Welcome to our first newsletter of the year, your go-to source for everything real estate. As we embrace the fresh possibilities of 2024, we're thrilled to bring you the latest insights and trends that are shaping our vibrant market.
Inside This Issue:
Market Pulse: Dive into the current state of the real estate market, both locally in Washington, DC, and on a national scale. We've gathered the most up-to-date data to keep you informed. Design Trends: Discover the emerging design trends that are captivating homeowners and decorators alike. Whether you're planning to sell or simply seeking inspiration for your own space, there's something here for everyone.
Local Highlights: Stay connected with what's happening around our beloved Capital Region. From community events to notable developments, we're covering it all.
Expert Insights: Gain valuable insights from our team of seasoned professionals. We're sharing tips, advice, and our perspective on avigating the real estate landscape in 2024.
Setting Records in DC-Area
The latest annual report by ATTOM Data Solutions, released on Thursday, revealed that sellers in the region experienced an average profit of $165,000 in 2023, marking an increase from $152,000 in 2022. This 8.4% rise from year to year sets a new high, surpassing the record previously established in 2022.
Rob Barber, the CEO at ATTOM, commented, "2023 was yet another exceptionally profitable year for home sellers in a majority of the U.S. locations. With average profits exceeding $120,000 and profit margins nearing 60%, these figures have more than doubled in the past five years."
In the Washington, DC area, particularly in zip codes 20015 (Chevy Chase DC, Barnaby Woods) and 20016 (Spring Valley, AU Park), as well as the Bethesda zip codes of 20815 and 20816, sellers saw the largest dollar amount gains, with average profits surpassing $500,000. Notably, the 20024 zip code, located east of the Anacostia River, witnessed the most significant percentage increase in profits, at 87%.
Despite the increase in home seller profits in the DC region, the national trend showed a decline. For the first time since 2011, profits across the country decreased in comparison to 2022.LEARN MORE
Nearly One-Third of Homes for Sale are New Builds
Redfin reports indicate that in the fourth quarter, newly constructed singlefamily homes represented 31.8% of all homes available for sale across the U.S., a figure nearly identical to the 31.9% recorded in the previous year. This is in comparison to the first quarter of 2022, which saw a record-setting1 34.5% share of new constructions in the housing market.
Currently, constructors are not only presenting mortgage rates that are more favorable than the market average but there's also a noticeable hike in the prices of entry-level homes. The data from 2022 reveals a significant rise, with 42% of the newly built single-family homes being priced at $500,000 or higher, a sharp increase from 30% in 2021 and 18% in 2020.
Reflecting on the trends, a decade ago, new constructions made up a mere 10% of all home sales. Even during the height of the housing boom, just before the Great Recession, the percentage of newly built homes sold barely reached 17% or 18%. Presently, this figure has escalated to nearly a third of all home sales nationwide, marking a remarkable shift.
Active Listings Are Up Nearly 8%
Both new and active listings increased in January. The key data points from last month are as
- There was a 7.9% increase in active listings, YOY, the third straight month of annual inventory growth.
- There was a 2.8% increase in new listings
- The highest increases in new listings were in Denver (+21.3%), Seattle (+20.6%), and Miami (+20.2%)
- Homes spent a median of 69 days on the market, a four-day drop from last year and a 13-day drop from January 2019.
D.C. neighborhoods with the highest median home sale prices in 2023
The median home sale price in D.C.'s most expensive neighborhood last year was $2.5 million — way higher than the city's overall $627,000 median sale price, according to data from Bright MLS. DC inventory remained low throughout, but especially among its most sought-after neighborhoods with Spring Valley leading the pack. The most expensive listing sold in DC last year was in American University Park at $17,300,000.
2023 BY THE NUMBERS
Market Analysis of Coastal Delaware Beaches
We LOVE the beach! As we begin 2024, Coastal Delaware continues to see a lower-than-average inventory of existing homes for sale and generally healthy price gains in year-over-year results. Some markets are beginning to experience a slight uptick in listings, which is good news for the buyers who have been patiently waiting for inventory to increase. Closed sales, active listings, days-on-market, and months of available supply are key indicators as we head in the beginning of the spring real estate market.
Our goal is to be your local real estate expert. Follow the link below for an overview of coastal Delaware and Maryland real estate trends — or to explore dozens of other local neighborhoods and communities throughout our region..SHOW ME THE NUMBERS
Kimberly Visits Paris for Design Inspiration
Kimberly Casey's recent journey to Paris has been a phenomenal source of inspiration for our team. During her exploration of the city's renowned architecture and design, Kimberly gathered ideas to enhance our real estate projects. Her Parisian adventure has enabled us to infuse unique, sophisticated design elements into our collaborations with developers. Get ready to see some amazing new designs that take our projects to the next level!
Did you Know: Today's Washington, D.C. owes much of its unique design to Pierre Charles L'Enfant, who came to America from France to fight in the Revolutionary War and rose from obscurity to become a trusted city planner for George Washington. L'Enfant designed the city from scratch, envisioning a grand capital of wide avenues, public squares and inspiring buildings in what was then a district of hills, forests, marshes and plantations.
Diversity, Equity, and Inclusion
Celebrating Black History Month
This February, join TTR Sotheby's International Realty as we celebrate Black History Month. Black History Month is an annual celebration of achievements by African Americans and a time for recognizing their central role in U.S. history.Learn More
A Commitment to Community
Looking back on 2023, our team had a wonderful time volunteering with our various local community partners! We value our commitment to the areas in which we live and serve. One of our partners, Lucky Dog Animal Rescue founder, Mirah Holowitz, was named on the Washingtonian Magazine's list of The 2023 Washingtonians of the Year. If you or someone you know has a local organization or charity we could get involved in and add to our roster for 2024 please let us know!
Our community partners:
- N Street Village
- Children's National Hospital
- Lucky Dog Animal Rescue
- Teach for America
- Wolf Trap Foundation
- The Hillwood Estate, Museum & Gardens
- Rock Creek Conservancy
- National Museum of Women in the Arts
- McLean Project for the Arts
- Whitman Walker Health
- Humane Rescue Alliance
- Restoring Ivy Collective
What is The Kimberly Casey Team Doing this Weekend?
Kimberly is having a Parisian withdrawal and researching French-speaking lessons and visiting family.
Michael is going to take a day ski trip to snowboard.
Kayla is dog-sitting and watching her sister's basketball game.
Farleigh is planning to take her daughter, Caroline to the movies this weekend.
IntroducingThe 2024 Pantone® Color Of The Year: Peach Fuzz
Since 2000, color matching powerhouse Pantone® has welcomed in the New Year with its Color of the Year announcement—a prediction about the hue and themes that will influence us over the next twelve months. Pantone has looked to warmth and comfort for 2024 and forecasted PANTONE 13-1023 Peach Fuzz, which the company says echoes our innate yearning for closeness and connection, and “resonates with compassion, offers a tactile embrace, and effortlessly bridges the youthful with the timeless.
© 2022 TTR Sotheby's International Realty. Sotheby's International Realty and the Sotheby's International Realty logo are registered service marks used with permission. Each office is independently owned and operated. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers, we are happy to collaborate and cooperate fully. TTR Sotheby's International Realty is a real estate brokerage licensed in Washington, D.C., Maryland, and Virginia. Guaranteed Rate, Inc.; NMLS #2611; For licensing information visit nmlsconsumeraccess.org. Equal Housing Lender. Conditions may apply. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, Contact Guaranteed Rate for current rates and for more information. Guaranteed Rate NMLS ID 2611 NMLS Consumer Access.
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Success Starts by Doing Things Differently.
The Kimberly Casey Team is the premier real estate team in the Capital Region and has created success stories for our clients resulting in almost $1 Billion in sales. Our business is calibrated for the marketplace of tomorrow, delivering proven results for buyers, sellers, and developers.