Woodridge is 'the' neigborhood in NE Washington, DC for all those buyers still trying to get into the market while their budgets allow. This gem of a neighborhood has mostly single family detached homes, with easy access to downtown or to the Metro while retaining space with larger home lots, and trees. And more trees. Lots of the homes I've sold in this neigborhood also have vegetable & herb gardens.
Woodridge is nestled along the Mount Rainier, MD border, itself having a vibrant arts scene. To the west is South Dakota, allowing easy access to major entry/exit points of the city, as does Bladensberg to the south.
People (buyers and realtors) are talking about Woodridge, which means the media is as well. Washingtonian Magazine has this as one of the two "must buy in 2015" neighorhoods, and they very much focus on homes and real estate since that is an integral part of enjoying life in this city, as any other. Redfin, itself a numbers obsessed organization, listed Woodridge as the #1 neighborhood to buy in 2015 in DC, while ranking Woodridge as the #10 neighborhood to buy in the US in 2015.
What I like about this neigborhood are the changes which have started and will continue along Rhode Island Avenue. When I heard a local NPR broadcast repeated a few days ago, surely I realized that now, everyone knew. But that's fine because it confirms what I've been telling buyers for awhile now.
In a nutshell, 9 homes were sold in May 2015, while the average for the prior 5 years is 8, refreshingly telling us that not everyone has clued into this secret.
Currently 14 homes are on the market, whereas the May average for the prior 5 years is 19, which tells us that we're on the shy side. I do expect the pressure from the rest of the city will lead to this being discovered, that will in turn push demand and lower supply.
With this ratio, we are at 1.6 Months of Supply, which is almost a buyer's market compared to the rest of DC. Someone has figured out Woodridge is here, if you notice the prior 5 year average of 2.6 months.
This month's activity shows us a $435,000 Sold price, compared to the prior five year's $314,900. It sure seems that some people have wandered and found this gem neighborhood recently. This has been lower than recent months, no doubt the small number of sales having some impact to true averages.
All all indicators would sugges, the market is brisk with the average home being sold in 7 days, 5 year average being 41. This statistic does speak loud and clear without my commentary, comparable to other aggressive neigborhoods in the city.
While the ratio of sold price to original list price is 100.5%, the average for the prior 5 years was 96.1%. This is showing aggressive buyers snapping up opportunity as they see.
In summary, many of these numbers can be seen as a very aggressive market, but this is a still relatively quiet neighborhood. This will soon change, as buyers take what is available. There is not much construction, though lots of renovation. Interested buyers need to do their homework and get in.
(data from getsmartcharts)
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