TTRSIR First Quarter 2016 Market Report

FIRST QUARTER 2016

MARKET REPORT DC | MD | VA

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

RUNNING CEDAR, WARRENTON VA | PRICE UPON REQUEST

RUNNING CEDAR, WARRENTON VIRGINIA | PRICE UPON REQUEST

F I RST QUA RT E R 2016

MARKET REPORT D C | MD | VA

T

he Washington metropolitan area continues to benefit from steady job growth and low interest rates, resulting in sustained strength in the residential real estate market in the first quarter of 2016. Interest rates remain very attractive, with 30-year fixed rates on conventional mortgages under 4.0%, although most economists forecast a gradual increase in rates through 2019. Job growth remains strong in the region as we continue to add 60,000-70,000 jobs annually. This lucrative combination of strong job growth and attractive interest rates resulted in strong momentum leading into the Spring Market.

As the region has grown and become increasingly diverse, it is important to look closely at the submarkets within the region in order to get a clearer picture of current market dynamics. Fairfax County, the largest of the regional markets by sales volume, witnessed a 3.44% increase in Sold Dollar Volume in the first quarter of 2016 vs the first quarter in 2015.

Median Sold Price remained flat at $450,000 and Average Days on the Market increased slightly to 76. The number of new listings increased 18.86% in March, giving prospective buyers a wider range of choices. Of particular note, close-in McLean witnessed significant growth with sales increasing 20.66% versus the same quarter last year. A number of sales in the upper brackets also points to a strengthening market for luxury homes in the close-in suburbs.

Similarly, Sold Dollar Volume in Montgomery County increased 7.83% in the first quarter vs the first quarter in 2015.

Overall inventory remained flat in March, but the number of new pending contracts increased 10.86%, indicating healthy momentum. On a local level, Chevy Chase reflected notable strength with Sold Dollar Volume increasing 32.31% in the first quarter. Median Sold Price also increased 24.94% to $900,000, another indicator of the continued appeal of this close-in suburban market.

Washington, DC remains a steady market with sales increasing 4.56% versus the first quarter of last year. Median Sold Price increased 3.03%, and Average Days on the Market decreased 6.12% to 46. The submarkets of Georgetown and Logan Circle leveled slightly with Sold Dollar Volume decreasing 14.04% and 32.36%, respectively. Both of these markets reflect limited inventory; active listings in Georgetown decreased to 45 versus 54 in March, 2015. Inventory in Logan Circle was tight with only 11 active listings at the end of the quarter, although new pending sales more than doubled to 35 versus 17 in March of last year.

Amid the busy Spring Market, TTR Sotheby’s International Realty continues to play an active leadership role in the communities in which we live and work. From the Georgetown House Tour on April 23rd benefitting St. John’s Episcopal Church to Life With Cancer’s Lobster Extravaganza on May 7th, we hope you will join us as we support those in need throughout our region. For more information on these events and the community leadership to which we are fully committed, we invite you visit our new website, ttrsir.com, your gateway to the Washington community and to the world’s most luxurious real estate.

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

WA S H I N GT O N, D C F I R ST 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

422 Luray Place NW, Washington DC | Sold (Listed for $899,000)

3250 N Street NW #2-A, Washington DC Listed for $649,900

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

3823 Morrison Street NW, Washington DC Listed for $2,095,000

CLEVELAND PARK

Q1 2015

Q1 2016

%

17

7

-59%

$972,044

$1,118,143

15%

AVG SOLD PRICE

24

16

-33%

AVG DAYS ON MARKET

Q1 2015

Q1 2016

%

29

27

-7%

UNITS SOLD

$1,657,891

$1,495,704

-10%

AVG SOLD PRICE

53

47

-11%

AVG DAYS ON MARKET

Q1 2015

Q1 2016

%

UNITS SOLD

CAPITOL HILL

DUPONT

26

35

35%

UNITS SOLD

$1,127,167

$1,038,658

-8%

AVG SOLD PRICE

80

28

-65%

AVG DAYS ON MARKET

Q1 2015

Q1 2016

%

12

6

-50%

$1,411,000

$1,611,072

14%

34

39

15%

Q1 2015

Q1 2016

%

61

12

-80%

$903,658

$970,458

7%

26

45

73%

Q1 2015

Q1 2016

%

4

10

150%

$1,657,750

$1,640,150

-1%

76

20

-74%

Source: MRIS, 1/1/2015-3/31/2015; 1/1/2016-3/31/2016 | Data deemed reliable, but not guaranteed.

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TTRSIR.COM

3411 McKinley St NW, Washington DC Under Contract (Listed for $1,575,000)

1328 T Street NW, Washington DC Under Contract (Listed for $1,699,000)

3310 R Street NW, Washington DC Listed for $2,495,000

2946 Chain Bridge Road NW, Washington DC | Under Contract (Listed for $3,695,000)

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

Q1 2015

Q1 2016

%

3

4

33%

UNITS SOLD

$1,352,333

$2,072,500

53%

AVG SOLD PRICE

103

5

-95%

AVG DAYS ON MARKET

Q1 2015

Q1 2016

%

GLOVER PARK/BURLEITH

SPRING VALLEY

9

10

11%

UNITS SOLD

$882,778

$1,026,500

16%

AVG SOLD PRICE

14

29

107%

AVG DAYS ON MARKET

KALORAMA

Q1 2015

Q1 2016

%

UNITS SOLD

6

5

-17%

UNITS SOLD

$2,642,167

$1,878,000

-29%

AVG SOLD PRICE

72

37

-49%

AVG DAYS ON MARKET

Q1 2015

Q1 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

WESLEY HEIGHTS

MASS. AVE HEIGHTS

6

11

83%

UNITS SOLD

$1,731,333

$1,318,409

-24%

AVG SOLD PRICE

63

10

-84%

AVG DAYS ON MARKET

Q1 2015

Q1 2016

%

9

23

156%

$863,333

$1,136,309

32%

15

33

120%

Q1 2015

Q1 2016

%

7

4

-43%

$1,626,429

$2,008,750

24%

60

34

-43%

Q1 2015

Q1 2016

%

6

3

-50%

$1,343,175

$2,096,250

56%

37

50

35%

Q1 2015

Q1 2016

%

1

1

0%

$5,600,000

$5,800,000

4%

19

68

258%

Source: MRIS, 1/1/2015-3/31/2015; 1/1/2016-3/31/2016 | Data deemed reliable, but not guaranteed.

2015 YEAR IN REVIEW

TTRSIR MARKET REPORT

5

VI RG I N I A F I R ST 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

Q1 2015

Q1 2016

%

McLEAN

UNITS SOLD

237

240

1%

UNITS SOLD

$874,179

$816,965

-7%

AVG SOLD PRICE

63

49

-22%

Q1 2015

Q1 2016

%

182

142

-22%

$641,713

$630,539

-2%

AVG SOLD PRICE

56

43

-23%

AVG DAYS ON MARKET

Q1 2015

Q1 2016

%

37

34

-8%

UNITS SOLD

$1,171,828

$1,146,263

-2%

AVG SOLD PRICE

147

110

-25%

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

Q1 2015

Q1 2016

%

85

103

21%

$1,215,553

$1,411,275

16%

98

90

-8%

ALEXANDRIA

Q1 2015

Q1 2016

%

UNITS SOLD

231

220

-5%

$751,613

$748,556

-0.4%

68

45

-34%

Q1 2015

Q1 2016

%

144

136

-6%

$890,709

$799,757

-10%

76

46

-40%

AVG DAYS ON MARKET

VIENNA

Source: MRIS, 1/1/2015-3/31/2015; 1/1/2016-3/31/2016 | Data deemed reliable, but not guaranteed.

212 S Fairfax St, Alexandria VA | Listed for $3,500,000

1001 Dogue Hill Lane, McLean VA | Sold (Listed for $4,295,000)

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TTRSIR.COM

1111 Crest Lane, McLean VA | Listed for $4,995,000

M A RY L A N D F I R ST 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

7118 Glenbrook Rd, Bethesda MD | Listed for $7,995,000

37 Boone Trl, Severna Park MD | Listed for $2,600,000

7117 Natelli Woods Ln, Bethesda MD | Under Contract (Listed for $2,295,000)

BETHESDA

Q1 2015

Q1 2016

%

UNITS SOLD

136

142

4%

$1,166,711

$1,123,719

-4%

93

61

-34%

Q1 2015

Q1 2016

%

75

82

9%

$1,055,812

$957,082

-9%

102

72

-29%

Q1 2015

Q1 2016

%

29

39

34%

$1,281,300

$1,271,477

-1%

71

63

-11%

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 7020 Natelli Woods Ln, Bethesda MD | Listed for $2,649,000

2015 YEAR IN REVIEW

Source: MRIS, 1/1/2015-3/31/2015; 1/1/2016-3/31/2016 | Data deemed reliable, but not guaranteed.

TTRSIR MARKET REPORT

7

SOTHEBY’S EXPLORE THE NEW TTRSIR.COM

Immerse yourself in the new TTRSIR.com with vibrant, professional videos of Washington’s premiere homes.

View our private exclusive listings, search for homes with our new search technology, register for new listing updates, and learn more about our leadership in the Washington community.

SOTHEBY’S INTERNATIONAL REALTY

Sotheby’s International Realty reported significant gains for 2015, achieving approximately $80 billion in U.S. home sales volume. Driven largely by a record 100,000+ total transactions, this is the highest annual sales volume performance in the history of the brand and marks a 13% increase from the prior year.

SOTHEBY’S AUCTION

Andy Warhol began experimenting with self-portraiture as a young artist in 1963. By the time he created the Fright Wig self-portraits in 1986 he had become a larger-than-life figure and a mature artist who was capable of expressing deep introspection and vulnerability. “Self-Portrait (Fright Wig)” will be highlighted at Sotheby’s Contemporary Art Evening Auction on 11 May in New York.

SOTHEBY’S INSTITUTE OF ART

Evolving from a small connoisseurship program begun

by Sotheby’s Auction House in 1969, Sotheby’s Institute is now the leader in art business education and objectbased learning. Our faculty represent the best of the art world, helping students master the unique forces at play at the intersection of art and commerce.

TTRSIR AND THE COMMUNITY

We are proud to support The Lobster Extravaganza on Saturday, May 7, 2016. This annual fundraising event supports Life with Cancer and its mission to enhance the quality of life of those affected by cancer. Learn more at lobsterextravaganza.org

8

TTRSIR.COM

S I G N I F I CA N T CO N T RACTS + SA L ES F RO M 20 16 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. 4 THOMPSON CIRCLE NW, WASHINGTON DC

2. 3134 ELLICOTT ST NW, WASHINGTON DC

3. 3532 EDMUNDS STREET NW, WASHINGTON DC

4. 1100 DOGWOOD DRIVE, McLEAN VA

5. 1200 ALDEN ROAD, ALEXANDRIA VA

6. 3125 38TH STREET NW, WASHINGTON DC

1. 4 Thompson Circle NW, Washington DC I Listed for $6,749,000 (Sold; TTRSIR represented seller and buyer) 2. 3134 Ellicott Street NW, Washington DC I Listed for $10,000,000 (Under Contract; TTRSIR representing buyer) 3. 3532 Edmunds Street NW, Washington DC I Listed for $4,875,000 (Sold: TTRSIR represented seller) 4. 1100 Dogwood Drive, McLean VA I Listed for $4,995,000 (Sold: TTRSIR represented seller; procured buyer) 5. 1200 Alden Road, Alexandria VA I Listed for $1,695,000 (Under Contract in one week: TTRSIR representing seller) 6. 3125 38th Street NW, Washington DC I Listed for $4,200,000 (Under Contract: TTRSIR representing seller and buyer)

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

Q1 2015

Q1 2016

%

KALORAMA

Q1 2015

Q1 2016

%

39

8

-79%

UNITS SOLD

31

33

6%

$505,096

$339,600

-33%

AVG SOLD PRICE

$671,928

$598,855

-11%

47

66

40%

AVG DAYS ON MARKET

69

33

-52%

DOWNTOWN

Q1 2015

Q1 2016

%

Q1 2015

Q1 2016

%

UNITS SOLD

27

20

-26%

40

32

-20%

$578,059

$623,760

8%

$585,719

$561,831

-4%

44

87

98%

35

29

-17%

Q1 2015

Q1 2016

%

Q1 2015

Q1 2016

%

39

76

95%

UNITS SOLD

13

33

154%

$522,056

$498,078

-5%

AVG SOLD PRICE

$331,021

$466,280

41%

47

36

-23%

AVG DAYS ON MARKET

69

23

-67%

Q1 2015

Q1 2016

%

Q1 2015

Q1 2016

%

37

14

-62%

19

8

-58%

$715,149

$455,000

-36%

AVG SOLD PRICE

$500,600

$553,688

11%

49

60

22%

AVG DAYS ON MARKET

60

75

25%

Q1 2015

Q1 2016

%

Q1 2015

Q1 2016

%

21

14

-33%

UNITS SOLD

7

5

-29%

$1,022,305

$1,006,482

-2%

AVG SOLD PRICE

$613,408

$679,936

11%

117

44

-62%

24

16

-33%

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

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

WESLEY HEIGHTS/ CATHEDRAL UNITS SOLD

SHAW

AVG DAYS ON MARKET

Source: MRIS, 1/1/2015-3/31/2015; 1/1/2016-3/31/2016 | Data deemed reliable, but not guaranteed.

3222 Cherry Hill Lane NW #D2, Washington DC Under Contract (Listed for $699,900)

1454 Belmont Street NW 10, Washington DC | Listed for $649,000

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TTRSIR.COM

1451 Belmont St NW #301, Washington DC Sold (Listed for $659,000)

728 Park Road NW 1, Washington DC | Listed for $675,000

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

Q1 2015

Q1 2016

%

UNITS SOLD

284

256

-10%

$402,644

$429,035

7%

60

49

-18%

AVG SOLD PRICE AVG DAYS ON MARKET

McLEAN

Q1 2015

Q1 2016

%

51

52

2%

$385,353

$431,366

12%

89

68

-24%

Q1 2015

Q1 2016

%

27

26

-4%

$568,589

$723,710

27%

88

47

-47%

UNITS SOLD AVG SOLD PRICE AVG DAYS ON MARKET

Source: MRIS, 1/1/2015-3/31/2015; 1/1/2016-3/31/2016 | Data deemed reliable, but not guaranteed.

8220 Crestwood Heights Dr #1908, McLean VA Listed for $1,799,000

1881 Nash St N #1504, Arlington VA Listed for $1,300,000

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

Q1 2015

Q1 2016

%

UNITS SOLD

62

53

-15%

$371,747

$453,841

22%

AVG SOLD PRICE

56

67

20%

AVG DAYS ON MARKET

AVG SOLD PRICE AVG DAYS ON MARKET

CHEVY CHASE UNITS SOLD

Source: MRIS, 1/1/2015-3/31/2015; 1/1/2016-3/31/2016 | Data deemed reliable, but not guaranteed.

7501 Democracy Blvd #B-114, Bethesda MD Listed for $309,900

2015 YEAR IN REVIEW

TTRSIR MARKET REPORT

11

G L O B A L S P OT L I G H T P RO P E RTY U R U G UAY | P R O P E RT Y I D : W V 9 M F N

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

FASHION FOR PAWS SATURDAY, APRIL 23, 2016

THE LOBSTER EXTRAVAGANZA SATURDAY, MAY 7, 2016

The Fashion for Paws Runway Show is a nationally acclaimed one-of-a-kind luxury brand event to benefit the Washington Humane Society.

This annual fundraising event supports Life with Cancer® and its mission to enhance the quality of life of those affected by cancer.

fashionforpaws.org

lobsterextravaganza.org

McLEAN PROJECT FOR THE ARTS SPRING BENEFIT TUESDAY, MAY 24, 2016 Tickets available at mpaart.org 703-790-1953

THE BARK BALL SATURDAY, JUNE 11, 2016 The Bark Ball is a benefit gala in honor of Washington Humane Society, and it draws many of the area’s most illustrious residents and their four-legged friends. washhumane.org/barkball

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