TTRSIR Second Quarter 2016 Market Report

SECOND QUARTER 2016

MARKET REPORT DC | MD | VA

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

28111 SOUTHSIDE ISLAND CREEK RD TRAPPE, MARYLAND | $2,298,000

ALEXANDER HALL: 2709 N STREET NW #102, WASHINGTON DC | $2,495,000

S ECO N D QUA RT E R 2016

MARKET REPORT D C | MD | VA

W

ith the presidential elections quickly approaching, Washington is bracing for what promises to be a dynamic, if not historic, season. We are often asked, “How do presidential elections impact the Washington real estate market?” The answer surprised us. We reviewed data from the past four election years, commencing in 2000. In all but one of the election years, sales volume in the fourth quarter increased significantly, ranging from 25%38% versus the same quarter the previous year. The one exception was 2008 in which the region and the entire country was still in the midst of The Great Recession. A continued strong job market in the Washington region, coupled with historically low mortgage interest rates, suggests that we will see strong momentum in our regional real estate market through the balance of the year.

As we review year-to-date results, it is clear that the momentum continues to transcend both the city as well as the close-in suburbs. Montgomery County witnessed a 13.3% increase in sold dollar volume in the second quarter versus the same period last year. Median sold prices increased slightly at 1.4%. Washington, DC continues to reflect strong market fundamentals with sold volume increasing 11.5% and median sold price increasing 1.9% versus the same quarter last year. Northern Virginia, particularly the close-in suburbs, continues to be strong with sold volume increasing 7.4% and median sold prices increasing just slightly.

Transportation and proximity to job centers continue to be important variables in purchasers’ decisions. Well positioned submarkets such as Alexandria continue to witness strong demand; sold volume increased 5.0% and median sold price increased 3.3%. Bethesda experienced even stronger results with sold volume increasing 20.6% and median sold price increasing 3.6%, making it one of the strongest submarkets in the region.

As we move into the second half of the year, our partners, staff and associates will continue to be highly engaged in the communities in which we live and work. In particular, we encourage you to save the date for Celebrate Logan on September 17th benefiting N Street Village (celebratelogan.org) as well as for the Joan Hisaoka “Make a Difference” Gala benefiting Life With Cancer and The Smith Center (joanhisaokagala.org).

More information on these community events as well as extraordinary real estate from Bloomindale to Bejing can be found on our website, ttrsir.com. In the interim, we hope you and your family enjoy a truly memorable summer.

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

WA S H I N GT O N, D C S EC O N D Q UA R T E R 2 0 1 6 | S I N G L E FA M I LY H O M E SA L E S

3614 Prospect St NW, Washington DC | Listed for $4,295,000

3424 P Street NW, Washington DC Under Contract (Listed for $1,795,000)

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

4629 30th Street NW, Washington DC Listed for $1,995,000

CLEVELAND PARK

Q2 2015

Q2 2016

%

31

24

-23%

$1,040,587

$1,063,000

2%

30

21

-30%

Q2 2015

Q2 2016

%

45

18

-60%

UNITS SOLD

$2,169,278

$1,856,106

-14%

AVG SOLD PRICE

49

25

-49%

AVG DAYS ON MARKET

Q2 2015

Q2 2016

%

UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET CAPITOL HILL

DUPONT

65

34

-48%

UNITS SOLD

$1,044,266

$1,166,600

12%

AVG SOLD PRICE

20

14

-30%

AVG DAYS ON MARKET

Q2 2015

Q2 2016

%

21

12

-43%

$1,747,110

$2,250,062

29%

39

14

-64%

Q2 2015

Q2 2016

%

43

32

-26%

$1,011,474

$1,021,295

1%

18

21

17%

Q2 2015

Q2 2016

%

13

8

-38%

$1,945,489

$1,863,250

-4%

12

13

8%

Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.

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TTRSIR.COM

1237 30th St NW, Washington DC Listed for $2,500,000

5071 Sedgwick St NW, Washington DC Listed for $1,899,000

600 E St NE, Washington DC Listed for $1,495,000

1622 34th St NW, Washington DC | Under Contract (Listed for $1,790,000)

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

Q2 2015

Q2 2016

%

7

8

14%

UNITS SOLD

$2,097,500

$2,627,000

25%

AVG SOLD PRICE

52

18

-65%

AVG DAYS ON MARKET

Q2 2015

Q2 2016

%

GLOVER PARK/BURLEITH

SPRING VALLEY

25

14

-44%

$999,188

$1,058,074

6%

8

36

350%

KALORAMA

Q2 2015

Q2 2016

%

UNITS SOLD

11

6

-45%

UNITS SOLD

$2,777,091

$2,135,833

-23%

AVG SOLD PRICE

77

41

-47%

AVG DAYS ON MARKET

Q2 2015

Q2 2016

%

AVG SOLD PRICE AVG DAYS ON MARKET

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

17

9

-47%

$1,218,135

$1,304,972

7%

9

14

56%

UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET WESLEY HEIGHTS

MASS. AVE HEIGHTS UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET

Q2 2015

Q2 2016

%

29

10

-66%

$1,166,944

$957,850

-18%

19

24

26%

Q2 2015

Q2 2016

%

16

4

-75%

$1,605,969

$1,913,750

19%

28

13

-54%

Q2 2015

Q2 2016

%

13

5

-62%

$1,152,577

$1,504,000

30%

37

14

-62%

Q2 2015

Q2 2016

%

1

0

N/A

$12,250,000

N/A

N/A

152

N/A

N/A

Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.

SECOND QUARTER 2016

TTRSIR MARKET REPORT

5

VI RG I N I A S EC O N D Q UA R T E R 2 0 1 6 | S I N G L E FA M I LY H O M E SA L E S ARLINGTON

Q2 2015

Q2 2016

%

UNITS SOLD

498

260

-48%

$875,562

$888,893

2%

26

23

-12%

Q2 2015

Q2 2016

%

281

165

-41%

$654,764

$647,386

-1%

26

18

-31%

Q2 2015

Q2 2016

%

70

45

-36%

$1,296,546

$1,264,944

-2%

AVG SOLD PRICE

73

57

-22%

AVG DAYS ON MARKET

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

McLEAN

Q2 2015

Q2 2016

%

185

121

-35%

$1,317,103

$1,351,712

3%

49

50

2%

ALEXANDRIA

Q2 2015

Q2 2016

%

UNITS SOLD

417

248

-41%

$747,849

$701,641

-6%

26

21

-19%

Q2 2015

Q2 2016

%

294

151

-49%

$803,201

$800,467

-0.3%

28

32

14%

UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET VIENNA UNITS SOLD

Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.

13768 Balmoral Greens Ave, Clifton VA | Listed for $7,495,000

6912 Benjamin St, McLean VA | Listed for $4,950,000

6

TTRSIR.COM

1213 Merchane Ln, McLean VA | Listed for $2,695,000

M A RY L A N D S EC O N D Q UA R T E R 2 0 1 6 | S I N G L E FA M I LY H O M E SA L E S

9001 Durham Dr, Potomac MD | Listed for $4,995,000

1737 Skippers Row, Gibson Island MD | Listed for $2,195,000

1645 Fairview Beach Rd, Pasadena MD | Listed for $4,250,000

BETHESDA

Q2 2015

Q2 2016

%

UNITS SOLD

281

177

-37%

$1,098,634

$1,070,302

-3%

31

27

-13%

Q2 2015

Q2 2016

%

209

125

-40%

$1,017,298

$986,706

-3%

38

37

-3%

Q2 2015

Q2 2016

%

104

43

-59%

$1,288,489

$1,267,528

-2%

36

36

0%

AVG SOLD PRICE AVG DAYS ON MARKET POTOMAC UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET CHEVY CHASE UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET 25715 Bruffs Island Rd, Easton MD | Listed for $2,950,000

SECOND QUARTER 2016

Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.

TTRSIR MARKET REPORT

7

SOTHEBY’S SOTHEBY’S

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SOTHEBY’S INTERNATIONAL REALTY

Sotheby’s International Realty leads all other real estate companies in the Individual Sales Volume Category in REAL Trends/The Wall Street Journal Report’s “Top Thousand,” with 45 of the top 250 real estate agents and teams in the United States based on 2015 annual sales volume and transaction sides.

SOTHEBY’S AUTOMOBILES

An institution for more than 25 years, RM Sotheby’s flagship Monterey sale, held during the world-famous Pebble Beach Concours d’Elegance week, continues to raise the bar for collector car auctions year after year.

Held in beautiful Monterey California, the event has been witness to the sale of some of the most important motorcars to ever come to auction. August 17-20 2016.

SOTHEBY’S MAGAZINE

Summertime means travel, and for many of us, artrelated destinations set the itinerary. In cities around the world, museums await; the coolness of their galleries offer a retreat for the senses and a bounty of art to behold. This year, three institutions top our mustsee list: bit.ly/SummerMuseums

TTRSIR AND THE COMMUNITY

This summer, enjoy extraordinary performances at American’s only National Park for the Performing Arts.

TTR Sotheby’s International Realty is proud to support the Wolf Trap Foundation and its important arts and education programs throughout the year. Wolftrap.org for more information.

8

TTRSIR.COM

S I G N I F I CA N T CO N T RACTS + SA L ES F RO M THE SECOND QUARTER 2016 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. 1701 18TH ST NW #PH402, WASHINGTON DC

2. 6444 GEORGETOWN PIKE, MCLEAN VA

3. 2946 CHAIN BRIDGE RD NW, WASHINGTON DC

4. 2823 N STREET NW, WASHINGTON DC

5. 5063 OVERLOOK DR NW, WASHINGTON DC

6. 7118 GLENBROOK RD, BETHESDA MD

1. 1701 18th St NW #PH402, Washington DC I Listed for $1,899,000 (TTRSIR represented seller and buyer – most expensive one-bedroom condominium to sell in DC since 2010.)

2. 6444 Georgetown Pike, McLean VA I Listed for $5,000,000 (TTRSIR represented seller and buyer) 3. 2946 Chain Bridge Rd NW, Washington DC I Listed for $3,695,000 (TTRSIR represented seller and buyer) 4. 2823 N Street NW, Washington DC I Listed for $6,850,000 (TTRSIR represented seller) 5. 5063 Overlook Dr NW, Washington DC I Listed for $3,950,000 (TTRSIR represented seller and buyer) 6. 7118 Glenbrook Rd, Bethesda MD I Listed for $7,995,000 (TTRSIR represented seller)

WA S H I N GT O N, D C S EC O N D Q UA RT E R 2 0 1 6 | C O N D O & C O - O P SA L E S CAPITOL HILL

Q2 2015

Q2 2016

%

KALORAMA

Q2 2015

Q2 2016

%

7

11

57%

UNITS SOLD

62

31

-50%

$409,107

$413,636

1%

$656,216

$523,858

-20%

17

23

35%

18

26

44%

DOWNTOWN

Q2 2015

Q2 2016

%

Q2 2015

Q2 2016

%

UNITS SOLD

56

32

-43%

68

62

-9%

$658,426

$563,433

-14%

AVG SOLD PRICE

$572,553

$658,920

15%

31

40

29%

AVG DAYS ON MARKET

13

13

0%

Q2 2015

Q2 2016

%

Q2 2015

Q2 2016

%

168

87

-48%

69

40

-42%

$565,884

$546,571

-3%

AVG SOLD PRICE

$498,013

$506,130

2%

20

22

10%

AVG DAYS ON MARKET

18

13

-28%

Q2 2015

Q2 2016

%

Q2 2015

Q2 2016

%

33

14

-58%

24

19

-21%

$313,103

$337,129

8%

AVG SOLD PRICE

$492,692

$538,600

9%

24

24

0%

AVG DAYS ON MARKET

33

74

124%

Q2 2015

Q2 2016

%

Q2 2015

Q2 2016

%

23

20

-13%

13

5

-62%

$785,320

$810,800

3%

$753,069

$736,800

-2%

21

42

100%

26

22

-15%

UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET DUPONT UNITS SOLD 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

AVG SOLD PRICE AVG DAYS ON MARKET LOGAN UNITS SOLD

MOUNT PLEASANT UNITS SOLD

WESLEY HEIGHTS/ CATHEDRAL UNITS SOLD

SHAW UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET

Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.

2501 Pennsylvania Ave NW #3A, Washington DC Listed for $2,395,000

3039 16th St NW #301, Washington DC | Listed for $819,000

10

TTRSIR.COM

1001 L St NW #102, Washington DC Under Contract (Listed for $509,900)

11+T: 1102 T St NW, Washington DC | Starting at $779,000

VI RG I N I A S EC O N D Q UA RT E R 2 0 1 6 | C O N D O & C O - O P SA L E S ARLINGTON

Q2 2015

Q2 2016

%

UNITS SOLD

471

296

-37%

UNITS SOLD

$422,774

$408,488

-3%

AVG SOLD PRICE

32

35

9%

AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET

McLEAN

Q2 2015

Q2 2016

%

62

40

-35%

$382,504

$372,560

-3%

46

72

57%

Q2 2015

Q2 2016

%

45

20

-56%

$616,669

$517,550

-16%

41

27

-34%

Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.

601 N Fairfax St #203, Alexandria VA Listed for $3,500,000

M A RY L A N D S EC O N D Q UA RT E R 2 0 1 6 | C O N D O & C O - O P SA L E S BETHESDA

Q2 2015

Q2 2016

%

UNITS SOLD

99

59

-40%

$424,338

$593,808

40%

AVG SOLD PRICE

39

28

-28%

AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET

CHEVY CHASE UNITS SOLD

Source: MRIS, 4/1/2015-7/1/2015; 4/1/2016-7/1/2016 | Data deemed reliable, but not guaranteed.

147 Waterfront St #301, National Harbor MD Under Contract (listed for $2,578,000)

SECOND QUARTER 2016

TTRSIR MARKET REPORT

11

G L O B A L S P OT L I G H T P RO P E RTY SA N TO R I N I , G R E EC E | P R O P E RT Y I D : 6 3 2 S 8 T

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 twor k of ove r 8 35 of f i ces i n 63 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 p p o rt uni ty to be of se r v i ce.

T T RS I R .CO M

IN THE COMMUNITY

JOAN HISAOKA “MAKE A DIFFERENCE” GALA SATURDAY, SEPTEMBER 17, 2016

CELEBRATE LOGAN SATURDAY, SEPTEMBER 17, 2016

The Joan Hisoaka “Make a Difference” gala is a charity event supporting Life With Cancer, The Smith Center, and the Brem Foundation, as it continues to help others living with cancer and to bring hope and healing to those faced with serious illness.

Enjoy an afternoon of food and fun, featuring exclusive tastings from the local restaurants of Logan Circle and the 14th Street Corridor.

Event benefits N Street Village to address issues of homelessness and extreme poverty.

joanhisaokagala.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. ©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.

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