The New Year brings new promise and opportunity for each of us. It is also time to reflect upon the year behind us. 2013 was another record-setting year for the Washington DC real estate market and for TTR Sotheby’s International Realty, and I am delighted to share several important milestones with you.
The DC metropolitan are real estate market continues to live up to its reputation as one of the best real estate markets in the country. According to RBIntel, the 2013 year-over-year sales are outstanding.
Total number of sales increased +9.3% from 2012.
Median sale price increased +9.6% from 2012.
Total number of units sold rose +9.7% from 2012.
It is also, interesting to examine the statistics from 2013 and to measure them against the 5 year average which includes several years of what most consider to be a bad economy and therefore, a dismal real estate market. Our market is strong and stable resulting in low inventory:
Active listings are down -31.2% year-over-5 year average
New listings are down -12% year-over-5 year average
In the Georgetown area, the total volume of properties sold was $270,612,900 an increase of $56,432,500 year-over-year from 2012.
In zip code 20007, there were 226 properties sold in 2013. This is a +29% increase from the 175 properties sold in 2012.
In zip code 20016, the median sold price increased over $40,000 from 2012. Rising from $1,359,000 to 1,405,000.
In 2013 TTR Sotheby’s has represented our clients in nearly $1.7 billion in transactions – a +33% increase in sales volume over 2012. In Northern Virginia, we lead the market in sales of the region’s most expensive properties, and we are further building that momentum with the opening of our newest office in Old Town Alexandria. In the District of Columbia, our associates represented the two most expensive condominiums sold in 2013, and we continue to lead the market in Logan and Dupont Circle, including the rapidly developing 14th Street corridor. In close-in Maryland, our Chevy Chase office experienced outstanding growth, over 60% from 2012.
In addition to leading the markets in which we are active, we continue to believe that it is vital to be leaders in the communities in which we live. With that in mind, our firm sponsored and actively participated in over 80 community events in the metropolitan region including the Georgetown Jingle, Celebrate Logan, the McLean Arts Festival, the Old Town Alexandria Scottish Walk, and the Van Gogh Repetitions Exhibit at the Phillips Collection. All of these events serve to strengthen the fabric of the communities we are so privileged to serve.
As we look ahead to 2014, all indications point to another strong year in the real estate market in the Washington metropolitan area. We continue to add jobs at a healthy pace, and interest rates continue to stay at historically low levels. As a result, existing home sales are expected to retain the healthy gains seen this past year, with continued upward pressure on prices through 2014.
