This quote is getting older, but even more relevant in 2018. 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".
Audi Field, home of DC United Soccer, as well as PNHoffman's The Wharf will ensure a lot more people find this neighborhood.
This view shows the opening day, which was a good day, albeit with opening issues. DC United has upped it's game this season with a few team additions, surely to benefit a stronger team.
We can see 13 homes were sold in November 2020, with an average for the prior 5 years being 15. This is a drop from the previous month, but close to average. Has the market stabilized finally? It is doing okay and as always, but could really use more inventory, but truly, there were plenty of homes to sell. COVID affects the market in strange ways, so we will continue to watch for changes.
Currently 77 homes are on the market, a small increase from the previous month; and considerably higher than the November average for the prior 5 years of 40, but like many neighborhoods, we really need more inventory.
We are at 4.1 Months of Supply, a little higher than the previous month, though more normal and realistic for this city in 2020; it's also higher than the prior 5 year average of 2.2 We'll have to keep watch, but are sellers expecting too much or are buyers expecting deals that aren't there?
Activity in November shows us a price decrease from the previous month to a $405,000 Sold price. This is nearly at the 5 year average of $395,480. Up and down with COVID, so as the market continues to rebound after the COVID shutdown, we will hope for more improvents.
This month the average home was sold in 30 days, a hefty increase from the previous month and higher yet from the 5 year average of 22.
The ratio of sold price to original list price is 99.2% and the average for the prior five years was 98.9%. Once again, little bargaining room for buyers this month.
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.
Stay tuned for next month, and in the interim, safe safe & stay sane.
(data from getsmartcharts; photo from DC United)
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