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

SECOND SECONDQUARTER QUARTER2015 2015

MARKET MARKETREPORT REPORT

WASHINGTON, WASHINGTON,DC DC MARYLAND MARYLAND VIRGINIA VIRGINIA AACOMPREHENSIVE COMPREHENSIVEANALYSIS ANALYSISOF OFTHE THERESIDENTIAL RESIDENTIALREAL REALESTATE ESTATE MARKET MARKETININTHE THEWASHINGTON WASHINGTONMETROPOLITAN METROPOLITANAREA AREA

9001 CONGRESSIONAL 10105 IRON GATE ROAD, COURT, POTOMAC POTOMAC MD MD| LISTED | LISTED FOR FOR $3,850,000 $5,200,000

T

he Mid-Atlantic Region continues to benefit from an extended Spring Market. As of July 1st, new pending sales for the entire region increased almost 14% versus the same period last year, reflecting the slow start that many buyers and sellers experienced coming out of a long winter. The suburban markets in both Fairfax and Montgomery Counties have shown renewed strength with the number of units sold increasing in excess of 10% in both jurisdictions versus the first half of 2014.

Washington, DC continues to be at the center of the strong market with total sales volume increasing over 3% in the first half of the year and the median sales price increasing almost 5%.

Most sales continue to be consummated at a relatively brisk pace, with the majority of homes listed for less than three weeks.

As noted above, the Montgomery County market is strengthening, particularly for homes below $1 million, although thoughtful pricing for listings is increasingly important across all price points. The ratio of average sales price to original list price decreased slightly to 96.7%, slightly below the ratio for both the District of Columbia and Fairfax County. Similarly, the average sales price declined to $715,533 versus $730,402 for detached single family homes with four or more bedrooms. The average days on the market across all price points increased 21% from 47 days to 57 days, making accurate pricing even more important as buyers take longer to make a final decision.

As a bellwether for the regional economy, Fairfax County showed notable strength in the first half of 2015. Total sold dollar volume increased almost 12%, and the median sales price increased 3.26%. This activity was led by single family, detached home sales, which increased almost 12%.

The upper brackets present significant opportunities for buyers with a robust inventory of 141 units listed for $2.5 m. and higher, many at well below replacement cost.

TTR Sotheby’s International Realty continues to lead the markets in which we are active – across all price points. In Northern Virginia, we represented more buyers and sellers than any other brokerage firm in homes selling for $4 m.+ over the past three years. In the downtown Washington market, total sales from our 14th Street office exceeded our closest competitor by over 36% with an average sales price of $725, 198. At the heart of this growth and regardless of price point, we continue to be focused on providing our clients with the highest levels of service coupled with exceptional integrity.

In addition, we continue to engage not only the markets, but also the communities in which we live and work. This September, we invite you to join us for several exceptional events enhancing the quality of life of everyone in our community including the Joan Hisaoka “Make A Difference” Gala benefiting Life With Cancer and the CharityWorks Dream Ball benefiting The Yellow Ribbon Fund and Best Buddies. Also, we invite you to join us in September for Celebrate Logan benefiting N Street Village, the perfect way to taste and to experience the City’s hottest restaurant scene.

We are grateful for the trust you continue to place in us and we welcome your enquiries.

On behalf of the entire TTR Sotheby’s International Realty family of professionals, thank you.

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

2

TTRSIR.COM

The Residences at The Ritz-Carlton #PH2A, Georgetown | LISTED FOR $13,950,000

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

SECOND QUARTER 2015

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

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

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

McLEAN 6723 Whittier Avenue McLean, VA 22101 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

Q2 2014

Q2 2015

%

CLEVELAND PARK

Q2 2015

%

18

31

72%

UNITS SOLD

11

16

45%

AVG SOLD PRICE

$998,460

$980,652

-2%

AVG SOLD PRICE

$2,090,500

$1,448,112

-31%

DAYS ON MARKET

7

11

57%

DAYS ON MARKET

23

31

35%

Q2 2014

Q2 2015

%

Q2 2014

Q2 2015

%

42

34

19%

26

41

58%

AVG SOLD PRICE

$2,257,881

$2,318,735

3%

AVG SOLD PRICE

$1,106,331

$1,046,210

-5%

DAYS ON MARKET

32

71

122%

DAYS ON MARKET

37

19

-49%

Q2 2014

Q2 2015

%

Q2 2014

Q2 2015

%

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%

GEORGETOWN UNITS SOLD

CHEVY CHASE UNITS SOLD

CAPITOL HILL UNITS SOLD

DUPONT

3303 Water Street NW #8F, Washington DC | LISTED FOR $9,000,000

4

Q2 2014

TTRSIR.COM

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

560 N Street SW #8911, Washington DC | LISTED FOR $1,050.000

FOREST HILLS UNITS SOLD

Q2 2014

Q2 2015

%

GLOVER PARK/BURLEITH

Q2 2014

Q2 2015

%

6

6

0%

UNITS SOLD

30

19

-37%

AVG SOLD PRICE

$1,124,167

$1,618,333

44%

AVG SOLD PRICE

$928,479

$999,785

8%

DAYS ON MARKET

17

64

276%

DAYS ON MARKET

7

19

171%

Q2 2014

Q2 2015

%

Q2 2014

Q2 2015

%

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%

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

%

MOUNT PLEASANT UNITS SOLD

LOGAN UNITS SOLD

SPRING VALLEY

UNITS SOLD

MASS. AVE HEIGHTS

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%

SECOND QUARTER 2015

UNITS SOLD

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

TTRSIR MARKET REPORT

5

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

4736 Neptune Drive, Alexandria VA | LISTED FOR $3,795,000

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 I LISTED FOR $1,999,999

15325 Masonwood Drive, Gaithersburg MD | LISTED FOR $7,000,000

SECOND QUARTER 2015

TTRSIR MARKET REPORT

7

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.

8

TTRSIR.COM

OUTSTANDING YEAR-TO-DATE RESULTS TTR SOTHEBY’S INTERNATIONAL REALTY

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

2. 1129 CREST LANE, MCLEAN VA

3. 4722 DORSETT AVE, CHEVY CHASE MD

4. 3317 PROSPECT ST NW, WASHINGTON, DC

5. 2206 KALORAMA RD NW, WASHINGTON DC

6. 906 CREEK DRIVE, ANNAPOLIS MD

1. 1801 35th Street NW, Washington DC 20007 | Listed for $14,000,000, Sold for $16,500,000 2. 1129 Crest Lane, McLean VA 22101 | Under Contract I Listed for $5,895,000 3. 4722 Dorset Avenue, Chevy Chase MD 20815* | Sold for $4,200,000 4. 3317 Prospect Street NW, Washington DC 20007* | Sold for $4,100,000 5. 2206 Kalorama Road NW, Washington DC 20008* | List Price $3,900,000 6. 906 Creek Drive, Annapolis MD 21403* | Sold for $3,250,000 *TTR Sotheby’s International Realty represented the buyer SECOND QUARTER 2015

TTRSIR MARKET REPORT

9

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

WASHINGTON, DC CAPITOL HILL

Q2 2014

Q2 2015

%

KALORAMA

Q2 2014

Q2 2015

%

15

10

-33%

UNITS SOLD

47

60

28%

AVG SOLD PRICE

$326,073

$388,575

19%

AVG SOLD PRICE

$528,310

$596,897

13%

DAYS ON MARKET

33

50

52%

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

%

MOUNT PLEASANT

Q2 2014

Q2 2015

%

32

39

22%

UNITS SOLD

65

62

-5%

AVG SOLD PRICE

$427,981

$522,056

22%

AVG SOLD PRICE

$521,428

$466,032

-11%

DAYS ON MARKET

54

47

13%

DAYS ON MARKET

20

30

50%

FOGGY BOTTOM/ WEST END

Q2 2014

Q2 2015

%

Q2 2014

Q2 2015

%

18

34

89%

UNITS SOLD

13

16

23%

AVG SOLD PRICE

$379,213

$375,544

-1%

AVG SOLD PRICE

$599,965

$862,519

44%

DAYS ON MARKET

19

34

79%

DAYS ON MARKET

8

23

188%

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

UNITS SOLD

GEORGETOWN UNITS SOLD

12025 New Dominion Pkwy #403, Reston VA LISTED FOR $1,795,000

10

TTRSIR.COM

LOGAN

SHAW

WESLEY HEIGHTS/ CATHEDRAL

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

4301 Military Road NW #710, Washington DC LISTED FOR $2,495,000

8101 River Road #441, Bethesda MD | LISTED FOR $4,199,000

1837 Kalorama Road NW #E, Washington DC LISTED FOR $995,000

635 Q Street NW, Washington DC | LISTED FOR $899,000

VIRGINIA ARLINGTON

Q2 2014

Q2 2015

%

McLEAN

UNITS SOLD

446

478

7%

UNITS SOLD

AVG SOLD PRICE

$412,856

$440,524

6.70%

DAYS ON MARKET

28

34

21%

BETHESDA

Q2 2014

Q2 2015

%

CHEVY CHASE

UNITS SOLD

92

94

2%

UNITS SOLD

AVG SOLD PRICE

$380,668

$455,180

20%

DAYS ON MARKET

36

37

3%

Q2 2014

Q2 2015

%

52

74

42%

AVG SOLD PRICE

$403,213

$377,682

-6%

DAYS ON MARKET

23

43

87%

Q2 2014

Q2 2015

%

34

50

47%

AVG SOLD PRICE

$867,495

$836,625

-4%

DAYS ON MARKET

24

41

71%

MARYLAND

SECOND QUARTER 2015

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

TTRSIR MARKET REPORT

11

626 Chain Bridge Road, McLean VA | LISTED FOR $6,495,000

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

SAVE THE DATES

JOAN HISAOKA GALA SATURDAY, SEPTEMBER 19, 2015 The Joan Hisaoka “Make a Difference” gala is a charity event to support Life With Cancer, The Smith Center, and the Brem Foundation.

joanhisaokagala.org

CHARITY WORKS DREAM BALL SATURDAY, SEPTEMBER 26, 2015

CELEBRATE LOGAN SATURDAY, SEPTEMBER 19, 2015

This annual fundraiser offers a magical evening of cocktails, dinner, and dancing to support Best Buddies and The Yellow Ribbon Fund.

Celebrate Logan is an exclusive three hour tasting event that supports N Street Village, and organization devoted to women and their recovery and empowerment.

charityworksdc.org

celebratelogan.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