2014 YEAR-END
LUXURY REPORT WASHINGTON, DC
MARYLAND
VIRGINIA
A COMPREHENSIVE ANALYSIS OF THE RESIDENTIAL REAL ESTATE MARKET IN THE WASHINGTON METROPOLITAN AREA 1001 Dogue Hill Lane, McLean VA | LISTED FOR $5,245,000
O
n behalf of our team at TTR Sotheby’s International Realty, we are pleased to present this comprehensive market analysis of the Washington metropolitan area for 2014. Although results vary by submarket, those markets close to job centers as well as reliable transportation infrastructure continue to be robust. The relatively high ratio of average sale price to original list price also reflects strength across all jurisdictions. The market changed significantly in 2014. Inventory levels which were low in 2013 increased notably, particularly in Northern Virginia and Montgomery County where active listings increased approximately 33% versus 2013. Conversely, active listing inventory in Washington, DC declined 6.5% in 2014 versus 2013, providing even fewer options for prospective buyers. Despite increasing inventory levels in many of the major markets, prices remain steady with the median sales price in Northern Virginia increasing 2.2%, and prices in Montgomery County remaining flat year-overyear. Median prices in Washington, DC increased 5.1%. Finally, interest rates remain at historically low levels with 30-year fixed conventional loans still available below 4.0%. These factors indicate further upward pressure on prices in the close-in Washington markets through 2015. In contrast, suburban markets will continue to be challenged by increasing inventory levels which may impact average sales prices. Despite challenges in the market in 2014, TTR Sotheby’s International Realty continued to outperform all other major brokerage firms. With a year-over-year increase in total sales of 18.4%, we outperformed every other major firm in the region with sales in excess of $1.5 billion. Commensurate with that growth, TTR Sotheby’s International Realty continued to expand its commitment to leadership in the communities where we work and live. In 2014, we were proud to support over 140 organizations throughout the region that are making an important difference in the lives of tens of thousands of at-risk families, children and proud military veterans. In June, the Washington Business Journal named TTR Sotheby’s International Realty among the Top 50 Most Philanthropic Companies in the Washington Region – making our firm the only residential real estate brokerage included on the list. Finally, as Washington becomes increasingly connected to worldwide markets, strong global connections are more important than ever. With unrivaled access to the Sotheby’s International Realty global network of 700 offices in 52 countries, we are well positioned to answer questions and introduce you to an expert in virtually any market around the world. Thank you again for the trust you continue to place in our firm. We welcome further inquiries about your local market or specific property, and look forward to working with you.
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TTRSIR.COM
801 Turkey Run Road, McLean VA | LISTED FOR $12,900,000
ALEXANDRIA 400 S Washington Street Alexandria, VA 22314 703 310 6800足
FIRST QUARTER 2015
GEORGETOWN 1206 30th Street NW Washington, DC 20007 202 333 1212
DOWNTOWN 1506 14th Street NW Washington, DC 20005 202 234 3344
CHEVY CHASE 5454 Wisconsin Avenue Chevy Chase, MD 20854 301 967 3344
McLEAN 6723 Whittier Avenue McLean, VA 22101 703 319 3344
TTRSIR LUXURY REPORT
3
WASHINGTON, DC Statistics for single family home sales across various neighborhoods of Washington, DC.
AMERICAN UNIVERSITY UNITS SOLD
2013
2014
%
CLEVELAND PARK
2014
%
75
72
-4%
UNITS SOLD
32
37
15%
AVG SOLD PRICE
$937,249
$979,523
4%
AVG SOLD PRICE
$1,487,988
$1,858,318
25%
DAYS ON MARKET
12
11
-8%
DAYS ON MARKET
30
25
-17%
2013
2014
%
2013
2014
%
139
132
-5%
127
122
-4%
AVG SOLD PRICE
$1,887,430
$2,012,422
7%
AVG SOLD PRICE
$966,3588
$1,008,910
4%
DAYS ON MARKET
82
58
-29%
DAYS ON MARKET
31
35
13%
2013
2014
%
2013
2014
%
179
172
-4%
UNITS SOLD
44
30
-32%
AVG SOLD PRICE
$975,975
$1,041,379
7%
AVG SOLD PRICE
$1,526,480
$2,184,898
43%
DAYS ON MARKET
21
18
-14%
DAYS ON MARKET
16
43
168%
GEORGETOWN UNITS SOLD
CHEVY CHASE UNITS SOLD
CAPITOL HILL UNITS SOLD
DUPONT
5063 NW Overlook, Washington DC | LISTED FOR $4,990,000
4
2013
TTRSIR.COM
97.6%
Average Sold-Price-toOriginal-List-Price Ratio of Single-Family Home Sales in Washington, DC
2500 Virginia Avenue NW #1401, Washington DC | SOLD FOR $1,783,000
FOREST HILLS UNITS SOLD
2013
2014
%
GLOVER PARK/BURLEITH
2013
2014
%
34
23
-32%
UNITS SOLD
78
71
-9%
AVG SOLD PRICE
$1,486,007
$1,394,669
-6%
AVG SOLD PRICE
$981,729
$957,752
-2%
DAYS ON MARKET
64
38
-40%
DAYS ON MARKET
24
17
-29%
2013
2014
%
2013
2014
%
55
67
22%
UNITS SOLD
30
52
73%
AVG SOLD PRICE
$902,103
$949,935
5%
AVG SOLD PRICE
$1,468,217
$1,741,185
18%
DAYS ON MARKET
9
18
100%
DAYS ON MARKET
31
54
74%
KALORAMA
2013
2014
%
WESLEY HEIGHTS
2013
2014
%
UNITS SOLD
47
26
-44%
34
33
-3%
AVG SOLD PRICE
$2,169,427
$2,225,003
2%
AVG SOLD PRICE
$1,275,644
$1,565,778
23%
DAYS ON MARKET
46
52
13%
DAYS ON MARKET
39
47
20%
2013
2014
%
2013
2014
%
MOUNT PLEASANT UNITS SOLD
LOGAN UNITS SOLD
SPRING VALLEY
UNITS SOLD
MASS. AVE HEIGHTS
21
27
28%
UNITS SOLD
8
8
0%
AVG SOLD PRICE
$1,087,821
$1,261,800
16%
AVG SOLD PRICE
$4,294,806
$2,026,875
-53%
DAYS ON MARKET
17
20
17%
DAYS ON MARKET
124
27
-78%
FIRST QUARTER 2015
$3bil
$3,064,146,000 Sold in Washington, DC in 2014
Source: MRIS, 1/1/201312/31/2014. Data deemed reliable, but not guaranteed.
TTRSIR LUXURY REPORT
5
VIRGINIA Statistics for single family home sales across various neighborhoods of Northern Virginia.
1600 Clarendon Blvd, Arlington VA #W309 | SOLD FOR $1,125,000
6
ARLINGTON
2013
2014
%
UNITS SOLD
1,402
1,334
AVG SOLD PRICE
$808,353
DAYS ON MARKET
McLEAN
2013
2014
%
-5%
UNITS SOLD
569
513
-10%
$848,091
5%
AVG SOLD PRICE
$1,320,936
$1,298,563
-2%
29
28
-3%
DAYS ON MARKET
50
49
-2%
FALLS CHURCH
2013
2014
%
ALEXANDRIA
2013
2014
%
UNITS SOLD
989
873
-12%
UNITS SOLD
1,252
1,125
-10%
AVG SOLD PRICE
$619,678
$641,713
3%
AVG SOLD PRICE
$687,461
$721,950
5%
DAYS ON MARKET
25
29
16%
DAYS ON MARKET
29
31
7%
GREAT FALLS
2013
2014
%
VIENNA
2013
2014
%
UNITS SOLD
244
170
-30%
UNITS SOLD
799
750
-6%
AVG SOLD PRICE
$1,273,495
$1,311,531
3%
AVG SOLD PRICE
$791,299
$839,448
6%
DAYS ON MARKET
74
89
20%
DAYS ON MARKET
28
33
18%
TTRSIR.COM
Source: MRIS, 1/1/2013-12/31/2014. Data deemed reliable, but not guaranteed.
96.2%
Average Sold-Price-toOriginal-List Price Ratio of Single-Family Home Sales in Northern Virginia
MARYLAND Statistics for single family home sales across various neighborhoods of Maryland.
BETHESDA
2013
2014
%
UNITS SOLD
908
765
-16%
AVG SOLD PRICE
$1,030,656
$1,078,035
5%
DAYS ON MARKET
34
35
3%
POTOMAC
2013
2014
%
UNITS SOLD
534
488
-8%
AVG SOLD PRICE
$1,106,632
$1,066,727
-3%
DAYS ON MARKET
56
51
-9%
CHEVY CHASE
2013
2014
%
UNITS SOLD
254
256
1%
AVG SOLD PRICE
$1,219,467
$1,287,220
5%
DAYS ON MARKET
33
36
9%
96.2%
Average Sold-Price-toOriginal-List Price Ratio of Single-Family Home Sales in Montgomery County
525 Broadwater Way, Gibson Island MD LISTED FOR $3,950,000
938 Old Country Road, Severna Park MD | SOLD FOR $6,750,000
FIRST QUARTER 2015
TTRSIR LUXURY REPORT
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SOTHEBY’S SOTHEBY’S AUCTION HOUSE
The Sotheby’s auctions of property from the Collection of Mrs. Paul Mellon more than doubled the pre-sale estimate, totalling $218 million.
SOTHEBY’S INTERNATIONAL REALTY
Sotheby’s International Realty celebrated the official opening of its newest office in Beijing, China in October of 2014.
SOTHEBY’S WINE
The Collection of Ambassador Ronald Weiser led the Finest and Rarest Wines sale and soared above the high estimate, fetching over $2 million.
SOTHEBY’S DIAMONDS
Sotheby’s Diamonds set a world record when it sold the 8.6-carat “Graff Ruby” for $8.6 million. It was also the highest price per carat for a ruby at $997,727.
SOTHEBY’S INSTITUTE OF ART
Sotheby’s Institute of Art has a network of more than 6,000 alumni working in the art markets around the world.
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TTRSIR.COM
SIX RECORD-BREAKING SALES FROM
TTR SOTHEBY’S INTERNATIONAL REALTY IN 2014
1. PATTERSON MANSION 15 DUPONT CIRCLE NW, WASHINGTON DC
2. RIVER VIEW ESTATE 7979 EAST BOULEVARD DRIVE, ALEXANDRIA VA
3. PENTHOUSE AT PARC SOMSERSET 5630 WISCONSIN AVENUE #1801, CHEVY CHASE MD
4. LOGAN CIRCLE, DC
5. PENTHOUSE AT THE WATERVIEW RESIDENCES 1111 19TH STREET N #3001, ARLINGTON VA
6. GEORGETOWN, DC
In 2014, TTR Sotheby’s International Realty proudly represented 6 record-breaking sales in the Washington region. The iconic Patterson Mansion on 15 Dupont Circle NW sold for $20 million, the highest residential sale in the District of Columbia. In Northern Virginia, we represented the seller of the River View Estate, which sold for $18.6 million, the highest sale in Northern Virginia. The penthouse at the Parc Somerset in Chevy Chase, MD sold for $8.65 million, setting a new record for the most expensive condominium sale in the history of the Washington Region. The sale of an impressive rowhouse for $3.9 million set the record for the highest sale in Downtown Washington, DC. In Rosslyn, the penthouse a t The Waterview Residences sold for $3.75 million, breaking the record for highest sale in Arlington, Virginia. Finally, the sale of an expansive condominium in Georgetown set the record for the highest condominium sale in Washington, DC for $6 million.
FIRST QUARTER 2015
TTRSIR LUXURY REPORT
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CONDOS & CO-OP SALES Sales statistics for Washignton DC, Virginia, and Maryland.
WASHINGTON, DC CAPITOL HILL
2013
2014
%
KALORAMA
2013
2014
%
44
46
4%
UNITS SOLD
221
151
-32%
AVG SOLD PRICE
$389,980
$368,740
-5%
AVG SOLD PRICE
$576,880
$564,463
-2%
DAYS ON MARKET
38
40
5%
DAYS ON MARKET
33
31
-6%
DOWNTOWN
2013
2014
%
LOGAN
2013
2014
%
UNITS SOLD
120
151
26%
UNITS SOLD
276
208
-24%
AVG SOLD PRICE
$505,101
$574,332
14%
AVG SOLD PRICE
$582,559
$624,698
7%
DAYS ON MARKET
23
36
56%
DAYS ON MARKET
22
19
-14%
DUPONT
2013
2014
%
2013
2014
%
UNITS SOLD
237
235
-1%
UNITS SOLD
215
201
-6%
AVG SOLD PRICE
$441,8751
$450,513
2%
AVG SOLD PRICE
$492,750
$499,907
1%
DAYS ON MARKET
34
27
-20%
DAYS ON MARKET
26
22
-15%
FOGGY BOTTOM/ WEST END
2013
2014
%
2013
2014
%
82
73
-11%
UNITS SOLD
18
35
94%
AVG SOLD PRICE
$331,555
$418,344
26%
AVG SOLD PRICE
$506,728
$578,363
14%
DAYS ON MARKET
60
31
-48%
DAYS ON MARKET
35
19
-46%
2013
2014
%
2013
2014
%
78
77
-1%
UNITS SOLD
73
72
-1%
AVG SOLD PRICE
$811,659
$781,566
-4%
AVG SOLD PRICE
$441,781
$432,975
-2%
DAYS ON MARKET
57
46
-19%
DAYS ON MARKET
44
47
7%
UNITS SOLD
UNITS SOLD
GEORGETOWN UNITS SOLD
1931 12th St NW #B, Washington DC LISTED FOR $1,848,000
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TTRSIR.COM
MOUNT PLEASANT
SHAW
WESLEY HEIGHTS/ CATHEDRAL
98.4%
Average Sold-Price-toOriginal-List Price Ratio of Condo & Co-Op Sales in Washington, DC
1444 Church Street NW #704, Washington DC SOLD FOR $1,329,000
1881 Nash Street N #2110, Arlington VA | SOLD FOR $2,600,000
2305 Main Line Blvd #102, Alexandria VA SOLD FOR $735,000
4802 Montgomery Lane #701, Bethesda MD | LISTED FOR $3,850,000
VIRGINIA ARLINGTON
2013
2014
%
McLEAN
2013
2014
%
UNITS SOLD
1,581
1,445
-8%
UNITS SOLD
198
193
-2%
AVG SOLD PRICE
$420,359
$414,365
-1%
AVG SOLD PRICE
$412,078
$404,582
-2%
DAYS ON MARKET
27
34
26%
DAYS ON MARKET
23
35
52%
BETHESDA
2013
2014
%
2013
2014
%
UNITS SOLD
333
286
-14%
UNITS SOLD
156
114
-27%
AVG SOLD PRICE
$394,328
$384,164
-3%
AVG SOLD PRICE
$654,428
$703,925
7%
DAYS ON MARKET
38
41
8%
DAYS ON MARKET
33
31
-6%
97.2%
Average Sold-Priceto-Original-List Price Ratio of Condo Sales in Northern Virginia
MARYLAND CHEVY CHASE
96.4%
Average Sold-Priceto-Original-List Price Ratio of Condo Sales in Montgomery County
Source: MRIS, 1/1/2013-12/31/2014. Data deemed reliable, but not guaranteed. FIRST QUARTER 2015
TTRSIR LUXURY REPORT
11
LEADERSHIP TEAM JONATHAN TAYLOR Founder, Managing Partner MICHAEL RANKIN Managing Partner MARK C. LOWHAM Managing Partner DERRICK SWAAK Partner, Brokerage Manager, McLean DAVID DESANTIS Partner, Brokerage Manager, Chevy Chase FRED KENDRICK Brokerage Manager, Georgetown MARY BARRY Brokerage Manager, Downtown ROB CARNEY Brokerage Manager, Alexandria JEANNE CHOI Vice President, Marketing & Communications TRISH YAN Vice President, Business Development
AVERAGE SOLD PRICE
TOTAL UNITS SOLD
SOLD DOLLAR VOLUME
2013
2014
% change
2013
2014
% change
2013
2014
WASHINGTON, DC
$589,036
$620,026
5%
7,954
7,949
0%
$4,685,194,821
$4,928,582,746
% change 5%
ARLINGTON COUNTY, VA
$604,929
$622,619
3%
2,989
2,774
-7%
$1,808,132,961
$1,727,145,371
-4%
FAIRFAX COUNTY, VA
$531,567
$538,280
1%
15,066
13,549
-10%
$8,008,595,324
$7,293,150,517
-9%
ALEXANDRIA CITY, VA
$517,859
$538,082
4%
2,416
2,262
-6%
$1,251,147,952
$1,217,141,599
-3%
MONTGOMERY COUNTY, MD
$500,338
$503,956
1%
11,461
10,976
-4%
$5,734,370,572
$5,531,420,801
-3%
Source: General market data via MRIS, 1/1/2013-12/31/2014. Data deemed reliable, but not guaranteed.
Clients of TTR Sotheby's International Realty benefit from the firm's global reach, powerful marketing and superior professional service, regardless of price. In addition to our record sales, we sold approximately $900 million in properties under $1 million in 2014. Source: MRIS, 1/1/201412/31/2014. Data deemed reliable, but not guaranteed.
Number of TTRSIR Transactions
28%
45%
15%
12%
Under $500K
$500K - $1M
$1M - 1.5M
Above $1.5M
Dollar Volume of TTRSIR Transactions
11%
34%
20%
35%
Under $500K
$500K - $1M
$1M - 1.5M
Above $1.5M
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