Market Report - 20003 - Washington, DC (Capitol Hill South) 2018 02

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Real Estate Agent with Real Living | At Home DC / MD / VA

Nationals ParkCapitol 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 11 homes were sold in Febraury 2018, a big drop from January, and the average for the prior 5 years is 13.  This neighborhood could obviously support more sales with the strong demand.  If there were a greater supply, we'd see more sales.

Currently 25 homes are on the market, and the February average for the prior 5 years is 25.  This means we are right at 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 1.3 Months of Supply. A low supply here as compared to some other neighborhoods and very close to the five year average of 1.4.  Surely the market is absorbing the supply very quickly.

We continue to see strong sales numbers, such as the average $500,000 sold price in February 2018, this number is higher than the five year average of solds at $368,300, but still represents a seasonal drop in the colder months.

This February market has sped up, with the average home being sold in 10 days which is lower than the 5 year average of 11 and less than half the January average. This market is fast.

The ratio of sold price to original list price is 100%, the average for the prior 5 years was 100%, 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)

Posted by

Claude Labbe, Realty for Your Busy Life

Real Living | At Home
11 Dupont Circle #650
Washington, DC 20036
(202) 518-8781 bus / (703) 868-7774 mobile
claude@labbe.com

 

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District of Columbia District of Columbia County Washington
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2018 Market Reports
Tags:
capitol hill
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