This is the neigborhood in Washington, DC. Everyone wants live here, or to come here to eat and enjoy the city.
Logan Circle is the quintessential NW DC neighborhood. It simply looks and feels right, without the attitude one finds with the usually older & more established NW neighborhoods.
Penn Quarter, closer to downtown/ Penn. Ave., has the nightlife, clubs and Verizon Center.
Shaw is blooming overnight, with residential construction and renovations completely changing this neighborhood.
A total of 67 homes were sold in May 2016 while the average for the prior 5 years is 64, this continues a bit of a decline from late last year.
Currently 89 homes are on the market, a bit more than the May average for the prior 5 years at 86, but well within average. With this ratio, we are at 1.5 Months of Supply, which is just below the normal 5 year average of 1.6 months; nonetheless this continues to be low and indicates strong demand in this neighborhood. That continues to indicate the desirability of this neighborhood and expected upward pressure on pricing.
Activity in May shows us a $660,000 Sold price, which speaks to the upward pressure, and is expected to continue. We compare this to the prior five year average of $599,550.
All indicators suggest that the market is brisk, with the average home being sold in 13 days. The 5 year average is 9 days. This number is lower than the 5 year average, and may move lower yet as we move into summer, which yes, is possible.
The ratio of sold price to original list price increased to 100%, the average for the prior 5 years was a touch lower at 99.9%. Sales continue to be brisk, as this neigbohood is popular.
(data from getsmartcharts; photo from www.YourBusyLife.com)