Market Report - 20024 - Washington, DC SW - 2018 09

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 18 homes were sold in September 2018, with an average for the prior 5 years being 19, this month we saw a bit of a drop from last month in the number of available homes on the market, likely contributing to the increase in prices,  additional inventory will only help this trend.  

Currently 24 homes are on the market, a small increase from the previous month; and almost at the August average for the prior 5 years of 25, we need more inventory. 

We are at 1.3 Months of Supply,  a small increase, but still not healthy, yet realistic for this city in 2018; and a tad lower than the prior 5 year average of 1.4; have we reversed the trend? We'll have to keep watch.

Activity in September shows us a healthy jump to a $505,750 Sold price .  Nicely higher than last months prices, and higher than the 5 year average of $362,900.  

A bit of a slowdown? A another increase from last month with the average home being sold in 30 days and the 5 year average being 14.  We will continue to watch this in conjunction with the aforementioned metrics.

The ratio of sold price to original list price is 98.4% and the average for the prior five years was 99.1%. Some bargaining room for buyers, but still mostly a sellers market. 

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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District of Columbia District of Columbia County Washington
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Market Reports
City and State Community & Marketing Reports
2018 Market Reports
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Rainmaker
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Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hello Clause -- I believe I heard this/similar when I moved from the District almost 30 years ago. Let's hope it is closer to the truth now.

Oct 21, 2018 05:36 PM #1
Rainmaker
902,513
Joyce Marsh, Daytona Beach Florida
Joyce Marsh Real Estate - Daytona Beach, FL
Coastal Homes and Lifestyles

Good morning Claude.  Thanks for updating us about your real estate market. It’s interesting to see how the market differs in various parts of the country. Best of luck with your marketing.  

Oct 22, 2018 05:49 AM #2
Rainmaker
2,888,028
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Claude hope you are staying busy, just wanted to check in see how you and the market is doing , Endre

Nov 14, 2018 05:24 PM #3
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Rainmaker
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Claude Labbe

Realty for Your Busy Life
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