Capitol Hill is not only a political idea, it is also a big village, a neighborhood 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 south side of this neighborhood is Barracks Row, and the ever growing and popular Navy Yard with the Nationals Park neighborhood. The Navy Yard has very good Metro access, and is also home to a newer iconic landmark, (Washington baseball) Nationals Park. Plus more housing & commercial than the locals can believe.
We will be hosting this summer's All Star game, which should continue the hotel & commercial construction within the next several months, beyond all the cranes currently in operation.
A total of 28 homes were sold in January 2018, and the average for the prior 5 years is 24. Sales need to increase faster as this neighborhood could obviously support more sales in view of the strong demand. If there were a greater supply, we'd see more sales.
Currently 38 homes are on the market, and the January average for the prior 5 years is 41. This means we are a bit below average, and that means we really need more opportunities for buyers in this neighborhood. If you build it, they will come would apply here, though we are beginning to see strains of capacity and changes to parts of the neighborhood.
We find this neighborhood to be at 0.9 Months of Supply. A low supply here as compared to some other neighborhoods and very close to the five year average of 1.0. Surely the market is absorbing the supply very quickly.
We continue to see strong sales numbers, such as the $767,500 sold price in January 2018, this number is higher than the five year average of solds at $658,200, but represents the seasonal drop during winters colder months.
This January market doesn't slow down much, with the average home being sold in 24 days which is lower than the 5 year average of 28. This market is fast.
The ratio of sold price to original list price is 100%, the average for the prior 5 years was 98.4%, that slight whiff of sellers overreaching with their initial asking prices just seemed to evaporate.
This neighborhood remains quintessentially Washington, and is a favorite among people who want to live in Washington,DC. In Redfin 2014 Most Competitive Neighborhoods, there were two sub-neighborhoods in 20003 which made their list. Hill East is the #14th most competitive and Capitol Hill core is itself the 16th most competitive neighborhood.
(data from getsmartcharts; photo from jdland.com, an amazing local blogger resource, with a reference and link to Redfin)
Comments(0)