This is the neigborhood in Washington, DC. Everyone wants live here, or to come here to eat and enjoy the city.
Logan Circle is the quintessential NW DC neighborhood. It simply looks and feels right, without the attitude one finds with the usually older & more established NW neighborhoods.
Penn Quarter, closer to downtown/ Penn. Ave., has the nightlife, clubs and Verizon Center.
Shaw is blooming overnight, with residential costruction and renovations completely changing this neighborhood.
A total of, 39 homes were sold in January 2016 while the average for the prior 5 years is 43, this is a slight decrease over the average and a bit of a decrease from earlier in the year, slightly not normal.
Currently 63 homes are on the market, a bit less than the January average for the prior 5 years at 74, again slightly not normal. With this ratio, we are at 1.1 Months of Supply, which is essentially slightly not normal as the 5 year average of 1.4 months, this is low and indicates strong demand in this neighborhood. That coupled with the decrease in number of homes on the market continues to indicate the desirability of this neighborhood and expected upward pressure on pricing.
January’s activity shows us a $659,000 Sold price, which speaks to the upward pressure, and is expected to continue. We compare this to the prior five year average of $561,040.
All indicators suggest that the market is brisk, with the average home being sold in 20 days. The 5 year average is 24 days. This number continues to slowly move up and is now near the 5 year average, though I expect the move up was due to a large storm this month which essentially shut everything down for 3-4 days.
While the ratio of sold price to original list price dropped a little to 98.7%, the average for the prior 5 years was higher at 99.1%. Simply, this statistic is an outlier. Sales continue to be brisk, and I would expect a reversion to norm, and likely higher than prior 5 year norm, as this neigbohood is popular.
(data from getsmartcharts; photo from www.YourBusyLife.com)
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