This quote is getting older, but even more relevant in 2021. Councilmember Charles Allen was quoted in the Washington City Paper (8/21/2015) saying "Southwest is an absolutely incredible neighborhood. It's 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.
A total of 28 homes were sold in December 2021, with an average for the prior 5 years being 18. Sales were up again, and higher than the 5 year average. The swings have moderated some, but are still happening. We really could 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 61 homes are on the market, a modest drop again from the previous month; though a good bit above the December average for the prior 5 years of 41, but like many neighborhoods, we really need more inventory. A few more points make a trend, are we finally getting to normal?
We are at 2.5 Months of Supply, and 2.0 for the 5 year average. This is a decrease from the previous month, and a bit higher than the 5 year average. Is the market slowing somewhat? Or just taking a breath before the next jump. though more normal and realistic for this city in 2021. We'll have to keep watch, but are sellers expecting too much or are buyers expecting deals that aren't there?
Activity in December shows us a decrease in price from the previous month to a $531,500 Sold price. This is a good bit above the 5 year average of $449,650. Another yoyo, no slowing yet, so as the market continues to rebound after the COVID shutdown, we will hope for more improvements.
This month the average home was sold in 35 days, that's another jump up from the previous month and higher thank what we see with the 5 year average of 23. Will the numbers go down again? Or is the market finally resembling what it was in years past?
The ratio of sold price to original list price is 97.5% and the average for the prior five years was 98.4%. We finally see a bit of 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)
Comments(2)