Market Report - 20024 - Washington, DC SW - 2018 08

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

DC Audi Stadium Opener

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 26 homes were sold in August 2018, with an average for the prior 5 years being 20, this month we saw a tiny increase 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 21 homes are on the market, a decent drop from the previous month; and almost at the August average for the prior 5 years of 22, we need more inventory. 

We are at 1.1 Months of Supply,  dropping and not healthy, yet realistic for this city in 2018; and a tad lower than the prior 5 year average of 1.2; have we reversed the trend? We'll have to keep watch.

Activity in August shows us a $372,500 Sold price .  Once again, a little lower than last months prices, but higher than the 5 year average of $316,294.  Hopefully a trend isn't developing.

A another increase from last month with the average home being sold in 18 days and the 5 year average being 12.  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 100.1%. 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)

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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Rainmaker
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

A very nice market report and nicely presented. Thanks for sharing

Sep 23, 2018 07:10 PM #1
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Thank you for sharing 

Sep 24, 2018 03:59 AM #2
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Rainmaker
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Claude Labbe

Realty for Your Busy Life
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