Market Report - Woodridge - Washington, DC NE - 2015 04

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Real Estate Agent with Real Living | At Home DC / MD / VA

Woodridge is 'the' neigborhood in NE Washington, DC for all those buyers still trying to get into the market while their budgets allow.  This gem of a neighborhood has mostly single family detached homes, with easy access to downtown or to the Metro while retaining space with larger home lots, and trees. And more trees. Lots of the homes I've sold in this neigborhood also have vegetable & herb gardens.

Woodridge is nestled along the Mount Rainier, MD border, itself having a vibrant arts scene.  To the west is South Dakota, allowing easy access to major entry/exit points of the city, as does Bladensberg to the south.

People (buyers and realtors) are talking about Woodridge, which means the media is as well.  Washingtonian Magazine has this as one of the two "must buy in 2015" neighorhoods, and they very much focus on homes and real estate since that is an integral part of enjoying life in this city, as any other.  Redfin, itself a numbers obsessed organization, listed Woodridge as the #1 neighborhood to buy in 2015 in DC, while ranking Woodridge as the #10 neighborhood to buy in the US in 2015.

What I like about this neigborhood are the changes which have started and will continue along Rhode Island Avenue. When I heard a local NPR broadcast repeated a few days ago, surely I realized that now, everyone knew.  But that's fine because it confirms what I've been telling buyers for awhile now.

 

In a nutshell, 7 homes were sold in April 2015, while the average for the prior 5 years is 7, refreshingly telling us that not everyone has clued into this secret.

Currently 15 homes are on the market, whereas the April average for the prior 5 years is 19, which tells us that we're on the shy side.  I do expect the pressure from the rest of the city will lead to this being discovered, that will in turn push demand and lower supply.

With this ratio, we are at 1.7 Months of Supply, which is almost a buyer's market compared to the rest of DC.  Someone has figured out Woodridge is here, if you notice the prior 5 year average of  2.5 months.

 

This month's activity shows us a $461,000 Sold price, compared to the prior five year's $337,000.  It sure seems that some people have wandered and found this gem neighborhood recently.

All all indicators would sugges, the market is brisk with the average home being sold in 12 days, 5 year average being 51. This statistic does speak loud and clear without my commentary.

While the ratio of sold price to original list price is 100.0%, the average for the prior 5 years was 97.0%.  Either very smart listing agents and seller, though I'd say it's aggressive buyers.

In summary, many of these numbers can be seen as a very aggressive market,  but this is a still relatively quiet neighborhood.  This will soon change, as buyers take what is available.  There is not much construction, though lots of renovation.  Interested buyers need to do their homework and get in.

(data from getsmartcharts)

Posted by

Claude Labbe, Realty for Your Busy Life

Real Living | At Home
11 Dupont Circle #650
Washington, DC 20036
(202) 518-8781 bus / (703) 868-7774 mobile
claude@labbe.com

 

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Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Claude, great market report for Woodridge, and sounds like a neighborhood buyers should check out before making a final choice.

Jun 09, 2015 10:37 PM #1
Rainmaker
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Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Joan Cox There is still likely a year or so before time & opportunity have left this neighborhood.  It sure seems like the city is moving very quickly and buyers have to continue to find the next affordable neighborhood.

Jun 10, 2015 02:59 PM #2
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Rainmaker
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Claude Labbe

Realty for Your Busy Life
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