TTR Sotheby's International Realty's 2015 Mid-Year Market Report - Jennifer Knoll

MID-YEAR 2015

MARKET REPORT

WASHINGTON, DC

MARYLAND

VIRGINIA

A COMPREHENSIVE ANALYSIS OF THE RESIDENTIAL REAL ESTATE MARKET IN THE WASHINGTON METROPOLITAN AREA 3309 Macomb Street NW, Washington DC 9001 CONGRESSIONAL 10105 IRON GATE COURT, RD, POTOMAC POTOMAC MDMD | LISTED | LISTED FOR FOR $3,850,000 $5,200,000

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leveland Park continues to benefit from a spring market which seems to have extended all the way through summer. There has been a substantial increase in listings coming to market and selling during this period when compared with 2014.

By August 2014, only 21 single family homes in historic Cleveland Park had settled. So far in 2015, 30 properties in the historic district have closed. This is a nearly 50% increase. This is even more substantial than the increase seen in the broader market in the metropolitan region which has seen an increase of pending sales of almost 14% over last year.

The increase might appear to be good news for buyers and not for sellers, but it appears that so far this year both buyers and sellers are benefitting in the robust Cleveland Park market. While inventory increased, prices continued to climb in 2015. In 2014 the average sales price of homes in historic Cleveland Park was $1,955,724. To date in 2015, the average list price in $2,036,013, an increase of just over 4%. Sale prices are averaging over 99% of list price- outperforming the District of Columbia’s 96.7% average.

In all of 2014, there were 11 sales in Cleveland Park that were over two million dollars. With a third of the year still left, there have been 10 sales over two million dollars. The inventory of homes in Historic Cleveland Park that sell for under one million dollars remains extremely limited. There were seven in 2014. Despite an inventory increase of nearly 50%, there have only been five homes that have sold for under one million dollars in Cleveland Park, making Cleveland Park one of the most expensive neighborhoods in the city.

TTR Sotheby’s International Realty continues to lead the markets in which we are active across all price points. At the heart of this growth and regardless of price point, as a company we continue to focus on providing our clients with the highest levels of service coupled with exceptional integrity. As the leading TTR Sotheby’s agent in Cleveland Park, I am devoted to using the company’s unmatched marketing platform, my community contacts, and sales techniques to help homeowners in Cleveland Park reach and even surpass their goals when selling their home. I am equally committed to helping homebuyers find the home of their dreams. This tenacity is essential in Cleveland Park where more than 15% of homes are sold before they ever reach the market. Many of these homes have owners who want to protect their privacy. For them the Sotheby’s Private Placement program is the most discrete and profitable way to sell their home. It is essential for any buyer looking to purchase in Cleveland Park that they have an agent who has deep knowledge of the neighborhood listings that may never reach the market.

I am grateful for the trust so many of you continue to place in me and welcome your inquiries. Thank you.

Jennifer Knoll Vice President, TTR Sotheby’s International Realty

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TTRSIR.COM

Cleveland Park, Washington, DC

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

MID-YEAR 2015

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

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

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

McLEAN 6723 Whittier Avenue McLean, VA 22101 703 319 3344

TTRSIR MARKET REPORT

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

AMERICAN UNIVERSITY

Q2 2015

%

18

31

72%

AVG SOLD PRICE

$998,460

$980,652

-2%

DAYS ON MARKET

7

11

57%

Q2 2014

Q2 2015

%

42

34

19%

UNITS SOLD

AVG SOLD PRICE

$2,257,881

$2,318,735

3%

DAYS ON MARKET

32

71

122%

Q2 2014

Q2 2015

%

UNITS SOLD

GEORGETOWN UNITS SOLD

CHEVY CHASE UNITS SOLD

Q2 2014

Q2 2015

%

21

30

43%

AVG SOLD PRICE

$2,008,476

$2,036,013

1%

DAYS ON MARKET

28

30

1%

Q2 2014

Q2 2015

%

26

41

58%

AVG SOLD PRICE

$1,106,331

$1,046,210

-5%

DAYS ON MARKET

37

19

-49%

Q2 2014

Q2 2015

%

UNITS SOLD

CAPITOL HILL

DUPONT

59

48

-19%

UNITS SOLD

11

9

-18%

AVG SOLD PRICE

$1,092,096

$1,088,100

-.5%

AVG SOLD PRICE

$3,162,682

$1,803,962

-43%

DAYS ON MARKET

14

19

35.71%

DAYS ON MARKET

25

17

-32%

3101 Highland Place NW, Washington DC

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CLEVELAND PARK*

Q2 2014

TTRSIR.COM

*Historic Cleveland Park through 8/17/2015

Source: MRIS, 4/1/20156/30/2015. Data deemed reliable, but not guaranteed.

3314 Ordway Street NW, Washington DC

FOREST HILLS

Q2 2014

Q2 2015

%

6

6

0%

AVG SOLD PRICE

$1,124,167

$1,618,333

44%

DAYS ON MARKET

17

64

276%

Q2 2014

Q2 2015

%

UNITS SOLD

MOUNT PLEASANT UNITS SOLD

Q2 2014

Q2 2015

%

30

19

-37%

AVG SOLD PRICE

$928,479

$999,785

8%

DAYS ON MARKET

7

19

171%

Q2 2014

Q2 2015

%

GLOVER PARK/BURLEITH

UNITS SOLD

SPRING VALLEY

16

20

25%

UNITS SOLD

23

12

-48%

AVG SOLD PRICE

$1,002,678

$944,950

-6%

AVG SOLD PRICE

$2,028,991

$1,481,208

-27%

DAYS ON MARKET

8

10

25%

DAYS ON MARKET

58

30

-48%

KALORAMA

Q2 2014

Q2 2015

%

WESLEY HEIGHTS

Q2 2014

Q2 2015

%

UNITS SOLD

7

12

71%

UNITS SOLD

13

14

8%

AVG SOLD PRICE

$2,406,646

$3,889,667

62%

AVG SOLD PRICE

$1,939,914

$1,172,282

-40%

DAYS ON MARKET

34

75

121%

DAYS ON MARKET

41

48

17%

Q2 2014

Q2 2015

%

Q2 2014

Q2 2015

%

17

17

0%

5

0

-100%

AVG SOLD PRICE

$1,390,594

$1,154,327

-17%

AVG SOLD PRICE

$2,191,000

0

-100%

DAYS ON MARKET

11

8

-27%

DAYS ON MARKET

27

0

-100%

LOGAN UNITS SOLD

MID-YEAR 2015

MASS. AVE HEIGHTS UNITS SOLD

Source: MRIS, 4/1/20156/30/2015. Data deemed reliable, but not guaranteed.

TTRSIR MARKET REPORT

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

4736 Neptune Drive, Alexandria VA

ARLINGTON

Q2 2014

Q2 2015

%

UNITS SOLD

426

411

-4%

UNITS SOLD

AVG SOLD PRICE

$868,243

$899,414

4%

DAYS ON MARKET

22

29

32%

Q2 2014

Q2 2015

%

268

284

AVG SOLD PRICE

$651,459

DAYS ON MARKET

Q2 2014

Q2 2015

%

163

177

9%

AVG SOLD PRICE

$1,325,114

$1,258,492

-5%

DAYS ON MARKET

38

56

47%

ALEXANDRIA

Q2 2014

Q2 2015

%

6%

UNITS SOLD

400

394

-2%

$671,711

3%

AVG SOLD PRICE

$737,093

$732,228

-1%

21

23

10%

DAYS ON MARKET

27

27

0%

Q2 2014

Q2 2015

%

Q2 2014

Q2 2015

%

55

69

25%

UNITS SOLD

250

266

6%

AVG SOLD PRICE

$1,284,380

$1,208,304

-6%

AVG SOLD PRICE

$865,627

$829,552

-4%

DAYS ON MARKET

57

46

-19%

DAYS ON MARKET

22

27

23%

FALLS CHURCH UNITS SOLD

GREAT FALLS UNITS SOLD

6

McLEAN

TTRSIR.COM

VIENNA

Source: MRIS, 4/1/2015-6/30/2015.

Data deemed reliable, but not guaranteed.

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

BETHESDA

Q2 2014

Q2 2015

%

UNITS SOLD

233

266

14%

AVG SOLD PRICE

$1,110,888

$1,105,723

-.5%

DAYS ON MARKET

24

35

46%

Q2 2014

Q2 2015

%

150

183

22%

AVG SOLD PRICE

$1,035,726

$946,698

-9%

DAYS ON MARKET

36

35

11%

Q2 2014

Q2 2015

%

85

87

2%

AVG SOLD PRICE

$1,257,145

$1,273,313

1%

DAYS ON MARKET

28

31

11%

POTOMAC UNITS SOLD

CHEVY CHASE UNITS SOLD

Source: MRIS, 4/1/2015-6/30/2015. Data deemed reliable, but not guaranteed.

6308 Orchid Drive, Bethesda MD

8 Quincy Street, Chevy Chase MD

MID-YEAR 2015

TTRSIR MARKET REPORT

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SOTHEBY’S SOTHEBY’S AUCTION HOUSE

On 22 September, 2015 Sotheby’s London will present the Victory Watch, originally commissioned for Winston Churchill. Churchill said when he received the gift, “I admire so much the care and the quality with which this delicate example of craftsmanship and Swiss precision was realised.” For more info, visit www.sothebys.com

SOTHEBY’S INTERNATIONAL REALTY

In June, we launched our newest publication, which brings together for the first time the world of Sotheby’s and Washington’s finest homes. Rich editorial about art, design and Washington’s most extraordinary properties, delivered to your doorstep and your desktop at www.ttrsir.com

SOTHEBY’S WINE

Sotheby’s will reveal a collection for auction of the most sought-after wines that has been amassed over the last 20 years. Some highlights include Léoville Las Cases 1985, Ducru Beaucaillou 1996 and Léoville Poyferré 2003.

SOTHEBY’S VIEW AT HOME

Our new Sotheby’s View at Home app for iPad allows you to take a self-guided tour through our New York and London exhibition spaces and to view any artwork in the context of your own home. To learn more about this new innovative technology, visit www.sothebys.com

SOTHEBY’S INSTITUTE OF ART

Sotheby’s Institute of Art abroad encourages students to take their studies across the globe. Students have embarked on their art world adventure in places such as The Vatican and the Great Wall of China.

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TTRSIR.COM

JENNIFER KNOLL & TTR SOTHEBY’S INTERNATIONAL REALTY CLEVELAND PARK SALES

1.

2.

3.

4.

5.

6.

1. 3601 Porter Street NW, Washington, DC 20016 2. 3319 Rowland Place NW, Washington, DC 20008 3. 3230 Woodley Road NW, Washington, DC 20008 4. 3212 Porter Street NW, Washington, DC 20008 5. 3066 Porter Street NW, Washington DC 20016 6. 3312 Newark Street NW, Washington, DC 20008

MID-YEAR 2015

TTRSIR MARKET REPORT

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CONDOS & CO-OP SALES Sales statistics for Washington, DC WASHINGTON, DC HISTORIC CLEVELAND PARK

Q2 2014

Q2 2015

%

KALORAMA

Q2 2014

Q2 2015

%

40

47

18%

UNITS SOLD

47

60

28%

AVG SOLD PRICE

$385,017

$365,864

-5%

AVG SOLD PRICE

$528,310

$596,897

13%

DAYS ON MARKET

26

36

38%

DAYS ON MARKET

24

21

-13%

DOWNTOWN

Q2 2014

Q2 2015

%

Q2 2014

Q2 2015

%

UNITS SOLD

45

33

-27%

UNITS SOLD

55

45

-18%

AVG SOLD PRICE

$583,078

$703,682

21%

AVG SOLD PRICE

$660,986

$698,807

6%

DAYS ON MARKET

16

16

0%

DAYS ON MARKET

13

13

0%

Q2 2014

Q2 2015

%

FOGGY BOTTOM/ WEST END

Q2 2014

Q2 2015

%

32

39

22%

UNITS SOLD

18

34

89%

AVG SOLD PRICE

$427,981

$522,056

22%

AVG SOLD PRICE

$379,213

$375,544

-1%

DAYS ON MARKET

54

47

13%

DAYS ON MARKET

19

34

79%

Q2 2014

Q2 2015

%

Q2 2014

Q2 2015

%

15

21

40%

UNITS SOLD

25

19

-24%

AVG SOLD PRICE

$1,100,555

$1,022,305

-7%

AVG SOLD PRICE

$447,040

$480,163

7%

DAYS ON MARKET

73

117

60%

DAYS ON MARKET

47

45

-4%

UNITS SOLD

DUPONT UNITS SOLD

GEORGETOWN UNITS SOLD

3230 Woodley Road, Washington, DC

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TTRSIR.COM

LOGAN

WESLEY HEIGHTS/ CATHEDRAL

Source: MRIS, 4/1/20156/30/2015. Data deemed reliable, but not guaranteed.

“

TESTIMONIALS FOR JENNIFER KNOLL In the spring of 2015, my wife and I asked Jennifer Knoll to handle the sale of our house in the Cleveland Park area. We did this because, in our very first meeting with her, she showed knowledge of the market, professional competence, and the determination to make the process as easy on us as possible. The more we dealt with Jennifer, the more impressed we were.

She mapped out a strategy that would be effective with minimum trouble to us, explained it clearly, and carried it out successfully and fast. But she wasn’t finished then. She arranged for the asbestos removal, radon coverage, and termite repair required by law, and scheduled these to minimize the disruption to us. She even had a carpet laid in the three days between our leaving the house and settlement. Through her connection with Sotheby’s top-notch auction house, she obtained their prompt review and acceptance of a few pieces we wished to sell. In short, throughout the process she went the extra mile without our asking, and did it cheerfully and well. We thanked our lucky stars that we had her.

”

– Madeleine Y & Roger Kirk, Woodley Road

“

Jennifer is an expert in DC real estate, honest, and extremely hard working.

Selling or buying a home is very personal and Jennifer really cares about helping people find the most optimal fit for their desired lifestyle. She is truly exceptional! I would recommend her to anyone without hesitation!

– Stacey & Bryan Sivak, Porter Street

“

We recently worked with Jennifer Knoll on the sale of our Cleveland Park home and had a wonderful experience from our initial contact to closing.

Jennifer gave us great advice on small touch-up projects, developed firstrate marketing materials, organized very well-attended open houses, and managed the contract negotiation like a pro. She is an expert on the Cleveland Park neighborhood, the DC market, pricing, timing, and how to interest serious buyers. We could not be more satisfied and would strongly recommend Jennifer and Sotheby’s to other sellers!

– Lindsey & Brian Toohey, Porter Street

MID-YEAR 2015

”

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TTRSIR MARKET REPORT

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SOLD DOLLAR VOLUME

MEDIAN SOLD PRICE

AVERAGE DAYS ON MARKET

YTD

% change

YTD

% change

YTD

% change

$2,499,448,998

3%

$520,500

5%

49

-2%

ARLINGTON COUNTY, VA

$903,039,332

8%

$556,750

6%

49

32%

FAIRFAX COUNTY, VA

$4,019,471,810

12%

$475,000

3%

50

22%

ALEXANDRIA CITY, VA

$1,256,669,955

7%

$451,400

4%

53

13%

MONTGOMERY COUNTY, MD

$2,874,134,743

9%

$400,000

0%

57

21%

WASHINGTON, DC

Clients describe Jennifer as smart, hardworking and extremely loyal. As a Northwest DC resident for more than 18 years, Jennifer is highly committed to serving her neighbors with expert real estate consultations.

In addition to being recognized by the Washingtonian Magazine in 2015 as a Top Agent with sales over 20 million last year, Jennifer was voted “Best Agent” for 2015 in the Washington City Paper’s readers poll.

Prior to her successful career in real estate, Jennifer worked as a journalist based in Washington, DC and Tel Aviv, Israel. Jennifer covered finance, consumer news, Middle East peace talks, visiting heads of state and the White House. She is married to Justin Kenny, the Foreign and Defense Editor of the PBS NewsHour.

She has three children. Her twins daughters attend John Eaton Elementary School and her son is a student at the Sheridan School.

JENNIFER KNOLL +1 202 441 2301 m +1 301 967 3344 o Jennifer.Knoll@SothebysRealty.com JenniferKnoll.com

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