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 10 homes were sold in March 2018, with an average for the prior 5 years being 17, this month again 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 35 homes are on the market, a slight increase from the previous month; and a bit higher than the March average for the prior 5 years of 26, which should be a good signal if looking at this metric only.
We are at 1.8 Months of Supply, not healthy, yet realistic for this city in 2018; and a tad higher than the prior 5 year average of 1.4; a bit of a slowdown? We'll have to keep watch.
Activity in March shows us a $308,350 Sold price . This is lower than last month and even the 5 year average of $330,470. Hopefully this is a hiccup and bears watching.
The market underperformed for the second month in a row, with the average home being sold in 24 days and the 5 year average being 13. Hopefully this is a hiccup and not becoming a trend as indicated from 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 95.8% and the average for the prior five years was 98.8%. Buyers who choose this neighborhood are seeing some bargaining in this neighborhood. Sellers are having to accomodate buyers a bit more than usual.
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)