 3.6% Qtr
Average home sale price increases continue to be the highlight of the NOVA market with fairly strong performances across most markets with some small exceptions. Unit sales have softened (Qtr over Qtr) with seasonality, inventory levels, and buyer trepidation being the primary obstacles for the decline in unit sales this past quarter. Still, homes that are priced right, show well and have the amenities buyers are looking for tend to sell very quickly. - Catherine Jouet, Broker
2
“
→→
ALEXANDRIA AVERAGE SALE PRICE
Alexandria
units sold avg sold price Single Family avg days on market
Q3 2017 443 $673,281 49
Q3 2018 458 $701,137 38
% +3 +4 -22
Arlington
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
477 $574,157 32 516 $315,652 36 301 $972,371 46
470 $590,430 28 537 $332,038 35 282 $1,029,916 44
-1.5 +3 -12.5 +4 +5 +3 -6 +6 -4
units sold avg sold price Townhouse avg days on market
64 $746,320 34
91 $751,843 25
+42 +1 -26
units sold avg sale price Condo & Coop avg days on market
449 $417,755 38
435 $419,260 33
-3 -13
units sold avg sale price Single Family avg days on market
232 $739,378 41
203 $800,624 50
-13 +8 +22
units sold avg sale price Townhouse avg days on market
60 $587,507 24
64 $623,061 23
+7 +6 -4
units sold avg sale price Condo & Coop avg days on market
150 $280,367 36
126 $275,357 33
-16 -2 -8
ARLINGTON TOWNHOME SALES
42% Qtr
→
Falls Church
3
Lorton
units sold avg sold price Single Family avg days on market
Q3 2017 53 $630,195 129
Q3 2018 54 $634,519 35
% +2 +1 -73
Loudoun County
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
50 $386,064 29 15 $256,927 20 955 $624,095 47
59 $409,418 24 19 $261,053 15 856 $648,281 41
+18 +6 -17 +26 +2 -25 -11 +4 -13
units sold avg sold price Townhouse avg days on market
671 $427,515 23
658 $451,985 26
-2 +6 +13
units sold avg sale price Condo & Coop avg days on market
271 $291,014 31
305 $310,686 28
+13 +7 -10
4
Q3 2017 151 $1,713,307 63
Q3 2018 134 $1,595,459 37
% -11 -7 -41
McLean
units sold avg sold price Single Family avg days on market
Springfield
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
26 $745,304 43 76 $384,237 49 230 $545,147 28
25 $774,466 28 68 $365,480 34 226 $567,077 25
-4 -4 -35 -11 -5 -31 -2 +4 -11
units sold avg sold price Townhouse avg days on market
116 $410,444 20
152 $419,433 16
+31 +2 -20
units sold avg sale price Condo & Coop avg days on market
34 $239,819 25
28 $256,337 25
-18 +7 -36
units sold avg sale price Single Family avg days on market
168 $963,508 57
180 $972,165 49
+7 +1 -14
units sold avg sale price Townhouse avg days on market
36 $623,427 26
42 $661,993 26
+17 +6 -
units sold avg sale price Condo & Coop avg days on market
36 $336,919 66
34 $425,795 55
-6 +26 -17
Vienna
5
K W
M E T R O
C E N T E R
WA S H I N G T O N , D . C .
- Jim Lyons, Broker
6
“
“
With home prices at peak levels in over a decade, DC continues to experience moderate overall growth. Home sale prices were up 3% for Sept & 2.7% for the quarter. Unfortunately, unit sales continue to lag behind all other metrics in this market-down slightly for the quarter (-.9%) but still up for the year (.16%). Inventory levels continue their strong upward trend which could impact short term home prices as supply out paces demand.
Capitol Hill
Downtown
Q3 2017 units sold 5 avg sold price $$1,308,000 Single Family avg days on market 126 units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Coop avg days on market
units sold avg sale price Townhouse avg days on market units sold avg sale price Condo & Coop avg days on market
% +60 -26 -79
73 $970,005 22 18 $629,911 32 -
58 $1,081,490 24 31 $482,994 36 1 $385,000 -
-21 +12 +9 +72 -23 +13 -
-
-
-
38 $380,076 31
41 $388,890 31
+8 +2 -
-
-
-
3 $1,606,667 24
3 $1,716,667 56
+7 +133
34 $419,797 22
22 $418,550 34
-35 +55
WASHINGTON, DC HOME SALE PRICES
→→
Dupont
units sold avg sale price Single Family avg days on market
Q3 2018 8 $969,750 27
7
3.0% Sept 2.7% Qtr
Foggy Bottom/ West End
Q3 2017 -
Q3 2018 1 $790,000 23
% -
1 $1,800,000 0 59 $583,017 60 4 $2,137,625
6 $1,259,583 44 61 $672,413 62 5 $2,983,342
+500 -30 +3 +15 +3 +25 +40
45
385
+755
40 $1,654,700 42
26 $1,813,663 68
-35 +10 +62
units sold avg sale price Condo & Coop avg days on market
22 $755,314 101
15 $784,602 58
-32 +4 -42
units sold avg sale price Single Family avg days on market
1 $302,000 55
3 $3,184,333 290
+200 +954 +427
8 $2,314,313 52
5 1,648,000 70
-38 -29 +35
44 $541,090 25
49 $516,870 37
+11 -5 +48
units sold avg sale price Single Family avg days on market
1 $2,600,000 6
1 $276,000 3
-90 -50
units sold avg sale price
2 $1,682,500
4 $918,500
+100 -45
11
152
+1281
37 $899,484 23
31 $724,217 27
-16 -19 +17
units sold avg sold price Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price
Georgetown
Single Family avg days on market units sold avg sold price Townhouse avg days on market
Kalorama
units sold avg sale price Townhouse avg days on market units sold avg sale price Condo & Coop avg days on market
Logan Circle
Townhouse avg days on market units sold avg sale price Condo & Coop avg days on market
8
Mount Pleasant
units sold avg sold price Single Family avg days on market
Q3 2017 2 $1,113,750 37
Q3 2018 2 $1,048,500 3
% -6 -91
Shaw
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
12 $1,130,183 20 49 $513,136 22 -
16 $1,093,125 22 50 $546,454 30 -
+33 -3 +10 +2 +6 +36 -
units sold avg sold price Townhouse avg days on market
9 $996,250 39
2 $1,325,000 31
-77 +33 -21
units sold avg sale price Condo & Coop avg days on market
9 $730,372 20
14 $875,199 14
+55 +20 -30
3 $2,748,333 62
1 $1,800,000 4
-67 -35 -94
-
4 $888,500 27
-
20 $339,670 106
19 $404,424 43
-5 +19 -60
units sold avg sale price Single Family avg days on market
Wesley Heights
units sold avg sale price Townhouse avg days on market units sold avg sale price Condo & Coop avg days on market
→→
GEORGETOWN SINGLE FAMILY HOMES SALE PRICE UNIT SALES
40% (Qtr) 25% (Qtr)
9
K W
M E T R O
C E N T E R
M A RY L A N D
CHEVY CHASE SINGLE FAMILY HOMEPRICES
→
Once again, home sale price increases is the story for the close in suburbs of Southern Maryland. All five markets (that we track-Montgomery Co) experienced strong home sale price increases across almost all housing inventory types. Overall Montgomery County has experienced a fairly strong market in both avg sales price (QTD & YTD both +3.7%) and unit sales ( Qtr -.3% & YTD +2.7%) despite continued depressed inventory levels. - Michael Adams, Broker
10
“
“
10% Qtr
Bethesda
units sold avg sold price Single Family avg days on market
Q3 2017 205 $1,141,329 54
Q3 2018 190 $1,203,900 46
% -7 +5 -15
Chevy Chase
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
10 $1,101,900 41 78 $361,206 61 69 $1,268,711 49
25 $887,877 34 87 $396,323 62 70 $1,395,862 37
+150 -19 -17 +12 +10 +2 +1 +10 -24
units sold avg sold price Townhouse avg days on market
3 $1,844,587 0
2 $1,552,500 72
-33 -16 -
46 $574,093 54
40 $636,713 70
-13 +11 +30
135 $1,067,412 73
140 $1,117,536 51
+4 +5 -30
25 $734,104 35
21 $793,129 42
-16 +8 +20
-
1 $950,000 113
-
units sold avg sale price Condo & Coop avg days on market
units sold avg sale price Townhouse avg days on market units sold avg sale price Condo & Coop avg days on market
→
BETHESDA SINGLE FAMILY HOMES 5% (Qtr) POTOMAC SINGLE FAMILY HOMES 5% (Qtr)
→
Potomac
units sold avg sale price Single Family avg days on market
11
Rockville
units sold avg sold price Single Family avg days on market
Q3 2017 233 $570,892 35
Q3 2018 199 $592,466 31
% -15 +4 -11
Silver Spring
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
55 $535,745 32 155 $319,015 57 455 $475,533 34
58 $591,566 27 140 $357,546 41 446 $474,853 28
+5 +10 -15 -10 +12 -28 -2 -18
units sold avg sold price Townhouse avg days on market
112 $368,098 28
102 $390,785 22
-9 +6 -21
units sold avg sale price Condo & Coop avg days on market
194 $211,565 40
217 $200,691 32
+12 -5 -20
12
Founded in 1977, New Hope Housing is an innovative and award-winning non-profit agency in Northern Virginia committed to finding creative and lasting solutions to end the cycle of homelessness. New Hope Housing does this by offering homeless men, women and children the services they need to change their lives and succeed. Each of those success stories adds to a stronger, healthier community for all. In May 2018, Keller Williams Metro Center collected donations (monetary, furniture and supplies). Keller Williams Metro Center volunteers renovated 4 homes for families in New Hope’s program. In July, Keller Williams Metro Center hosted a bowling party fund raiser to raise funds to purchase back-to-school clothing for the children who’s families were in the program. We raised over $3000. In August, we took 20 of the children with the funds we raised, back-to-school shopping. As a part of our annual Thanksgiving charity event, in November, we will be collecting food donations and providing Thanksgiving meals to 50 families that are part of New Hope Housing. If you’d like to volunteer or donate to New Hope Housing visit http://www.newhopehousing.org.
KELLER WILLIAMS METRO CENTER 1701 DUKE STREET SUITE 100 ALEXANDRIA, VA 22314