Q4 2017 MARKET REPORT W W W . K W M E T R O C E N T E R . C O M
Photo Courtesy of Conor Sullivan and Dave Moya
2017 is now in the books and the Greater DC real estate market experienced a very strong year. Home sale price increases exceeded initial projections in all three markets: NOVA, Washington, D.C. and the Maryland suburbs. Although, Q4 data exhibited positive results, the YOY results highlight just how strong these three markets performed in 2017. Despite record low inventory levels, sale prices increased 4.1%, 4.6%, 4.1%, and unit sales increased 3.5%, 8.6% and 2.6% respectively.
8,452 UNITS SOLD
In 2018, flat inventory levels, slower wage & income growth, buyer demand and ever increasing home prices will continue to hamper the entry level buyer in the lower to middle price point range. Conversely, higher inventory levels and lower consumer demand will have a slight adverse effect on sales and pricing for luxury homes. Developers will be challenged to accelerate single family “starter homes” to accommodate demand while multi use “urban suburban” developments will continue to grow at rapid levels especially in the DC market.
$514,222
$4.3 B
AV E R AG E S A L E P R I C E
S O L D D O L L A R VO L U M E
NORTHERN VIRGINIA
WA S H I N G T O N ,
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CONTENTS
CAPITOL
D. C .
HILL
7 D O W N T O W N 7 D U P O N T 8
F O G G Y
B O T T O M / W E S T
8 G E O R G E T O W N 8 K A L O R A M A 8
L O G A N
C I R C L E
9
M O U N T
P L E A S A N T
9 S H AW 9
NORTHERN
W E S L E Y
H E I G H T S
VIRGINIA
3
ALEXANDRIA
3
ARLINGTON
3
FALLS
4
LORTON
4
LOUDOUN
5
M c L E A N
11 P O T O M AC
5
SPRINGFIELD
12 R O C K V I L L E
5
VIENNA
12
MARYLAND
CHURCH 11 B E T H E S D A COUNTY
11
C H E V Y
S I LV E R
C H A S E
S P R I N G
E N D
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NORTHERN VIRGINIA
C E N T E R M E T R O
4.1% YTD
Photo Courtesy of Lauren Gagne and Jim Lyons
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Looking forward in 2018, the trend is for modest price increases in the Alexandria and Fairfax County markets with Arlington experiencing slightly lower price increases. Unit sales are expected to remain flat to 2017 levels based on anticipated low inventory levels and the higher housing costs associated with some of these communities. - Catherine Jouet, Broker
HOME PRICES PROJECTED TO RISE 3-4% IN 2018
Photo Courtesy of Gina Baum
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“
K W
N O R T H E R N V I R G I N I A Q 4 AV E R AG E S A L E P R I C E
Alexandria
units sold avg sold price Single Family avg days on market
Q4 2016 354 $641,844 62
Q4 2017 378 $659,084 62
% +7% +3% -0%
Arlington
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
394 $553,357 42 411 $319,935 58 256 $930,645 54
400 $588,192 39 453 $327,914 46 264 $940,272 47
+1.5% +6% -7% +10% +2.5% -21% +3% +1% -15%
81
69
-15%
avg sold price Townhouse avg days on market
$646,781 32
$688,984 37
+6.5% +15.5%
units sold avg sale price Condo & Coop avg days on market
377 $433,985 60
378 $433,844 48
+.3% 0% -20%
units sold avg sale price Single Family avg days on market
190 $688,788 55
183 $728,823 49
-4% +6% -11%
units sold avg sale price Townhouse avg days on market
38 $591,919 34
34 $604,597 29
-11% +2% -15%
units sold avg sale price Condo & Coop avg days on market
117 $263,254 59
119 $267,654 47
+2% +2% -20%
units sold
Falls Church
ALEXANDRIA HOMES AVERAGE SALE PRICE
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3.3% Q4 3% YTD
Photo Courtesy of Nicole McCullar
3
Photo Courtesy of Linda Wolf
Lorton
units sold avg sold price Single Family avg days on market
Q4 2016 34 $623,435 75
Q4 2017 41 $665,339 90
% +21% +7% +20%
Loudoun County
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
40 $350,533 30 18 $196,150 29 756 $609,973 64
52 $387,394 45 15 $240,073 40 776 $629,757 62
+30% +10.5% +50% -17% +22% +38% +3% +3% -3%
units sold avg sold price Townhouse avg days on market
568 $416,626 38
509 $430,987 27
-10% +3.5% -29%
units sold avg sale price Condo & Coop avg days on market
262 $271,336 49
218 $288,776 38
-17% +6% -23%
4
Q4 2016 121 $1,356,972 81
Q4 2017 132 $1,512,972 57
% +9% +12% -30%
19 $886,995 38 59 $373,239 66 158 $520,601 43
18 $842,894 48 71 $382,842 37 146 $545,081 44
-5% +26% +20% +20% +3% -44% -8% +5% +2%
108
100
-7%
avg sold price Townhouse avg days on market
$397,703 37
$402,800 27
+1% -27%
units sold avg sale price Condo & Coop avg days on market
26 $249,583 57
19 $245,653 29
-27% -2% -49%
units sold avg sale price Single Family avg days on market
154 $892,334 81
138 $963,857 77
-10% +8% -5%
units sold avg sale price Townhouse avg days on market
35 $595,964 52
35 $594,763 55
0% -.2% +6%
units sold avg sale price Condo & Coop avg days on market
21 $336,945 61
29 $324,747 50
+38% -4% -18%
McLean
units sold avg sold price Single Family avg days on market
Springfield
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market units sold
Vienna
5
- Jim Lyons, Broker
6
C E N T E R M E T R O K W
WA S H I N G T O N , D . C .
“
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DC continues to outpace the Northern Virginia and Maryland suburb markets with a home sale price gain of 5.6% QTD and a healthy 4.6% YTD increase. Investment in multi-use developments continue to be strong driving factors as evidenced by the retail/residential and commercial activity in the SE Neighborhoods as well as other large development projects across the city.
Capitol Hill
units sold avg sold price Single Family avg days on market
Q4 2016 2 $752,450 22
Q4 2017 5 $1,276,046 75
% +150% +70% +240%
Downtown
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
29 $723,062 18 253 $719,712 23 -
29 $914,354 23 241 $845,675 19 1 $1,635,000 0
0% +26% +28% -5% +18% -17% -
units sold
-
1
-
avg sold price Townhouse avg days on market
-
$1,600,000 0
-
28 $481,371 33
28 $347,160 37
0% -28% +12%
1 $1,090,000 156
-
-
-
9 $1,456,167 29
-
27 $537,533 22
27 $577,026 21
0% +7% -5%
units sold avg sale price Condo & Coop avg days on market
Dupont
units sold avg sale price Single Family avg days on market units sold avg sale price Townhouse avg days on market units sold avg sale price Condo & Coop avg days on market
Inventory levels remained stable in the district with active listings just slightly down 1% for Q4 but up 6.3% YTD, accounting for a 8.6% increase in unit sales for 2017. Photo Courtesy of Gina Baum
7
Q4 2016 -
Q4 2017 -
% -
Foggy Bottom/ West End
units sold avg sold price Single Family avg days on market
Georgetown
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
2 $817,500 7 48 $649,506 36 3 $1,454,000 106
4 $1,485,500 100 72 $1,014,156 28 5 $2,728,400 69
+100% +82% +1329% +50% +56% -22% +67% +88% -35%
units sold avg sold price Townhouse avg days on market
36 $1,585,083 68
27 $1,609,507 70
-25% +1.5% +3%
18 $612,667 58
21 $1,017,160 95
+17% +66% +64%
units sold avg sale price Single Family avg days on market
4 $8,145,500 91
1 $357,500 8
-75% -96% -92%
units sold avg sale price Townhouse avg days on market
4 $1,591,125 17
5 $1,690,800 27
+25% +6% +59%
39 $571,738 41
52 $641,086 30
+33% +12% -27%
units sold avg sale price Single Family avg days on market
1 $1,640,000 5
1 $1,500,000 0
0% -8.5% -100%
units sold avg sale price Townhouse avg days on market
3 $1,512,500 23
6 $1,510,833 13
+100% -.1% -44%
28 $690,795 17
30 $841,963 25
+7% +22% +47%
units sold avg sale price Condo & Coop avg days on market
Kalorama
units sold avg sale price Condo & Coop avg days on market
Logan Circle
units sold avg sale price Condo & Coop avg days on market
8
Q4 2016 1 $715,000 3
Q4 2017 1 $339,900 46
% 0% -53% +1433%
16 $1,053,313 8 27 $490,772 26 -
18 $1,153,750 14 27 $497,841 24 1 $850,000 4
+13% +9.5% +75% 0% +1.4% -8% -
1
5
+400%
$1,600,000 34
$998,000 15
-38% -56%
6 $837,250 30
5 $662,200 23
-17% -21% -23%
units sold avg sale price Single Family avg days on market
2 $1,222,500 $192
5 $1,622,600 102
+150% +33% -47%
units sold avg sale price Townhouse avg days on market
3 $1,141,667 23
2 $970,000 17
-33% -15% -26%
15 $438,550 51
27 $421,533 97
+80% -4% +90%
Mount Pleasant
units sold avg sold price Single Family avg days on market
Shaw
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market units sold avg sold price Townhouse avg days on market units sold avg sale price Condo & Coop avg days on market
Wesley Heights
units sold avg sale price Condo & Coop avg days on market
INVENTORY LEVELS IN WASHINGTON, D.C.
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6.3% YOY 9
Photo Courtesy of Kathy Fong
- Michael Adams, Broker
M A RY L A N D POTOMAC AVERAGE SALE PRICE
14.6% Q4 4.9% YOY
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C E N T E R M E T R O K W
“
“
The Maryland Suburbs experienced a very positive year across all housing measurements in 2017 despite a -6.3% decrease in available housing units over the course of the year. Average home sale prices rose 4.1%, unit sales increased 2.6% and days on market decreased -11.8%.
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Photo Courtesy of Linda Wolf
Bethesda
units sold avg sold price Single Family avg days on market
Q4 2016 187 $1,137,540 70
Q4 2017 188 $1,146,152 75
% +.5% +1% +7%
Chevy Chase
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
11 $815,773 31 81 $434,032 59 66 $1,181,248 64
7 $1,246,664 53 89 $534,301 60 63 $1,275,819 83
-36% +53% +71% +10% +23% +2% -5% +8% +30%
1 $810,000
-
-
15
-
-
units sold avg sale price Condo & Coop avg days on market
44 $604,486 70
50 $638,448 81
+14% +6% +16%
units sold avg sale price Single Family avg days on market
96 $997,491 85
111 $1,136,310 98
+16% +14% +15%
units sold avg sale price Townhouse avg days on market
23 $727,250 65
21 $704,666 71
-9% -3% +9%
units sold avg sale price Condo & Coop avg days on market
4 $488,475 60
3 $1,005,667 42
-25% +106% -30%
units sold avg sold price Townhouse avg days on market
Potomac
Bethesda is gearing up for major downtown development plans including the Marriott Hotel HQ building, The Elizabeth Square project and ZOM Living project-a multi-use development geared toward the “urban suburban� lifestyle many younger residents desire. Photo Courtesy of Linda Wolf
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Photo Courtesy of Linda Wolf
Rockville
units sold avg sold price Single Family avg days on market
Q4 2016 196 $548,423 44
Q4 2017 193 $573,964 42
% -1.5% +5% -5%
Silver Spring
units sold avg sold price Townhouse avg days on market units sold avg sold price Condo & Coop avg days on market units sold avg sold price Single Family avg days on market
48 $586,851 49 115 $328,076 65 459 $459,486 56
57 $607,897 54 116 $324,275 53 415 $465,002 40
+19% +4% +10% +1% -1% -19% -10% +1% -29%
units sold avg sold price Townhouse avg days on market
88 $343,478 39
109 $366,483 27
+24% +7% -31%
units sold avg sale price Condo & Coop avg days on market
161 $199,063 45
211 $207,523 47
+31% +4% +4%
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KW Metro Center operates three offices in the Northern Virginia market serving residential and commercial real estate in three market areas - Northern Virginia, Washington, D.C. and the Maryland Suburbs. We are dedicated to providing the highest level of service and have the resources of over 600 local agents to deliver on this service level pledge. Keller Williams is the largest training organization in the world across all industries guaranteeing experienced and knowledgeable agents to help facilitate any real estate transaction. We are proud that serving and giving back to our communities is a cornerstone of our culture and we are pleased to highlight the following charity spearheaded by a Keller Williams Metro Center Realtor.
M4
M I L I TA R Y MRI MINUS MEDICATION
Mission: M4 (Military MRIs Minus Medication), in association with Walter Reed Society, is a not-forprofit charity whose MISSION it is to provide military hospitals with In-Bore Viewing Screens that can be installed into MRI machines. Critically ill children often struggle with remaining still during MRI testing. The psycological effects of being in a tight, confined space increases the child’s anxiety adding to an already stressful time. Frequently, the test cannot be completed due to the patient’s inability to remain still; In cases like these, sedatives are often administered. Viewing screens that play movies during the MRI help the patients to lie still giving them a way to cope with their anxiety without the use of sedatives! In Bore Viewing Systems also help adult patients with PTSD (Post Traumatic Stress Disorder) or brain injuries to endure the procedure with a high rate of success. While this type of system is often available for the children of private and veteran hospitals, the unit has not been available for the children in military hospitals. As a result of the work of Mission: M4, the first unit is now scheduled for installation for the children at Walter Reed National Military Medical Center. Unfortunately, each Viewing System costs 48,000. Mission M4’s goal is to provide two viewing screens for each of the six military hospitals with the largest children’s units. Though the road ahead is long, Mission: M4 remains steadfast in their commitment to our active duty service members and their children. Mission: M4 is proud to list the following United States Senators as Honorary Chairpersons: Senator Pat Roberts, Senator John McCain, Senator Richard Blumenthal, Senator Joni Ernst, Senator Jack Reed and Senator Mark Warner. For more information visit WWW.MISSIONM4.ORG
KELLER WILLIAMS METRO CENTER 1701 DUKE STREET SUITE 100 ALEXANDRIA, VA 22314