Councilmember Charles Allen was quoted in the Washington City Paper (8/21/2015) saying "Southwest is an absolutely incredible neighborhood. It'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".
The new DC United soccer stadium, as well as the PNHoffman's The Wharf will ensure a lot more people find this neighborhood.
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, 13 homes were sold in February 2016, while the average for the prior 5 years is 12, sales appear to be stable or a little low, but it is the slow time of the year.
Currently 21 homes are on the market, whereas the February average for the prior 5 years is 27, following trends for the last couple months, the market continues to perform, however we add another slightly slower month.
With this ratio, we are at 1.2 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 1.7, it still continues to be higher than many abutting neighborhoods.
February’s activity shows us a $365,000 Sold price, the prior five years average being $285,600. 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 11 days, 5 year average being 38, this is a very 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 99.7%, the average for the prior 5 years was 99%. 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)