Market Report - 20024 - Washington, DC SW - 2019 3

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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 25 homes were sold in March 2019, with an average for the prior 5 years being 19.  This month showed a huge increase from last month, rebounding from the government shutdown no doubt.  

Currently 18 homes are on the market, a decrease from the previous month; slightly below the March average for the prior 5 years of 25, we still need more inventory. 

We are at 1.0 Months of Supply,  a drop from last month, still not healthy, but realistic for this city in 2019; it's also lower than the prior 5 year average of 1.4;  What does this mean? Perhaps a snap back from the shutdown and then a correction? We'll have to keep watch.

Activity in March shows us a significant increase to a $327,000 Sold price.  This is quite a bit higher than last months prices, and just a little lower than the 5 year average of $334,870.  Likely a rebound from the government shut down, and prices may have moved higher if that had not occurred and corrected the market. Moving further into spring, we should continue to see an upturn.

This month the average home was sold in 39 days and the 5 year average was 37.  This is a little higher than last month, likely factoring in an increase 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 100% and the average for the prior five years was 98.9%. Minimal if 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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Rainmaker
2,733,990
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Some of DC can be pretty pricey. They seem like great rates overall! Good luck, Claude! :)

Apr 27, 2019 10:01 PM #1
Rainmaker
2,733,990
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Not to mention, that’s a great space for lacrosse as well as all the other stuff! Great stuff!

Apr 27, 2019 10:12 PM #2
Rainmaker
3,162,488
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Claude. With your understanding of the market, buyers can  feel confident they have you leading the charge. Enjoy your day!

Apr 28, 2019 05:01 AM #3
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Rainmaker
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Claude Labbe

Realty for Your Busy Life
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