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 22 homes were sold in April 2019, with an average for the prior 5 years being 18. There was a small bump up from last month after the huge increase from the previous month. We are closer to where the market should be by now.
Currently 26 homes are on the market, a nice jump up from the previous month; though slightly below the April average for the prior 5 years of 30, we still need more inventory.
We are at 1.4 Months of Supply, an increase from last month, still not healthy, but realistic for this city in 2019; it's slightly lower than the prior 5 year average of 1.6; What does this mean? Perhaps a snap back from the shutdown and then a correction? We'll have to keep watch.
Activity in April shows us a another significant increase to a $414,000 Sold price. This is a nice increase from last months prices (two months in a row!), and a good bit more than the 5 year average of $336,390. A continued rebound from the government shut down. Moving into summer, we should continue to see an upturn.
This month the average home was sold in 30 days and the 5 year average was 32. This is a bit of a drop from last month, indicating more buyers are in the market and inventory isn't keeping pace.
The ratio of sold price to original list price is 100% and the average for the prior five years was 99.8%. No bargaining for buyers this month!
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)