Market Report - 20024 - Washington, DC SW - 2018 10

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 20 homes were sold in October 2018, with an average for the prior 5 years being 21, this month we saw a bit of an increase from last month in the number of available homes on the market, though not much.  We still need additional inventory.  

Currently 28 homes are on the market, a another small increase from the previous month; and almost at the August average for the prior 5 years of 29, we desperately need more inventory. 

We are at 1.6 Months of Supply,  a small increase from last month, still not healthy, but realistic for this city in 2018; and right at than the prior 5 year average of 1.6; have we reversed the trend? We'll have to keep watch.

Activity in October shows us a bit of a drop to a $470,000 Sold price .  A little lower than last months prices, but higher than the 5 year average of $401,150.  

The migration to Bright MLS has caused some hiccups and the data is unavailable for the month of October.  The 5 year average is currently 7.  Hopefully we will be able to supply November's numbers next month.

The ratio of sold price to original list price is 100% and the average for the prior five years was 99.5%. Barely any bargaining for buyers. 

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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