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 opening day, which was a good day, albeit with opening issues. DC United has upped it's game this season with a few team additions, surely to benefit a stronger team.
We can see 24 homes were sold in July 2018, with an average for the prior 5 years being 20, this month we saw a slight uptick in the number of available homes on the market, likely contributing to the slight drop in prices, additional inventory will only help this trend.
Currently 31 homes are on the market, a slight drop from the previous month; but higher than the July average for the prior 5 years of 27, which should be a good signal if looking at this metric only.
We are at 1.7 Months of Supply, not healthy, yet realistic for this city in 2018; and a tad higher than the prior 5 year average of 1.5; a continued slowdown perhaps as we now have a trend. We'll have to keep watch.
Activity in July shows us a $395,500 Sold price . This price is lower than last months, but slightly higher than the 5 year average of $343,090.
A bit of an increase from last month with the average home being sold in 12 days and the 5 year average being 15. We will continue to watch this in conjunction with the aforementioned metrics.
The ratio of sold price to original list price is 100% and the average for the prior five years was 99.7%. Buyers still 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)