Market Report - 20002 - Washington, DC NE (Capitol Hill North) 2015 11

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

Union StationCapitol Hill is also a neighborhood in Washington, a big village, split halfway across, half in the NE and half in the SE quadrant of Washington, DC.  Politicians work here, but people live here also.

On the north side, an iconic landmark is Union Station, of which 60,000 use daily, shown here to represent the local perspective. This is a true transportation hub, with Amtrak, suburban rail, intercity  bus and the Metro(subway) stations to converge.

Just to give you a head's up, this part of the city is going to massively be redeveloped within the next 5-7 years.  Stay tuned.

This view shows the station as you drive up in a cab, or Bikeshare or walk from Capitol Hill on left.

 

In a nutshell, 76 homes were sold in November 2015, while the average for the prior 5 years is 60, which indicates a bit of an increase.  This is a good sign, will it continue? Time will tell as we watch trends in the next several months.

Currently 144 homes are on the market, whereas the November average for the prior 5 years is 119, we are seeing a bigger supply than average, which could indicate that supply is finally catching up with demand.

We are at 2.0 Months of Supply, this is low and is statistically insignificant to 1.8 in the prior 5 years.  I will expect this number, as well as sales overall to move up in the next 2-3-4 years. Numbers are up a bit from earlier in the year giving those buyers who are looking to buy a home in this neighborhood a bit more choice.

We continue to have strong sales with a $535,250 Sold price that shows well with the 5 year average of $482,170. I don’t think anyone can find fault with these numbers.

A strong market exists with the average home being sold in 14 days and the 5 year average being 17.  Buyers really need to come in with their highest offer first in a market like this.

The ratio of sold price to original list price is 100%, the average for the prior 5 years was 98.5%.  It’s tight, so you’d better show up with your best offer first.

This neighborhood comprises several subneighborhoods, from the brand new NOMA construction, to Trinidad and Union Market (itself a new mecca) and trendy H Street. As well as the tried and true, Capitol Hill and Union Station. I would also point out that in the Redfin 2014 Most Competitive Neighborhoods, the NOMA sub-neighborhoods in 20002 which made their list.  NOMA is 12th most competitive and Capitol Hill core is itself the 16th most competitive neighborhood.  This would show that NOMA was the highest competitive of all in the entire metro Washington, DC area.

(data from getsmartcharts; photo from Amtrak)

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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