Buzzard Point is a neigborhood in the SW quadrant of Washington, DC. This is the smallest quandrant and currently much in focus, with the amount of waterfront development work going on.
One of the new projects is the new soccer stadium which is planned for DC United, though not on the waterfront.As of early June, the city has agreed to move forward wit construction, now let's see if they can meet timetables.
This view shows the stadium in the foreground, the Anacostia River to the right, Washington Nationals Park midway up on the right, and the US Capitol at the top left.
In a nutshell, 23 homes were sold in May2015,while the average for the prior 5 years is 19, so this is strong.
Currently 29 homes are on the market, whereas the May average for the prior 5 years is 38, which I'd think will convince buyers of a low supply.
With this ratio, we are at 1.5 Months of Supply, which does support more a strong market; we'd prefer to see a number closer to the prior 5 year average of 2.6, which itself isn't very high, but still higher than many abutting neighborhoods.
This month's activity shows us a $345,000 Sold price, the prior five years average being $282,559, slow upward growth.
All all indicators would suggest, the market is moving with the average home being sold in 15 days, 5 year average being 22, both this month and the 5 year average being higher than other intown DC neighborhoods.
While the ratio of sold price to original list price is 100.0%, the average for the prior 5 years was 98.4%. Let's not expect this to be heading down anytime soon.
In summary, many of these numbers can be seen as a very aggressive market, but this is a small neighborhood, and surely not the most aggressive market in Washington, DC. Stay tuned, this is going to get very competitive in the next few years because of all the growth and construction coming in.
(data from getsmartcharts; photo from DC United)
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