TTR Sotheby's International Realty's 2015 Year in Review Market Report

2015 YEAR-END

MARKET REPORT DC | MD | VA

A Comprehensive Analysis of the Residential Real Estate Market in the Washington Metropolitan Area

THE HELICOPTER FACTORY, WASHINGTON DC | COMING SOON

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201 5 Y E A R - E ND

MARKET REPORT D C | MD | VA

T

he Federal Reserve raised the Federal Funds Rate by 25 basis points during its meeting in December, representing the first hike since June 2006. This increase reflected growing confidence in the US economic expansion and the likelihood of moderate interest rate increases in the future. The Washington regional economy continues to reflect strong fundamentals; the region’s unemployment rate of 4.1% in December was well below the national average of 5.0%. According to GMU’s Center for Regional Economic Analysis, the region added approximately 62,000 new jobs in 2015, and that number is projected to increase to over 66,000 in 2016. Northern Virginia is expected to lead this growth with over 28,000 new jobs this year. Jobs are the leading indicator of the strength of the housing market, and we believe this bodes well for the Washington area in the year ahead.

Overall, the Mid-Atlantic Region witnessed a 12.6% increase in total sold dollar volume in 2015 versus 2014. Median Sold Price across the region remained flat, but inventory levels remained low through year-end indicating the potential for upward pressure on prices as we move into the Spring Market. Buyers continue to consider proximity to jobs and access to convenient transportation in their decision-making process. Close-in suburban neighborhoods performed better than their more distant counterparts, but new job formation and the value opportunities represented in suburban Maryland and Virginia are resulting in an increase in activity in markets that were underperforming in the first several quarters of 2015.

Fairfax County continues to lead the region in total Sold Dollar Volume, and the median sold price in the county increased 3.23%. Inventory levels remain slightly above the 5-year average, representing more options for buyers, particularly in the upper brackets. Alexandria continued to perform well with listings selling on average for 97% of the original list price.

Arlington County witnessed strong year-over-year gains with Sold Dollar Volume increasing 6.25% and Median Sold Price achieving a 4.21% increase, highest among the Northern Virginia suburbs.

In Montgomery County, Sold Dollar Volume increased 10.49%, but average days on the market increased to 57 days as buyer’s considered more options. Sales of detached homes were strong, and the number of units sold increased by 10.2%. Sales of condominiums and co-ops showed the greatest increase in Average Sold Price, and we expect this trend to continue as new luxury projects enter the market and buyers take advantage of the new lifestyle options offered by these projects.

The District of Columbia continues to experience below average inventory levels, which contributed to a 4.82% increase of the Median Sold Price. Newly emerging submarkets in the eastern parts of the city continue to show remarkable activity; as an example, Sold Dollar Volume in Shaw/Howard increased by 4.98%. Capitol Hill led this trend with Median Sold Price increasing to $710,500, a 3.72% increase from 2014.

At TTR Sotheby’s International Realty, we maintain and analyze the very latest market data in real time so that our 276 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. Our newest office in North India now provides our clients with direct access to one of the world’s most rapidly emerging markets. Whether you are buying in Shaw, selling in New Delhi, or curious about any points in between, we look forward to the opportunity to be of service.

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

WA S H I N GT O N, D C 2 0 1 5 Y E A R I N R E V I E W | S I N G L E FA M I LY H O M E SA L E S

3532 Edmunds Street NW, Washington DC | Under Contract $4,875,000

$5.28B

3245 N Street NW, Washington DC Listed for $9,995,000

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

20 15 So l d Do l l ar Vo l u m e fo r al l pro pe r ti es i n Was h i n g to n , D C.

3031 Newark Street NW, Washington DC Sold (Listed for $1,950,000)

7.0 6 % i n crea se f ro m 20 14.

CLEVELAND PARK

2014

2015

%

73

96

31%

$977,063

$1,039,940

6%

AVG SOLD PRICE

11

21

91%

AVG DAYS ON MARKET

2014

2015

%

132

132

0%

UNITS SOLD

$2,012,422

$1,962,224

-2%

AVG SOLD PRICE

58

50

-14%

AVG DAYS ON MARKET

2014

2015

%

UNITS SOLD

CAPITOL HILL

DUPONT

172

185

8%

UNITS SOLD

$1,041,379

$1,072,229

3%

AVG SOLD PRICE

18

26

44%

AVG DAYS ON MARKET

2014

2015

%

37

58

57%

$1,858,318

$1,810,311

-3%

25

32

28%

2014

2015

%

122

128

5%

$1,008,910

$1,046,473

4%

35

27

-23%

2014

2015

%

30

46

53%

$2,184,898

$1,706,573

-22%

43

32

-26%

Source: MRIS, 1/1/2014-12/31/2015 | 2015 Total Sold Dollar Volume source: RBI, 1/13/2016. Data deemed reliable, but not guaranteed.

4

TTRSIR.COM

1627 G Street SE, Washington DC Under Contract $925,000

3116 Elm St NE, Washington DC Listed for $770,000

2718 N St NW, Washington DC Listed for $1,395,000

4725 Massachusetts Ave NW, Washington DC | Listed for $1,995,000

FOREST HILLS UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET MOUNT PLEASANT UNITS SOLD

2014

2015

%

23

19

-17%

UNITS SOLD

$1,394,669

$2,888,184

107%

AVG SOLD PRICE

38

70

84%

AVG DAYS ON MARKET

2014

2015

%

GLOVER PARK/BURLEITH

SPRING VALLEY

67

65

-3%

UNITS SOLD

$949,935

$982,117

3%

AVG SOLD PRICE

18

13

-28%

KALORAMA

2014

2015

%

UNITS SOLD

26

33

27%

UNITS SOLD

$2,225,003

$2,888,485

30%

AVG SOLD PRICE

52

8

-85%

AVG DAYS ON MARKET

2014

2015

%

AVG SOLD PRICE AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET LOGAN UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET

AVG DAYS ON MARKET WESLEY HEIGHTS

MASS. AVE HEIGHTS

27

46

70%

UNITS SOLD

$1,261,800

$1,250,247

-1%

AVG SOLD PRICE

20

25

25%

AVG DAYS ON MARKET

2014

2015

%

71

77

8%

$957,752

$1,068,443

12%

17

16

-6%

2014

2015

%

52

37

-29%

$1,741,185

$1,592,297

-9%

54

42

-22%

2014

2015

%

33

33

0%

$1,565,778

$1,265,182

-19%

47

46

-2%

2014

2015

%

8

4

-50%

$2,026,875

$5,962,500

194%

27

62

130%

Source: MRIS, 1/1/2014-12/31/2015. Data deemed reliable, but not guaranteed.

2015 YEAR IN REVIEW

TTRSIR MARKET REPORT

5

VI RG I N I A 2 0 1 5 Y E A R I N R E V I E W | S I N G L E FA M I LY H O M E SA L E S ARLINGTON

2014

2015

%

McLEAN

UNITS SOLD

1,334

1,380

3%

UNITS SOLD

$848,091

$870,859

3%

AVG SOLD PRICE

28

32

14%

AVG DAYS ON MARKET

FALLS CHURCH

2014

2015

%

UNITS SOLD

873

983

13%

$641,713

$670,715

5%

AVG SOLD PRICE

29

32

10%

AVG DAYS ON MARKET

2014

2015

%

170

208

$1,311,531 89

AVG SOLD PRICE AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET GREAT FALLS UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET

2014

2015

%

513

528

3%

$1,298,563

$1,290,611

-1%

49

60

22%

ALEXANDRIA

2014

2015

%

UNITS SOLD

1,125

1,298

15%

$721,950

$732,141

1%

31

34

10%

VIENNA

2014

2015

%

22%

UNITS SOLD

750

827

10%

$1,228,845

-6%

AVG SOLD PRICE

$839,448

$838,237

-.1%

78

-12%

AVG DAYS ON MARKET

33

40

21%

Source: MRIS, 1/1/2014-12/31/2015 | 2015 Total Sold Dollar Volume source: RBI, 1/13/2016. Data deemed reliable, but not guaranteed.

$8.08B

20 15 So l d Do l l ar Vo l u m e fo r al l pro pe r t i es i n Fai r fax Co u n ty, VA .

716 Bracey Ln, Alexandria VA Listed for $1,050,000

1004 Founders Ridge Lane, McLean VA | Listed for $7,345,000

821 Turkey Run Rd, McLean VA | Listed for $4,295,000

6

TTRSIR.COM

10.78 % i n crea se f ro m 20 14.

M A RY L A N D 2 0 1 5 Y E A R I N R E V I E W | S I N G L E FA M I LY H O M E SA L E S

3587 Birdsville Rd, Davidsonville MD Listed for $1,650,000

$6.11B

20 15 So l d Do l l a r Vo l u m e fo r al l pro p er t i es i n Mo n tgo me r y Co u n ty, M D.

8221 Caraway St, Bethesda MD | Sold (Listed for $2,095,000)

10.49 % i n crea se f ro m 20 14.

1737 Skippers Row, Gibson Island MD | Listed for $2,200,000

BETHESDA

2014

2015

%

UNITS SOLD

765

847

11%

$1,078,035

$1,106,992

3%

35

40

14%

POTOMAC

2014

2015

%

UNITS SOLD

488

532

9%

$1,066,727

$1,023,402

-4%

51

52

2%

CHEVY CHASE

2014

2015

%

UNITS SOLD

256

254

-1%

$1,287,220

$1,293,689

.5%

36

40

11%

AVG SOLD PRICE AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET

Source: MRIS, 1/1/2014-12/31/2015 | 2015 Total Sold Dollar Volume source: RBI, 1/13/2016. Data deemed reliable, but not guaranteed.

2015 YEAR IN REVIEW

15325 Masonwood Dr, Gaithersburg MD | Listed for $7,000,000

6308 Orchid Dr, Bethesda MD | Listed for $1,895,000

TTRSIR MARKET REPORT

7

SOTHEBY’S SOTHEBY’S AND APPLE NEWS

Introducing our exclusive Apple News partnership! We are now THE real estate source for Apple News, offering unprecedented exposure on 800 million iPhones and iPads worldwide. Find us by selecting Sotheby’s International Realty within the Apple News app.

SOTHEBY’S INTERNATIONAL REALTY

Sotheby’s International Realty landed the Times Square supersign! Millions of visitors immersed themselves in sir.com with visual impressions of our incredible services, properties, and tools reinforcing the strength of this great brand.

SOTHEBY’S AUCTION

In an unprecedented series of dedicated auctions last fall, Sotheby’s offered the collection of legendary collector, philanthropist, and businessman A. Alfred Taubman. The remarkable collection comprised more than 500 works from antiquity to contemporary art.

SOTHEBY’S AND MANSION GLOBAL The Sotheby’s International Realty Network is the exclusive launch partner of Mansion Global, the new standalone luxury real estate site presented by the Wall Street Journal and News Corp. Mansion Global connects wealthy global buyers with extraordinary homes.

#1

Small Company Ranked by the Washington Business Journal 2015 Corporate Philanthropy Awards

8

TTRSIR.COM

TTRSIR AND THE COMMUNITY

We are honored to receive this distinction and, more importantly, thankful for the opportunity to support the charitable organizations and philanthropic events that are making a difference to the thousands of at-risk children, families, and members of our armed services in the Washington area.

SIGNIFICANT SALES FROM 2015

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. THE FILLMORE SCHOOL: 1801 35TH ST NW, WASHINGTON DC

2. McLEAN VA

3. 2159 DUNMORE LN NW, WASHINGTON DC

4. 1139 CREST LANE, McLEAN VA

5. 1319 30TH ST NW, WASHINGTON DC

6. 1055 WISCONSIN AVE NW #4-W, WASHINGTON DC

1. The Fillmore School: 1801 35th Street NW, Washington DC I Sold for $16,500,000 2. McLean VA I Sold for $15,750,000 (This private sale was the highest sale in Northern Virginia in 2015) 3. 2159 Dunmore Lane NW, Washington DC I Sold for $5,417,500 (TTRSIR represented seller and buyer) 4. 1139 Crest Lane, McLean VA I Sold for $5,200,000 5. 1319 30th Street NW, Washington DC I Listed for $5,100,000 (Under contract in 1 day) 6. 1055 Wisconsin Avenue NW #4-W, Washington DC I Sold for $5,000,000 (TTRSIR represented buyer)

WA S H I N GT O N, D C 2 0 1 5 Y E A R I N R E V I E W | C O N D O & C O - O P SA L E S CAPITOL HILL

2014

2015

%

KALORAMA

2014

2015

%

47

37

-21%

UNITS SOLD

151

175

16%

$369,405

$378,966

3%

AVG SOLD PRICE

$564,463

$598,890

6%

39

37

-5%

AVG DAYS ON MARKET

31

23

-26%

DOWNTOWN

2014

2015

%

LOGAN

2014

2015

%

UNITS SOLD

181

162

-11%

UNITS SOLD

290

256

-12%

$576,576

$598,646

4%

AVG SOLD PRICE

$578,616

$587,437

2%

34

41

21%

AVG DAYS ON MARKET

19

22

16%

DUPONT

2014

2015

%

MOUNT PLEASANT

2014

2015

%

UNITS SOLD

481

469

-2%

UNITS SOLD

201

188

-6%

$549,520

$568,635

3%

AVG SOLD PRICE

$499,907

$463,882

-7%

30

28

-7%

AVG DAYS ON MARKET

22

26

18%

2014

2015

%

2014

2015

%

73

104

42%

72

73

1%

$418,344

$395,694

-5%

AVG SOLD PRICE

$432,975

$484,758

12%

31

37

19%

AVG DAYS ON MARKET

47

43

-9%

2014

2015

%

2014

2015

%

77

73

-5%

UNITS SOLD

35

36

3%

$781,566

$924,817

18%

AVG SOLD PRICE

$578,363

$739,255

28%

46

37

-20%

AVG DAYS ON MARKET

19

20

5%

UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET

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

WESLEY HEIGHTS/ CATHEDRAL UNITS SOLD

SHAW

Source: MRIS, 1/1/2014-12/31/2015 | 2015 Total Sold Dollar Volume source: RBI, 1/13/2016. Data deemed reliable, but not guaranteed.

1.68%

Yea r-Ove r-Yea r Inc rea se in Avera ge So ld Price of Con d os a nd Co - Ops in Wa s hing to n, D C.

2125 14th Street NW #410, Washington DC Sold (Listed for $529,000)

1701 18th Street NW #PH402, Washington DC | $1,950,000

10

TTRSIR.COM

2121 Flagler Place NW, Washington DC Sold (Listed for $1,050,000)

941 S Street NW #1, Washington DC | Under Contract $1,499,000

VI RG I N I A 2 0 1 5 Y E A R I N R E V I E W | C O N D O & C O - O P SA L E S ARLINGTON

2014

2015

%

McLEAN

UNITS SOLD

1,445

1,501

4%

UNITS SOLD

$414,365

$422,426

2%

AVG SOLD PRICE

34

41

21%

AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET

2014

2015

%

193

243

26%

$404,582

$381,199

-6%

35

57

63%

2014

2015

%

114

149

31%

$703,925

$722,562

3%

31

48

55%

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

1830 Fountain Dr #704, Reston VA Under Contract $880,000

1881 Nash Street #2110, Arlington VA Listed for $2,750,000

M A RY L A N D 2 0 1 5 Y E A R I N R E V I E W | C O N D O & C O - O P SA L E S BETHESDA

2014

2015

%

UNITS SOLD

288

310

8%

$384,795

$422,572

10%

AVG SOLD PRICE

41

44

7%

AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET

CHEVY CHASE UNITS SOLD

Source: MRIS, 1/1/2014-12/31/2015. Data deemed reliable, but not guaranteed.

The Penthouse at the Ritz Carlton Residences, Baltimore MD Listed for $12,000,000

2015 YEAR IN REVIEW

5610 Wisconsin Ave #1409, Chevy Chase MD Sold (Listed for $2,150,000)

TTRSIR MARKET REPORT

11

G L O B A L S P OT L I G H T P RO P E RTY T U R K S A N D CA I C O S | P R O P E RT Y I D : 3 K E R L 6

TTR Sot h e by ’s I n te rna t i o na l Rea l ty i s pa rt of a g l o ba l rea l esta te n e two r k of ove r 8 0 0 of f i ces i n 6 1 co unt ri es. W he t he r yo u a re b uy i ng i n Sh aw, se l l i n g i n N ew De l hi , o r c uri o us a b o ut a ny p o i nt i n be twe e n, we l ook for ward to t he o ppo rt uni ty to b e of se r v i ce.

T T RS I R .CO M

IN THE COMMUNITY

ARIZONA CONCOURS D’ELEGANCE SUNDAY, JANUARY 24TH

WASHINGTON AUTO SHOW JANUARY 22ND - 31ST

We are proud to sponsor the Arizona Concours D’Elegance, one of the world’s most renowned collectible car shows benefitting the Make-A-Wish foundation.

Designated one of the nation’s top five auto shows by the International Organization of Motor Vehicle Manufacturers, The Washington Auto Show® showcases cuttingedge exhibits, latest model cars and displays of historic vehicles.

arizonaconcours.com

washingtonautoshow.com

TEACH FOR AMERICA DC REGION GALA TUESDAY, MARCH 8TH The annual Teach For America Gala is an exceptional evening where passionate leaders, educators, and supporters join together to strengthen our community while educating and inspiring our family to become champions for educational equity.

The Bishop John T. Walker School for Boys is an Episcopal School for children of low-income families, nurturing the spiritual, intellectual, social, physical, and artistic development of its students.

teachforamerica.org

bishopwalkerschool.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. ©2016 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