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 17 homes were sold in January 2020, with an average for the prior 5 years being 16. These numbers are almost identical to the previous month, so basically average. Has the market stabilized finally? So far so good, 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 62 homes are on the market, almost the same as the previous month;though still considerably higher than the January average for the prior 5 years of 35, but like many neighborhoods, we really need more inventory. Three points make a line, are we finally trending normal?
We are at 3.3 Months of Supply, a little lower 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 1.9. We'll have to keep watch, but are sellers expecting too much or are buyers expecting deals that aren't there?
Activity in January shows us a modest price drop from the previous month to a $420,000 Sold price. This is still above the 5 year average of $393.100. 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 9 days, a big drop from the previous month and quite a bit lower than the 5 year average of 25.
The ratio of sold price to original list price is 100% and the average for the prior five years was 99.3%. 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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