TTR Sotheby's International Realty's 2015 Third Quarter Market Report

THIRD QUARTER 2015

MARKET REPORT

WASHINGTON, DC

MARYLAND

VIRGINIA

A COMPREHENSIVE ANALYSIS OF THE RESIDENTIAL REAL ESTATE MARKET IN THE WASHINGTON METROPOLITAN AREA

8101 RIVER RD #454, BETHESDA MD | LISTED FOR $4,670,000

T

he Washington Metropolitan area continued to reflect enviable economic results through the third quarter of 2015. According to the Center for Regional Analysis at GMU, unemployment dropped to 4.3%, and the region added over 60,000 jobs since August of 2014. With this strong employment report as background, the total sold dollar volume in Washington, DC increased 7.38%, and the median sold price increased 4.62%. Condominium and Co-op sales in Washington remained strong with average sold prices increasing 4.14%. The Georgetown submarket, although still strong, eased with sold dollar volume decreasing 4.34% and average days on market increasing to 58. Logan Circle, on the other hand, continued to show strength with the number of units sold remaining constant at 141 and average days on market decreasing once again from 29 to 23 so far this year.

Fairfax County continues to lead the regional market in terms of overall sales, and sold dollar volume increased a healthy 12.53% to $6.4 billion through September 2015. The number of units sold increased 10.96% at a median sales price of $478,000, a 3.46% increase over last year. Homes priced above $2.5 million continued to reflect excellent buying opportunities for purchasers with 34 sales so far this year and 139 active listings.

Homes at all price points are also taking a little longer to sell with the average days on the market increasing from 40 to 48 as buyers consider more options.

As reported earlier this year, Alexandria continues to strengthen with many homes located in areas proximate to jobs and good transportation infrastructure. In this submarket, sold dollar volume increased 6.43% versus 2014. The average days on market increased to 50 versus 44 last year. Attached townhouses with 4 bedrooms or more continue to appeal to buyers and average sold price for this segment increased 22.18% with 172 units sold.

Montgomery County market dynamics were comparable to those in Fairfax County. Total sales volume increased 11.49% to $4.7 billion. Median sales prices remained unchanged, but buyers also took longer to make decisions with average days on market increasing 19.57% to 55 versus 46 last year. Interestingly, 631 homes sold in the $1M - $2.5M range compared to 662 homes in the same price range in Fairfax County.

At TTR Sotheby’s International Realty, we maintain and analyze the very latest market data in real time so that our 275 highly skilled experts can continue to offer the highest level of service and advice to our clients. In addition to real-time data, our global marketing platform spanning over 61 countries and 800 offices allows us to provide our clients with extraordinary access to buyers and sellers worldwide. Whether you are buying in Cleveland Park, selling in Shanghai, or curious about any point in between, we look forward to the opportunity to be of service.

Best personal regards, Mark C. Lowham Managing Partner TTR Sotheby’s International Realty

2

TTRSIR.COM

1331 Constitution Ave NE, Washington DC | Listed for $1,330,000

ALEXANDRIA 400 S Washington Street Alexandria, VA 22314 +1 703 310 6800足

THIRD QUARTER 2015

CHEVY CHASE 5454 Wisconsin Avenue Chevy Chase, MD 20815 +1 301 967 3344

DOWNTOWN 1506 14th Street NW Washington, DC 20005 +1 202 234 3344

GEORGETOWN 1206 30th Street NW Washington, DC 20007 +1 202 333 1212

McLEAN 6723 Whittier Avenue McLean, VA 22101 +1 703 319 3344

TTRSIR MARKET REPORT

3

WASHINGTON, DC Statistics for single family home sales across various neighborhoods of Washington, DC.

AMERICAN UNIVERSITY UNITS SOLD

Q3 2014

Q3 2015

%

CLEVELAND PARK

Q3 2015

%

23

26

13%

UNITS SOLD

9

16

78%

AVG SOLD PRICE

$992,332

$1,108,404

12%

AVG SOLD PRICE

$1,543,611

$2,498,656

62%

DAYS ON MARKET

10

29

190%

DAYS ON MARKET

37

42

14%

Q3 2014

Q3 2015

%

Q3 2014

Q3 2015

%

34

40

18%

45

32

-29%

AVG SOLD PRICE

$1,690,137

$1,963,872

16%

AVG SOLD PRICE

$970,213

$1,030,806

6%

DAYS ON MARKET

41

41

0%

DAYS ON MARKET

41

22

-46%

Q3 2014

Q3 2015

%

DUPONT

Q3 2014

Q3 2015

%

55

60

9%

UNITS SOLD

10

11

10%

AVG SOLD PRICE

$963,377

$996,693

3%

AVG SOLD PRICE

$1,390,375

$1,831,610

32%

DAYS ON MARKET

19

18

-5%

DAYS ON MARKET

19

17

-11%

GEORGETOWN UNITS SOLD

CHEVY CHASE UNITS SOLD

CAPITOL HILL UNITS SOLD

4 Thompson Circle NW, Washington DC | Listed for $6,749,000

4

Q3 2014

TTRSIR.COM

Source: MRIS, 7/1/20159/30/2015. Data deemed reliable, but not guaranteed.

2849 McGill Terrace NW, Washington DC | Sold for $3,000,000

FOREST HILLS UNITS SOLD

Q3 2014

Q3 2015

%

GLOVER PARK/BURLEITH

Q3 2014

Q3 2015

%

7

4

-43%

UNITS SOLD

15

27

80%

AVG SOLD PRICE

$1,932,483

$2,646,215

37%

AVG SOLD PRICE

$919,557

$1,118,592

22%

DAYS ON MARKET

43

61

42%

DAYS ON MARKET

30

14

-53%

Q3 2014

Q3 2015

%

Q3 2014

Q3 2015

%

25

14

-44%

12

7

-42%

AVG SOLD PRICE

$946,320

$1,054,121

11%

AVG SOLD PRICE

$1,530,438

$1,798,929

18%

DAYS ON MARKET

12

9

-25%

DAYS ON MARKET

48

35

-27%

KALORAMA

Q3 2014

Q3 2015

%

WESLEY HEIGHTS

Q3 2014

Q3 2015

%

UNITS SOLD

7

5

-29%

8

6

-25%

AVG SOLD PRICE

$2,007,429

$2,513,400

25%

AVG SOLD PRICE

$1,561,375

$1,469,417

-6%

DAYS ON MARKET

53

8

-85%

DAYS ON MARKET

32

47

47%

Q3 2014

Q3 2015

%

Q3 2014

Q3 2015

%

MOUNT PLEASANT UNITS SOLD

LOGAN UNITS SOLD

SPRING VALLEY UNITS SOLD

UNITS SOLD

MASS. AVE HEIGHTS

14

11

-21%

UNITS SOLD

1

1

0%

AVG SOLD PRICE

$1,181,179

$1,111,018

-6%

AVG SOLD PRICE

$2,500,000

$3,000,000

20%

DAYS ON MARKET

25

65

160%

DAYS ON MARKET

0

68

N/A

THIRD QUARTER 2015

Source: MRIS, 7/1/20159/30/2015. Data deemed reliable, but not guaranteed.

TTRSIR MARKET REPORT

5

VIRGINIA Statistics for single family home sales across various neighborhoods of Northern Virginia.

6534 Sothoron Rd, McLean VA | Listed for $3,295,000

ARLINGTON

Q3 2014

Q3 2015

%

UNITS SOLD

353

416

18%

UNITS SOLD

AVG SOLD PRICE

$854,471

$848,212

-.1%

DAYS ON MARKET

27

28

Q3 2014

Q3 2014

Q3 2015

%

143

141

-1%

AVG SOLD PRICE

$1,322,083

$1,356,276

3%

4%

DAYS ON MARKET

47

54

15%

Q3 2015

%

ALEXANDRIA

Q3 2014

Q3 2015

%

235

286

22%

UNITS SOLD

305

358

17%

AVG SOLD PRICE

$677,253

$683,794

1%

AVG SOLD PRICE

$726,290

$731,104

.6%

DAYS ON MARKET

25

30

20%

DAYS ON MARKET

30

30

0%

Q3 2014

Q3 2015

%

Q3 2014

Q3 2015

%

42

58

38%

UNITS SOLD

228

251

10%

AVG SOLD PRICE

$1,422,516

$1,260,736

-11%

AVG SOLD PRICE

$841,142

$828,497

-2%

DAYS ON MARKET

94

75

-20%

DAYS ON MARKET

34

38

12%

FALLS CHURCH UNITS SOLD

GREAT FALLS UNITS SOLD

6

McLEAN

TTRSIR.COM

VIENNA

Source: MRIS, 7/1/20159/30/2015. Data deemed reliable, but not guaranteed.

MARYLAND Statistics for single family home sales across various neighborhoods of Maryland.

BETHESDA

Q3 2014

Q3 2015

%

UNITS SOLD

232

251

8%

AVG SOLD PRICE

$1,095,099

$1,112,845

2%

DAYS ON MARKET

36

35

-3%

Q3 2014

Q3 2015

%

152

160

5%

AVG SOLD PRICE

$1,118,342

$1,056,925

-5%

DAYS ON MARKET

48

46

-4%

Q3 2014

Q3 2015

%

65

86

32%

AVG SOLD PRICE

$1,362,902

$1,380,124

1%

DAYS ON MARKET

32

46

44%

POTOMAC UNITS SOLD

CHEVY CHASE UNITS SOLD

Source: MRIS, 7/1/2015-9/30/2015. Data deemed reliable, but not guaranteed.

13331 Signal Tree Ln, Potomac MD I Listed for $7,995,000

9704 Spicewood Ln, Potomac MD I Listed for $3,595,000

THIRD QUARTER 2015

TTRSIR MARKET REPORT

7

SOTHEBY’S ART& HOME NOVEMBER 2015

The elements of an extraordinary life

This fall, we are publishing our luxurious bi-annual magazine which brings together the world of Sotheby’s and Washington’s finest homes. In this issue, we highlight Alfred Taubman and his extraordinary collection, which will be offered at Sotheby’s New York gallery in November. Other profiles include Sam Simon, the co-creator of The Simpsons, and interior designer Jeffrey Bilhuber. To round out the issue, the magazine will have stories on blue diamonds, a British Lord who hosts a major auto race at his estate, and homes with extraordinary spaces for art.

Rich editorial about art, design and Washington’s most extraordinary properties, delivered to your doorstep and your desktop at www.ttrsir.com

SOTHEBY’S SPOTLIGHT PROPERTY

Tom Cruise’s Telluride Home: Nestled deep within the rarest assemblage of nearly 300 acres of rolling meadows and mature forest just 12 minutes from the historic resort town of Telluride, Colorado, this property offers the ultimate retreat for those seeking privacy, scenic beauty and serenity.

OPPORTUNITY GATEWAYS

Recent fluctuations in emerging-market nations are leading a new generation of Ultra High Net Worth (UHNW) investors to consider investing in luxury residential real estate in Western markets. 12% of second homes purchased by emerging market UHNW individuals are located outside their country of residence.

SCAVULLO ICONS OF GLAMOUR

Some say that there was not a single star in the latter half of the 20th century who wasn’t photographed by Francesco Scavullo. Many of his most enduring pictures will be offered in a series of auctions at Sotheby’s beginning this autumn. (Linda Evangelista pictured.)

8

TTRSIR.COM

O U T S TA N D I N G Y E A R -T O - D AT E R E S U LT S 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. 1129 CREST LANE, McLEAN VA

2. 1319 30TH STREET NW, WASHINGTON DC

3. 11100 CRIPPLEGATE ROAD, POTOMAC MD

4. 8617 COUNTRY CLUB DRIVE, BETHESDA MD

5. 3245 N STREET NW, WASHINGTON DC

6. 8101 RIVER ROAD #454, BETHESDA MD

1. SOLD 1129 Crest Lane, McLean VA 22101 I Listed for $5,895,000 2. UNDER CONTRACT 1319 30th Street NW, Washington DC 20007 I Listed for $5,100,000 3. SOLD 11100 Cripplegate Road, Potomac MD 20854 I Listed for $6,950,000 (highest sale in Potomac since 2010) 4. SOLD 8617 Country Club Drive, Bethesda MD 20817 I Listed for $2,775,000 5. NEW LISTING 3245 N Street NW, Washington DC 20007 I Listed for $9,995,000 6. NEW LISTING Quarry Springs: 8101 River Road #454, Bethesda MD 20817 I Listed for $4,670,000

THIRD QUARTER 2015

TTRSIR MARKET REPORT

9

CONDOS & CO-OP SALES Sales statistics for Washington DC, Virginia, and Maryland.

WASHINGTON, DC CAPITOL HILL

Q3 2014

Q3 2015

%

KALORAMA

Q3 2014

Q3 2015

%

11

8

-27%

UNITS SOLD

30

55

83%

AVG SOLD PRICE

$441,082

$387,750

-12%

AVG SOLD PRICE

$466,782

$632,965

36%

DAYS ON MARKET

27

20

-26%

DAYS ON MARKET

28

25

-11%

DOWNTOWN

Q3 2014

Q3 2015

%

Q3 2014

Q3 2015

%

UNITS SOLD

52

46

-12%

73

63

-14%

AVG SOLD PRICE

$547,288

$570,877

4%

AVG SOLD PRICE

$572,466

$425,260

-26%

DAYS ON MARKET

41

28

-32%

DAYS ON MARKET

23

19

-17%

Q3 2014

Q3 2015

%

Q3 2014

Q3 2015

%

143

141

-1%

UNITS SOLD

61

53

-13%

AVG SOLD PRICE

$515,513

$630,207

22%

AVG SOLD PRICE

$470,731

$456,758

-3%

DAYS ON MARKET

24

26

8%

DAYS ON MARKET

20

26

30%

FOGGY BOTTOM/ WEST END

Q3 2014

Q3 2015

%

Q3 2014

Q3 2015

%

23

22

-4%

UNITS SOLD

11

7

-36%

AVG SOLD PRICE

401,978

325,473

-19%

AVG SOLD PRICE

$596,804

$517,857

-13%

DAYS ON MARKET

27

23

-15%

DAYS ON MARKET

35

18

-49%

Q3 2014

Q3 2015

%

Q3 2014

Q3 2015

%

18

27

50%

UNITS SOLD

17

19

12%

AVG SOLD PRICE

$825,597

$725,593

-12%

AVG SOLD PRICE

$386,941

$595,654

54%

DAYS ON MARKET

56

30

-46%

DAYS ON MARKET

46

45

-2%

UNITS SOLD

DUPONT UNITS SOLD

UNITS SOLD

GEORGETOWN UNITS SOLD

2501 Pennsylvania Ave NW #5C, Washington DC Listed for $2,495,000

10

TTRSIR.COM

LOGAN UNITS SOLD

MOUNT PLEASANT

SHAW

WESLEY HEIGHTS/ CATHEDRAL

Source: MRIS, 7/1/20159/30/2015. Data deemed reliable, but not guaranteed.

149 T Street NW #2, Washington DC Listed for $749,000

8101 River Rd #454, Bethesda MD | Listed for $4,670,000

12025 New Dominion Pkwy #301, Reston VA Listed for $1,189,900

1111 19th St N #2903, Arlington VA | Listed for $2,307,000

VIRGINIA ARLINGTON

Q3 2014

Q3 2015

%

McLEAN

UNITS SOLD

411

419

2%

UNITS SOLD

AVG SOLD PRICE

415,863

426,606

3%

DAYS ON MARKET

36

40

11%

BETHESDA

Q3 2014

Q3 2015

%

UNITS SOLD

74

85

15%

AVG SOLD PRICE

368,759

371,946

1%

DAYS ON MARKET

36

41

14%

Q3 2014

Q3 2015

%

54

58

7%

AVG SOLD PRICE

401,792

422,800

5%

DAYS ON MARKET

33

59

79%

Q3 2014

Q3 2015

%

22

40

82%

AVG SOLD PRICE

$532,041

$752,498

41%

DAYS ON MARKET

44

38

-14%

MARYLAND

THIRD QUARTER 2015

CHEVY CHASE UNITS SOLD

Source: MRIS, 7/1/20159/30/2015. Data deemed reliable, but not guaranteed.

TTRSIR MARKET REPORT

11

5063 Overlook Rd NW, Washington DC | Listed for $4,495,000

SAVE THE DATES

SHINOLA DC OPENING RECEPTION WEDNESDAY, OCTOBER 28TH

ACT FOR ALEXANDRIA HARVEST DINNER & WINE AUCTION FRIDAY, OCTOBER 30TH

Join us in welcoming Shinola to their new 14th Street location. Shinola is based in Detroit and dedicated to producing American-built products including watches, bicycles, leather goods, and journals of the highest possible quality.

ACT brings the community together to elevate local philanthropic giving and engagement to new heights, supports local nonprofits working to aid the most vulnerable and develops solutions for our most pressing community challenges.

shinola.com

actforalexandria.org

KNOCK OUT ABUSE GALA THURSDAY, NOVEMBER 5TH

FAIR CHANCE BUTTERFLY BASH FRIDAY, NOVEMBER 6TH

Knock Out Abuse builds public awareness and financial support to eradicate domestic violence and to help women and children whose lives have been shattered by abuse, poverty and homelessness.

Fair Chance’s signature event raises funds and honors local leaders who are committed to helping children in Washington, DC. Your support helps to break the cycle of poverty for children.

knockoutabuse.org

fairchancedc.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. ©MMXV 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