Market Report - 20024 - Washington, DC SW - 2019 2

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 9 homes were sold in February 2019, with an average for the prior 5 years being 12.  This month showed another slight decrease from last month, so we continue to need additional inventory.  

Currently 30 homes are on the market, a small increase from the previous month; slightly above the February average for the prior 5 years of 27, we still need more inventory. 

We are at 1.8 Months of Supply,  a small increase from last month, still not healthy, but realistic for this city in 2019; but a little higher than the prior 5 year average of 1.5;  What does this mean? We'll have to keep watch.

Activity in February shows us a significant drop to a $285,000 Sold price.  This is quite a bit lower than last months prices, and lower yet than the 5 year average of $372,000.  Perhaps a mix of seasonal depression and repercussions from the government shut down. Moving into spring, we should see an upturn.

This month the average home was sold in 22 days and the 5 year average was 28.  This is a drop from last month, likely factoring in the decrease in inventory.  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 98.2% and the average for the prior five years was 99.6%. Minimal 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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