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".
Audi Field, home of DC United Soccer, 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.
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In a nutshell, 19 homes were sold in November 2017, with an average for the prior 5 years being 15, the market has rebounded nicely from the hiccup of the last couple months , but we still need more homes to make their way onto the market.
Currently 33 homes are on the market, a few more than the previous month; whereas the November average for the prior 5 years is 27. More homes are available and following trends for the last couple months, the market continues to perform and is right on the mark.
Even with this ratio, we are at 1.7 Months of Supply, a little higher than last month, and indicative that the market is holding it's own, but at the prior 5 year average of 1.5, it puts this ratio in the average range, and still continues to be higher than many abutting neighborhoods.
Activity in November shows us a $375,000 Sold price, the prior five years average being $316,840. Growth is surely an advantage to sellers in this neighborhood. I'd expect this for some time to come.
The market underperformed somewhat, with the average home being sold in 26 days, the 5 year average being 14. Could it be the holidays? Only time will tell if this slow momentum decides to pick up.
The ratio of sold price to original list price is 100% and the average for the prior five years was 99.1%. Buyers who choose this neighborhood are seeing a tiny decrease in their favor from previous months. Will this trend continue? Time will tell.
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)
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