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, 12 homes were sold in November 2015, while the average for the prior 5 years is 13, so this seems to be an average month.
Currently 29 homes are on the market, whereas the November average for the prior 5 years is 32, following trends for the last couple months, the market continues to perform well, however we add another slightly slower month.
With this ratio, we are at 1.5 Months of Supply, which continues to show a strong market; a bit more supply would be nice, but at the prior 5 year average of 2.0, it still continues to be higher than many abutting neighborhoods.
November’s activity shows us a $343,250 Sold price, the prior five years average being $273,065, a reflection of the low supply and healthy demand? Robust growth is surely an advantage to sellers in this neighborhood.
The same as the previous month, the market continues to move with the average home being sold in 9 days, 5 year average being 26, this is a strong market so if a buyer wants to live in this neighborhood, they must act smart and fast or lose to another buyer.
While the ratio of sold price to original list price is 100%, the average for the prior 5 years was 98.3%. Mirroring previous statistics, buyers that desire this neighborhood must bring their A game to the table the first time or lose out.
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)