Market Report A C O M P R E H E N S I V E A N A LY S I S O F T H E R E S I D E N T I A L R E A L E S TAT E M A R K E T I N T H E W A S H I N G T O N M E T R O P O L I TA N A R E A . S E C O N D Q U A R T E R , 2 0 1 8
Market Update Despite a somewhat slower start this Spring, the Washington real estate market continues to be very active. Jobs and traffic continue to play a key role in the market dynamics across the Washington Metropolitan region. According to the Center for Regional Economic Analysis in May, the region benefited from continued strong job growth, adding 41,300 new jobs over the past year. Northern Virginia led this growth, adding 24,800 new jobs, however Suburban Maryland ran a close second adding over 14,000 new jobs. The entire region is benefiting from a remarkably low unemployment rate of 3.1%, well below the current U.S. rate of 3.9%. This same report indicates that 17.8% of Washington area workers commute 60+ minutes every day, rivaling the San Francisco Bay Area and ranking second only to New York. This continues to weigh heavily on the minds of potential buyers as they consider options across various submarkets. To that point, areas in and around the Beltway or close to growing job centers continue to outperform other submarkets. Washington, DC continues to be a strong market. Sales increased 1.8% in the second quarter versus last year, and median sold price increased 3.6%. Homes continue to sell fast, an average of 35 days which identical to the same period last year. Northern Virginia maintains a brisk pace with sales volume and median prices increasing in the major jurisdictions of Fairfax County, Arlington, and Alexandria. The City of Alexandria leads the pack so far this year with sold dollar volume increasing 7.8% and median sold price increasing 5.9%. Montgomery County has benefited from the strong jobs market noted above with sold dollar volume decreasing slightly but median sale prices increasing 5.4%. Velocity is also gaining momentum with average days on market decreasing to 43 days, 10.4% faster than the same period last year. Our Annapolis brokerage reports that the late Spring somewhat delayed the market, and sold volume decreased slightly 5.4% year to date. Median sold prices, however, increased 2.1%. Buyers continue to be drawn to the beautiful waterfront and walkable lifestyles that the Annapolis area offers. On the opposite side of the region, we continue to build a strong presence in the Virginia Equestrian Country. This Fall, we are delighted to be major sponsors once again of both the National Sporting Library’s Annual Polo Classic on September 9th (nationalsporting.org) and the Middleburg Film Festival which will be held October 18th-21st (middleburgfilm.org). Regardless of location, we look forward to assisting you as your global real estate advisors. From Middleburg to Munich, we are ideally positioned to be of service to you and your family with an unwavering commitment to integrity and professional service which has defined the Sotheby’s brand worldwide for over 250 years. Best personal regards Mark C. Lowham CEO and Managing Partner TTR Sotheby’s International Realty
Contents S I N G L E FA M I LY H O M E S A L E S
CONDO & CO-OP SALES
PG 2-3
PG 8-9
WAS H I N GTO N , D C
NORTHERN VIRGINIA
MONTGOMERY COUNTY
P G 4 - 5
WAS H I N GTO N , D C
NORTHERN VIRGINIA
LOUDOUN COUNTY
FA U Q U I E R C O U N T Y
P G 6 -7
MONTGOMERY COUNTY
ANNE ARUNDEL COUNTY
TA L B O T C O U N T Y
Above: 8714 Holtzclaw Road, Warrenton VA | $5,500,000 Cover: 3127 51st Place NW, Washington DC | $3,850,000
WAS H I N GTO N , D C
5264 Loughboro Road NW Kent | $1,799,000
4927 30th Place NW Forest Hills | $1,695,000
1414 29th Street NW Georgetown | $2,145,000
American University
Units Sold Avg. Sold Price Avg. Days on Market
Cleveland Park
Units Sold Avg. Sold Price Avg. Days on Market
Georgetown
Units Sold Avg. Sold Price Avg. Days on Market
Capitol Hill
Units Sold Avg. Sold Price Avg. Days on Market
Chevy Chase, DC
Units Sold Avg. Sold Price Avg. Days on Market
Dupont
Units Sold Avg. Sold Price Avg. Days on Market
Forest Hills
Units Sold Avg. Sold Price Avg. Days on Market
Glover Park / Burleith
Units Sold Avg. Sold Price Avg. Days on Market
Mount Pleasant
Units Sold Avg. Sold Price Avg. Days on Market
Spring Valley
Units Sold Avg. Sold Price Avg. Days on Market
Kalorama
Units Sold Avg. Sold Price Avg. Days on Market
Logan
Units Sold Avg. Sold Price Avg. Days on Market
Wesley Heights
Units Sold Avg. Sold Price Avg. Days on Market
Mass Ave Heights
Units Sold Avg. Sold Price Avg. Days on Market
Kent
Units Sold Avg. Sold Price Avg. Days on Market
Palisades
Units Sold Avg. Sold Price Avg. Days on Market
Shaw
Units Sold Avg. Sold Price Avg. Days on Market
Bloomingdale/ LeDroit Park
Units Sold Avg. Sold Price Avg. Days on Market
S I N G L E FA M I LY H O M E S A L E S SECOND QTR. 2017
SECOND QTR. 2018
%
29 $1,044,755 12
32 $1,153,800 13
+10% +10% +8%
9 $1,520,500 22
12 $1,385,167 10
+33% -9% -54%
41 $2,263,805 47
49 $2,093,218 28
+19% -7% -40%
31 $1,182,561 34
34 $1,139,392 16
+10% -4% -53%
67 $1,136,093 11
63 $1,232,847 17
-6% +8% +54%
16 $1,807,906 12
9 $1,753,611 17
-44% -3% +42
7 $1,485,843 27
8 $1,712,250 17
+14% +15% -37%
19 $1,185,704 11
27 $1,210,056 19
+42% +2% +73%
21 $1,197,988 7
20 $1,068,960 36
-5% -11% +414%
14 $2,370,714 73
13 $1,850,550 21
-7% -22% -71%
8 $2,871,875 60
15 $2,735,333 77
+87% -5% +28%
8 $1,441,886 14
12 $1,537,833 17
+50% +7% +21%
13 $1,850,192 31
6 $1,594,675 10
-54% -14% -68%
3 $3,720,000 107
2 $3,837,500 98
-33% +3% -8%
15 $1,628,900 57
18 $1,900,824 16
+20% +17% -72%
15 $1,298,800 14
11 $1,496,000 29
-27% +15% +107%
12 $1,026,033 13
9 $1,040,389 12
-25% +1% -8%
25 $1,149,527 16
27 $1,129,793 27
+8% -2% +69%
145 D Street SE
Capitol Hill | $1,195,000
1531 6th Street NW Shaw | $995,000
6404 31st Place NW Chevy Chase, DC | $1,675,000
NORTHERN VIRGINIA
Units Sold
Arlington
Avg. Sold Price Avg. Days on Market
Units Sold
McLean
Avg. Sold Price Avg. Days on Market
Units Sold
8736 Plymouth Road
Falls Church
Alexandria, VA | $1,570,000
Avg. Sold Price Avg. Days on Market
Units Sold
Alexandria
Avg. Sold Price Avg. Days on Market
Units Sold
Great Falls
Avg. Sold Price Avg. Days on Market
Units Sold
Vienna
Avg. Sold Price Avg. Days on Market
L O U D O U N & FA U Q U I E R C O U N T I E S
3140 Key Blvd
Arlington, VA | $2,150,000
Units Sold
The Plains
Avg. Sold Price Avg. Days on Market
Units Sold
Middleburg
Avg. Sold Price Avg. Days on Market
Units Sold
Delaplane
Avg. Sold Price Avg. Days on Market
Units Sold
Marshall
Avg. Sold Price Avg. Days on Market
Units Sold
Purcellville 720 Potomac Knolls Drive McLean, VA | $2,495,000
Avg. Sold Price Avg. Days on Market
S I N G L E FA M I LY H O M E S A L E S SECOND QTR. 2017
SECOND QTR. 2018
%
496
404
-19%
$948,919
$962,059
+2%
24
23
-4%
204
203
-.5%
$1,377,120
$1,610,958
+17%
62
41
-34%
338
311
-8%
$729,613
$741,609
+2%
20
20
-
433
436
+1%
$779,329
$799,409
+3%
20
20
-
71
69
-3%
$1,176,235
$1,194,145
+1%
72
62
-14%
+10%
298
269
$888,144
$911,281
+3%
38
30
-21%
9075 John S Mosby Hwy Upperville, VA | $1,250,000
S I N G L E FA M I LY H O M E S A L E S SECOND QTR. 2017
SECOND QTR. 2018
%
13
6
-54%
$975,685
$1,274,042
+31%
348
144
-59%
14
17
+21%
$931,114
$698,882
-25%
111
108
-3%
4
3
-25%
$676,000
$970,000
+43%
140
51
-64%
-26%
35
26
$649,758
$411,381
-37%
45
26
-42%
105
111
-6%
$527,966
$563,570
+7%
46
42
-9%
903 Falls Manors Court Great Falls, VA | $1,450,000
1857 Potomac Greens Drive Alexandria, VA | $975,000
MONTGOMERY COUNTY
Units Sold
Bethesda
Avg. Sold Price Avg. Days on Market
Units Sold
Chevy Chase
Avg. Sold Price Avg. Days on Market
Units Sold
6810 Barrett Lane Bethesda, MD | $3,595,000
Potomac
Avg. Sold Price Avg. Days on Market
TA L B O T C O U N T Y
Units Sold
Easton
Avg. Sold Price Avg. Days on Market
Units Sold
Saint Michaels
Avg. Sold Price Avg. Days on Market
ANNE ARUNDEL COUNTY
3302 Kenney Court Edgewater, MD | $1,600,000
Units Sold
Annapolis Severna Park Edgewater Davidsonville Crownsville 127 Quincy Street
Chevy Chase, MD | $2,440,000
Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
S I N G L E FA M I LY H O M E S A L E S SECOND QTR. 2017
SECOND QTR. 2018
%
301
327
+9%
$1,126,982
$1,140,548
+1%
35
35
-
+10%
72
79
$1,405,519
$1,450,871
+3%
36
26
-28%
+2%
196
201
$1,045,623
$1,026,002
-2%
45
34
+24%
206 Mckendree Avenue Annapolis, MD | $449,000
S I N G L E FA M I LY H O M E S A L E S SECOND QTR. 2017
SECOND QTR. 2018
%
127
96
-24%
$401,579
$417,080
+4%
92
97
+5%
27
16
-41%
$616,033
$550,581
-11%
120
111
-7%
S I N G L E FA M I LY H O M E S A L E S SECOND QTR. 2017
SECOND QTR. 2018
%
418
394
-6%
$542,946
$524,777
-3%
56
47
-16% +9%
128
139
$638,954
$578,461
-9%
46
41
-11% -14%
131
112
$485,778
$505,893
+4%
44
48
+9% +4%
27
28
$690,132
$707,854
+3%
110
81
-27% -22%
51
40
$532,720
$543,037
+2%
48
52
+8%
5201 Wissioming Road Bethesda, MD | $1,995,000
7205 Arrowood Road Bethesda, MD | $7,500,000
WAS H I N GTO N , D C
|
CONDO & CO-OP SALES
SECOND QTR. 2017 Units Sold
Capitol Hill Downtown
Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
Georgetown
Units Sold Avg. Sold Price Avg. Days on Market
Dupont
Units Sold Avg. Sold Price Avg. Days on Market
Foggy Bottom / West End Kalorama
Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
Logan
Units Sold Avg. Sold Price Avg. Days on Market
Wesley Heights / Cathedral Mount Pleasant
Units Sold Avg. Sold Price Avg. Days on Market Units Sold Avg. Sold Price Avg. Days on Market
Shaw
Bell Tower at Stanton Park
Capitol Hill | Units starting at $2,400,000
Units Sold Avg. Sold Price Avg. Days on Market
SECOND QTR. 2018
% +60%
15
24
$425,354
$402,785
-5%
33
9
-73% +86%
28
52
$594,639
$589,171
-1%
34
28
-18% +18%
22
26
$985,000
$744,458
-24%
40
55
+37%
97
131
+35%
$455,721
$589,998
+29%
18
24
+33%
31
28
-10%
$357,687
$392,243
+10%
40
19
-52% -14%
49
42
$663,327
$623,243
-6%
18
21
+17%
116
114
-2%
$698,361
$673,043
-4%
15
24
+60%
29
19
-34%
$406,274
$471,211
+16%
59
34
-42% -25%
59
44
$505,526
$543,551
+7%
23
17
-26% -46%
26
14
$791,388
$822,839
+4%
23
20
-13%
1224 11th St NW #4 Logan/Shaw | $1,195,000
2410 Potomac Ave #102
311 Monroe Ave #1
Del Ray Alexandria | $869,000
Alexandria | $785,000
NORTHERN VIRGINIA
|
CONDO & CO-OP SALES
Units Sold
Arlington McLean Alexandria
Avg. Sold Price
SECOND QTR. 2017
SECOND QTR. 2018
%
486
534
+10%
$417,300
$432,460
+3%
Avg. Days on Market
27
24
-11%
Units Sold
101
83
+18%
$379,666
$412,063
+8%
Avg. Days on Market
Avg. Sold Price
58
19
-67%
Units Sold
413
399
-3%
$344,307
$339,798
-1%
28
28
-
SECOND QTR. 2018
% +56%
Avg. Sold Price Avg. Days on Market
MONTGOMERY COUNTY
|
CONDO & CO-OP SALES
SECOND QTR. 2017 Units Sold
Bethesda
Avg. Sold Price Avg.Days on Market
Units Sold
Chevy Chase
Avg. Sold Price Avg. Days on Market
59
92
$593,808
$404,708
-32%
28
40
+43%
+105%
20
41
$517,550
$670,132
+29%
27
55
+103%
SOURCE: MRIS, 4/1/2017-7/1/2017;4/1/2018-7/1/2018. DATA DEEMED RELIABLE, BUT NOT GUARANTEED.
Georgetown Brokerage 1206 30th Street NW Washington, DC 20007 Downtown Brokerage 1515 14th Street NW Washington, DC 20005
1506 14th Street NW Washington, DC 20005 ttrsir.com
McLean Brokerage 6723 Whittier Avenue McLean, VA 22101 Alexandria Brokerage 400 S Washington Street Alexandria, VA 22314 Arlington Brokerage 2300 Clarendon Blvd Arlington, VA 22201 Chevy Chase Brokerage 5454 Wisconsin Avenue Chevy Chase, MD 20815 Annapolis Brokerage 209 Main Street Annapolis, MD 21401
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8th Annual Polo Classic
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