MARKET REPORT W W W . K W M E T R O C E N T E R . C O M
Q1 2018 The first Quarter results for the Greater DC/NOVA real estate market are in with mixed results between municipalities and neighborhoods. The NOVA market has continued to post strong home sale price increases (+3.5%) with unit sales down (-2.9% ). Record low inventory levels, have contributed to the price increases but continue to hamper and frustrate entry level buyers. Mid-range price point homes are in high demand leading to a multiple offer market with some buyers waiving basic contingencies in order to win over the competition. New home starts continue to rise with a 12% increase in Q4 2017 but higher material costs will drive the prices of these homes.
6,987 UNITS SOLD
The Washington DC market also showed mixed results in the first quarter of 2018, resulting in average home sale prices ( -3.7%) and unit sales down (-1.3%). The overall performance of the DC market fluctuated much more greatly between neighborhoods than first quarter of 2017. This market will continue to see varying degrees of performance based on tight inventory levels, slowly rising home prices, interest rate creep and the recent tax bill legislation. Strong demand and the high concentration of affluent Millennials (#1 in nation) will continue to make affordability a challenge in 2018.
$511,066
$3.6 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
K W
M E T R O
C E N T E R
NORTHERN VIRGINIA
HOME PRICES PROJECTED TO RISE 3-4% IN 2018 Photo Courtesy of Shepard Fong Associates
- Catherine Jouet, Broker
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The Q1 Northern Virginia real estate market showed a market in flux with varying degrees of success across the broader market. March tended to provide stronger results with April continuing the positive upward momentum for home sellers.
Alexandria
units sold avg sold price Single Family avg days on market
Q1 2017 327 $645,819 60
Q1 2018 350 $665,590 66
% +7 +3 +10
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
361 $556,343 49 397 $298,688 55 195 $987,423 67
339 $608,842 41 416 $313,096 54 183 $991,377 50
-6 +9 -16 +5 +5 -2 -6 +0.4 -25
64
52
-19
avg sold price Townhouse avg days on market
$705,953 31
$735,477 35
+4 +13
units sold avg sale price Condo & Coop avg days on market
327 $408,471 66
337 $439,728 59
+3 +8 -11
units sold avg sale price Single Family avg days on market
18 $901,841 39
11 $911,332 45
-39 +1 +15
units sold avg sale price Townhouse avg days on market
5 $714,000 70
3 $696,633 3
-40 -2 -95
units sold avg sale price Condo & Coop avg days on market
20 $377,510 60
8 $396,444 19
-60 +5 -69
units sold
Falls Church
ARLINGTON HOMES AVERAGE SALE PRICE
→ →
3.5 March 1.5% QTD
Photo Courtesy of TSR homes
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Photo Courtesy of Nicole McCullar
Lorton
units sold avg sold price Single Family avg days on market
Q1 2017 48 $641,751 92
Q1 2018 36 $596,694 47
% -25 -7 -49
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
41 $398,385 51 12 $248,392 48 589 $599,041 69
33 $384,088 38 17 $259,465 31 585 $633,198 66
-20 -4 -25 +42 +4 -35 -1 +6 -4
units sold avg sold price Townhouse avg days on market
454 $406,095 32
437 $441,161 34
-4 +9 +6
units sold avg sale price Condo & Coop avg days on market
204 $287,690 61
214 $309,355 27
+5 +8 -56
4
Q1 2017 109 $1,317,322 66
Q1 2018 89 $1,637,279 81
% -18 +24 +23
16 $740,784 69 69 $395,670 68 144 $514,427 50
19 $799,416 45 66 $389,039 65 123 $551,190 53
+19 +8 -35 -4 -2 -4 -15 +7 +6
78
79
+1
avg sold price Townhouse avg days on market
$398,572 37
$409,117 30
+3 -19
units sold avg sale price Condo & Coop avg days on market
26 $228,775 50
25 $255,602 28
-4 +12 -44
units sold avg sale price Single Family avg days on market
124 $954,396 83
105 $929,483 54
-15 -3 -35
units sold avg sale price Townhouse avg days on market
35 $646,819 59
25 $638,257 32
-29 -1 -46
units sold avg sale price Condo & Coop avg days on market
24 $338,404 58
15 $346,127 49
-38 +2 -16
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
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K W
M E T R O
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WA S H I N G T O N , D . C .
- Jim Lyons, Broker
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The first qaurter for the DC real estate market has been punctuated by the inconsistent performance of specific neighborhoods within the district. Washington DC overall had a lackluster performance for the quarter with active listings down -11% and an increase of days on market of 2.4%. Extremely tight inventory levels have been one of the driving factors behind this first quarter sporadic performance. Look for inventory levels to rebound slightly over the coming months thereby driving unit sales and average sales price.
Capitol Hill
units sold avg sold price Single Family avg days on market
Q1 2017 4 $1,285,600 42
Q1 2018 4 $1,211,225 23
% 0 -6 -45
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
56 $1,045,231 35 19 $513,895 21 -
54 $1,024,174 42 43 $554,816 24 -
-4 -2 +20 +126 +8 +14 -
units sold
-
1
-
avg sold price Townhouse avg days on market
-
$2,800,000 149
-
36 $441,119 27
25 $387,354 47
-31 -12 +74
-
1 $4,100,000 631
-
1 $3,000,000 133
5 $1,612,300 120
+400 -46 -10
17 $474,500 32
21 $409,476 55
+23 -14 +72
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
The Washington, D.C. skyline is littered with cranes towering over new Condo and Town Home projects that will deliver over 40 new developments now under construction and thereby easing inventory levels. Photo Courtesy of TSR Homes
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Foggy Bottom/ West End
Q1 2017 -
Q1 2018 -
% -
3 $928,967 5 54 $725,950 62 4 $2,965,000
1 $1,020,000 11 47 $949,276 54 3 $3,616,667
-67 +10 +120 -13 +31 -13 -25 +22
64
122
+91
units sold avg sold price Townhouse avg days on market
28 $1,791,554 73
18 $1,797,111 74
-36 +1
units sold avg sale price Condo & Coop avg days on market
21 $1,155,667 90
17 $791,530 68
-19 -32 -25
units sold avg sale price Single Family avg days on market
3 $3,409,333 34
2 $5,437,500 157
-33 +60 +362
units sold avg sale price Townhouse avg days on market
4 $2,762,500 82
6 $1,920,167 33
+50 -31 -60
33 $565,600 46
33 $570,215 55
+1 +20
-
2 $675,950 61
-
7 $1,836,357 78
2 $1,317,500 31
-71 -28 -60
46 $719,633 35
21 $743,892 27
-55 +3 -23
units sold avg sold price Single Family avg days on market 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
Georgetown
Kalorama
Single Family avg days on market
units sold avg sale price Condo & Coop avg days on market
Logan Circle
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
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Q1 2017 -
Q1 2018 -
% -
13 $1,028,192 18 37 $521,684 19 1 $900,000 20
10 $1,003,600 31 37 $525,272 32 1 $580,000 59
-23 -2 +72 +1 +68 -36 +195
7
4
-43
avg sold price Townhouse avg days on market
$918,017 14
$967,500 18
+5 +29
units sold avg sale price Condo & Coop avg days on market
7 $738,757 54
9 $670,444 38
+29 -9 -30
units sold avg sale price Single Family avg days on market
3 $1,830,000 59
1 $665,000 11
-67 -64 -81
units sold avg sale price Townhouse avg days on market
1 $1,095,000 73
3 $926,633 17
+200 -15 -77
16 $495,297 94
23 $425,535 56
+44 -14 -40
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
Wesley Heights
units sold avg sale price Condo & Coop avg days on market
Foggy Bottom delivered strong Q1 results in Townhome and Condo average sales price increases of 10% and 31%, respectfully.
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Photo Courtesy of Gina Baum
K W
M E T R O
C E N T E R
M A RY L A N D
BETHESDA TOWNHOME AVERAGE SALE PRICE
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The Maryland suburbs for the most part followed suit with the Greater DC real estate metrics across all housing categories. Inventory levels remain tight while sale price increases continue to inch upward. Bethesda and Potomac townhouses experienced particularly strong performances in regards to unit sold and sale price increases. - Michael Adams, Broker
10
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35% Q1
Bethesda
units sold avg sold price Single Family avg days on market
Q1 2017 165 $1,187,878 69
Q1 2018 136 $1,137,382 76
% -17 -4 +10
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
7 $862,056 14 72 $505,589 88 46 $1,328,389 104
11 $1,162,405 35 68 $427,668 63 43 $1,298,467 72
+57 +35 +150 -6 -15 -28 -7 -2 -31
units sold
-
-
-
avg sold price Townhouse avg days on market
-
-
-
49 $775 95
42 $507,910 124
-14 -35 +31
77 $1,084,150 78
96 $1,087,520 112
+25 +44
20 $673,450 82
22 $843,212 118
+10 +25 +44
1 $1,140,000 87
-
-
units sold avg sale price Condo & Coop avg days on market
Potomac
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
Potomac continues its strong performance from Q4 2017 with strong unit sales and positive average sales trends. Specifically, Townhomes performed well in Q1 with strong unit sales and average sales price increases. Photo Courtesy of Gina Baum
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Photo Courtesy of Lauren Gagne
Rockville
units sold avg sold price Single Family avg days on market
Q1 2017 153 $571,881 53
Q1 2018 165 $581,668 47
% +8 +2 -11
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
39 $587,281 59 101 $313,967 59 350 $436,348 56
34 $638,408 60 90 $319,144 51 319 $490,524 58
-13 +9 +2 -11 +2 -14 -9 +13 +4
units sold avg sold price Townhouse avg days on market
88 $346,630 39
80 $359,537 45
-9 +4 +15
units sold avg sale price Condo & Coop avg days on market
182 $210,678 52
161 $207,500 56
-12 -2 +8
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MAY 10, 2018 What is Red Day? RED Day, which stands for Renew, Energize and Donate, is our annual day of service. Each year on the second Thursday of May, we celebrate RED Day as a part of our legacy worth leaving. Making a difference in the lives of others and bettering the communities that we serve lies at the heart of the Keller
RED Day (Renew, Energize and Donate) isarean dedicated to tocelebrating Keller Williams culture. This observance defines who we and initiative is a natural extension of our commitment the highest level of professional customer service. Over time, a growing number of our family members and Williams Realty’s year-round commitment to improving our local communities. Each friends continue to participate in this extraordinary event. It embodies the generous spirit and year, on the second Thursday inhave May, tens ofto thousands associates from across the commitment associates to “giving back" the cities and towns of they live and work in. United States and Canada participate in a wide range of projects, devoting their time to Interested in getting involved? Use our local office search tool to get in touch and find out how you renewing and energizing aspects of the neighborhoods in which they serve. can help. This year we are so excited to be working with New Hope Housing in Alexandria- this is an innovative, award-winning non-profit agency in Northern Virginia committed to finding creative and lasting solutions to end the cycle of homelessness by offering homeless men, women and children the services they need to change their lives and succeed. This years mission for the KW MetroCenter Old Town office is to renovate 4 of New Hope’s homes for deserving individuals. All of the staff, agents and their families will clean, paint and re-decorate these units. The entire cost of renovation will be $2000 per unit. KW is raising funds to purchase supplies and furniture, has an Amazon wish list that items can be purchased from and is taking ‘almost new’ furniture donations.
KELLER WILLIAMS METRO CENTER 1701 DUKE STREET SUITE 100 ALEXANDRIA, VA 22314