Buzzard Point is a neigborhood in the SW quadrant of Washington, DC. This is the smallest quandrant and currently much in focus, with the amount of waterfront development work going on.
One of the new projects is the new soccer stadium which is planned for DC United, though not on the waterfront.As of late October June, the city has essentially been able t procure all the land which is needed for this stadium.
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, 17 homes were sold in October 2015,while the average for the prior 5 years is 17, so this is balanced, which is quite unusual in our strong local market.
Currently 25 homes are on the market, whereas the October average for the prior 5 years is 36, which does will confirm, yes, we are still in a strong market, albeit acknowledging a slower month.
With this ratio, we are at 1.3 Months of Supply, which does support more a strong market; we'd prefer to see a number closer to the prior 5 year average of 2.4, which itself isn't very high, but still higher than many abutting neighborhoods.
This month's activity shows us a $325,000 Sold price, the prior five years average being $320,100, slow upward growth which is an advantage to buyers.
All all indicators would suggest, the market is moving with the average home being sold in 9 days, 5 year average being 13, which simply means if a buyer finds a home they like, there is little to no time for deliberation and introspection.
While the ratio of sold price to original list price is 99.5%, the average for the prior 5 years was 99.7%. Let's notice this is less than prior numbers where we've seen 100% this year.
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)