As we welcome 2016 and close the books on a fantastic 2015, I would like to share with you some information about the Bethesda- Chevy Chase real estate market that I hope you’ll find interesting. Here’s a bit of my take on what we’ve learned and what we can expect this coming year.
Let’s start with the view from 30,000 feet: it is safe to assume that domestic strength and global weakness are expected to remain prevalent, at least into the first half of 2016. Job growth is expected to remain strong, especially in the DC Metro Area. This is all good news that should translate to a healthy real estate market and continued moderate growth. The Fed is expected to raise rates gradually (25 basis points at every other policy meeting), possibly moving buyers to take action earlier in the year.
Looking more specifically at the Bethesda-Chevy Chase market, we have seen an impressive 16% increase in the number of single family homes sold, while Days on Market average increased, yet the average sale price remained virtually the same in all three zips, 20814, 20815 & 20817.
Here’s another interesting nugget: in 2014, we had 102 new homes (single family tear downs) built and sold in all 3 zips. In 2015, the number of new construction homes jumped by 23.5% to 126 units! The average asking price went from $1,820,000 to $1,950,000 reflecting the change in lot acquisition costs.
Breaking down the data:
The condo market in downtown Bethesda continues to expand. Sales at the ultra-luxury condo projects at Hampden Row (55 units) and The Lauren (27 units) are underway, and new projects as Cheval and Stonehall are coming to the market soon. The success of establishing the “new norm” of $1,200 and $1,500 per SF for these ultra-luxury condos is yet to be determined. You can always reach out to me if you have any questions about the condo market in Bethesda, Friendship Heights, or NW DC!
I am truly excited about 2016 – it’s year of new beginnings and new possibilities! The real estate market will remain strong for sellers. If you are thinking about selling, buying, or have real estate related questions in general, get in touch. I will be delighted to be of help.
Best wishes for happy, healthy, and successful 2016!
I have known Avi for seven years. He was our real estate agent when we bought our house in Bethesda and he was also our agent when we sold it. Avi is very professional, incredibly patient. He listens and he makes you see different points of view without being pushy. He is very considerate, knows the market and the network. He is very good at giving you the long view. He is not just a real estate agent, but he wants you to be happy with your new home or with the right price for your house, either buying or selling. I highly recommend him. A very good person and an excellent professional. – pparera
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