This quote is getting older, but even more relevant in 2018. 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 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.
We can see 11 homes were sold in February 2018, with an average for the prior 5 years being 13, this month saw a drop in the number of available homes on the market likely contributing to the higher prices, we really do need more homes to make their way onto the market.
Currently 25 homes are on the market, a bit of an decrease from the previous month; and right at the February average for the prior 5 years of 25, which should be a good signal if looking at this metric only.
We are at 1.3 Months of Supply, not healthy, yet realistic for this city in 2018; and a tad lower than the prior 5 year average of 1.4; this shows that the building boom is keeping up with demand, barely.
Activity in February shows us a $500,000 Sold price, the prior five years average being $368,300. This is higher than the city average and does represent demand as well as new construction. I'd expect this for some time to come.
The market underperformed somewhat, with the average home being sold in 10 days, the 5 year average being 11. This was a bit of a surprise considering the previous month, but again perhaps thats due to the colder than average temperatures keeping people away.
The ratio of sold price to original list price is 100% and the average for the prior five years was 100%. Buyers who choose this neighborhood aren't seeing much in the way of bargaining in this neighborhood. We would continue to expect sellers to strike the correct asking price, with buyers willing to accomodate.
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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