Capitol Hill is also a neighborhood in Washington, a big village, split halfway across, half in the NE and half in the SE quadrant of Washington, DC. Politicians work here, but people live here also.
On the north side, an iconic landmark is Union Station, of which 60,000 use daily, shown here to represent the local perspective. This is a true transportation hub, with Amtrak, suburban rail, intercity bus and the Metro(subway) stations to converge.
Just to give you a head's up, this part of the city is going to massively be redeveloped within the next 5-7 years. Stay tuned.
This view shows the station as you drive up in a cab, or Bikeshare or walk from Capitol Hill on left.
In a nutshell, 89 homes were sold in May 2015, while the average for the prior 5 years is 77, which is a good number to see, since it would show a current market which is one of the few with more activity than the prior average.
Currently 104 homes are on the market, whereas the May average for the prior 5 years is 117, not as comfortable as buyers would like, yet not as inverted as some nearby neighborhoods.
We are at 1.4 Months of Supply, this is low and compares to 1.8 in the prior 5 years, but in perspective, this is higher than many local neighborhoods. I will expect this number, as well as sales overall to move up in the next 2-3-4 years, though that's hardly a comfort to the 2015 buyer. Let's just agree, 1.4 is anemic for the buyer who is looking to buy a home in this neighborhood
We continue to have strong sales prices, a $578,000 Sold price compares with 5 year average of $507,590. No other perspective other than strong appreciation.
A strong market is also shown with the average home being sold in 8 days, 5 year average being 11. Only the quick can survive in this space, this being a slight decrease from the prior month.
While the ratio of sold price to original list price is 100.7%, the average for the prior 5 years was 100.3%. Tight, and still tighter. No other way to look at this.
This neighborhood comprises several subneighborhoods, from the brand new NOMA construction, to Trinidad and Union Market (itself a new mecca) and trendy H Street. As well as the tried and true, Capitol Hill and Union Station. I would also point out that in the Redfin 2014 Most Competitive Neighborhoods, the NOMA sub-neighborhoods in 20002 which made their list. NOMA is 12th most competitive and Capitol Hill core is itself the 16th most competitive neighborhood. This would show that NOMA was the highest competitive of all in the entire metro Washington, DC area.
(data from getsmartcharts; photo from Amtrak)
Comments(0)