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 21 homes were sold in May 2018, with an average for the prior 5 years being 24, 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 45 homes are on the market, a slight increase from the previous month; and a good bit higher than the May average for the prior 5 years of 32, which should be a good signal if looking at this metric only.
We are at 2.5 Months of Supply, not healthy, yet realistic for this city in 2018; and a tad higher than the prior 5 year average of 1.8; a bit of a slowdown? Three data points makes a trend, we have two. We'll have to keep watch.
Activity in May shows us a $350,000 Sold price . This price is higher than last months and this is a smidge higher than the 5 year average of $344,490. On the road to recovery?
A fast decrease since last month with the average home being sold in 5 days and the 5 year average being 10. A fast market for sure.
The ratio of sold price to original list price is 100% and the average for the prior five years was 100%. 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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