Councilmember Charles Allen was quoted in the Washington City Paper (8/21/2015) saying "Southwest is an absolutely incredible neighborhood. It'a neighborhood that has so many things: Metro stations,water access, parks & greenspaces, small and big residential buildings. A lot of people just didn't realize it was there".
The new DC United soccer stadium (ground breaking was the week of April 17th 2016), as well as the PNHoffman's The Wharf will ensure a lot more people find this neighborhood.
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, 15 homes were sold in January 2017, with an average for the prior 5 years being 12, a few less homes have made their way onto the market as compared to the 5 year average, and sales are still low.
Currently 22 homes are on the market, whereas the January average for the prior 5 years is 20, following trends for the last couple months, the market continues to perform and is right on the mark.
With this ratio, we are at 1.3 Months of Supply, which continues to show a strong market; a bit more supply would be nice, but at the prior 5 year average of 1.2 puts this ratio in the average range, it still continues to be higher than many abutting neighborhoods.
Activity in January shows us a $394,000 Sold price, the prior five years average being $344,013. Growth is surely an advantage to sellers in this neighborhood. I'd expect this for some time to come.
In a departure from the previous month, the market slowed a bit with the average home being sold in 35 days, the 5 year average being 26; this is still a strong market , but perhaps there is a bit of breathing room for buyers? Only time will tell if this trend continues or the momentum picks up again.
The ratio of sold price to original list price is 98.5% and the average for the prior five years was 97.7%. Buyers who choose this neighborhood are seeing a tiny increase from previous months. Will this trend continue? Time will tell.
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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