Market Report - 20024 - Washington, DC SW - 2018 12

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 14 homes were sold in December 2018, with an average for the prior 5 years being 16.  This month we saw a few more homes sold than last month, but we continue to need additional inventory.  

Currently 24 homes are on the market, a another small decrease from the previous month; but almost at the December average for the prior 5 years of 23, we desperately need more inventory. 

We are at 1.3 Months of Supply,  a small decrease from last month, still not healthy, but realistic for this city in 2018; and almost at the prior 5 year average of 1.2;  What does this mean? We'll have to keep watch.

Activity in December shows us a a decent jump to a $427,500 Sold price.  Higher than last months prices, and higher than the 5 year average of $359,700.  

This month the average home was sold in 36 days and the 5 year average was 39, so a small drop.  We will continue to watch this now that we have access to these metrics again.

The ratio of sold price to original list price is 98.9% and the average for the prior five years was 99.2%. 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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