Market Report - 20003 - Washington, DC (Capitol Hill South) 2018 11

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

Nationals ParkCapitol Hill is not only a political idea, it is also a big village, a neighborhood split halfway across, half in the NE and half in the SE quadrant of Washington, DC.  Politicians work here, but people live here also.

On the south side of this neighborhood is Barracks Row, and the ever growing and popular Navy Yard with the Nationals Park neighborhood.  The Navy Yard has very good Metro access, and is also home to a newer iconic landmark, (Washington baseball) Nationals Park. Plus more housing & commercial than the locals can believe.

We had this summer's All Star game, which would show the hotel & commercial construction wasn't quite ready, still plenty of cranes currently in operation. When done, it will be a 'new' city.

A total of 35 homes were sold in November 2018, a big drop from October, and less than the 5 year average of 37.  What happened? Did the election interfere? This neighborhood needs more sales with the strong demand.  If there were a greater supply, we'd see more sales.

Currently 71 homes are on the market, fewer still than last month. It is higher than the prior 5 year average of 56, but more opportunities are still needed for buyers in this neighborhood. If you build it, they will come would apply here, though we are beginning to see strains of capacity and changes to parts of the neighborhood.

We find this neighborhood to be at 1.7 Months of Supply. The same as last month, but still a low supply as compared to some other neighborhoods, and very close to the five year average of 1.4.  Surely the market is absorbing the supply very quickly.

A nice bump in sales prices from last month with an average $827,500 sold price in October 2018.  Also a nice increase over the five year average of solds at $693,160.

Since last month was a mystery due to the migration to Bright, we can't compare October for the purpose of trends. For the month of November, most homes were sold in 29 days. Compared to September, this market has slowed some, but the November average fairs better than the current 5 year average of 32. 

The ratio of sold price to original list price is 100%, the average for the prior 5 years was 99.8%, sellers are enjoying a bold market while buyers are having to bring their "A" game.

This neighborhood remains quintessentially Washington, and is a favorite among people who want to live in Washington,DC. In Redfin 2014 Most Competitive Neighborhoods, there were two sub-neighborhoods in 20003 which made their list.  Hill East  is the #14th most competitive and Capitol Hill core is itself the 16th most competitive neighborhood.

(data from getsmartcharts; photo from jdland.com, an amazing local blogger resource, with a reference and link to Redfin)

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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Real Estate Market Trends
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District of Columbia District of Columbia County Washington Capitol Hill South
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Market Reports
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2018 Market Reports
Tags:
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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 

Dec 20, 2018 03:17 AM #1
Rainmaker
3,163,687
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Claude. Thanks for the update. Inventory is really low! Good luck! Enjoy your day!

Dec 20, 2018 04:45 AM #2
Rainmaker
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good afternoon Claude. You have been on my mind and I am so happy to see you here today. Merry Christmas.

Dec 20, 2018 01:19 PM #3
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Rainmaker
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Claude Labbe

Realty for Your Busy Life
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