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 13 homes were sold in April 2018, with an average for the prior 5 years being 18, 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 42 homes are on the market, a nice increase from the previous month; and higher than the April average for the prior 5 years of 29, which should be a good signal if looking at this metric only.
We are at 2.3 Months of Supply, not healthy, yet realistic for this city in 2018; and a tad higher than the prior 5 year average of 1.6; a bit of a slowdown? We'll have to keep watch.
Activity in April shows us a $310,000 Sold price . This is a smidge higher than last month and the 5 year average of $308,590. On the road to recovery?
The market underperformed for the second month in a row, with the average home being sold in 13 days and the 5 year average being 11. Hopefully this is a hiccup and not becoming a trend.
The ratio of sold price to original list price is 100% and the average for the prior five years was 99.8%. Buyers aren't seeing much bargaining this month.
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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