Market Report - 20024 - Washington, DC SW - 2019 5

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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 22 homes were sold in May 2019, with an average for the prior 5 years being 23.  This is almost at statistical average, and the same as the previous month.  The market has essentially recovered from where it was this spring.

Currently 28 homes are on the market, a couple more from the previous month; though still slightly below the May average for the prior 5 years of 34, we still need more inventory. 

We are at 1.5 Months of Supply,  an slight increase from last month, still not healthy, but realistic for this city in 2019; it's still slightly lower than the prior 5 year average of 1.9;  Perhaps we are experiencing a small correction. We'll have to keep watch.

Activity in May shows us a small decrease from the previous month to a $391,000 Sold price.  This is a little above the 5 year average of $360,690.  Perhaps prices have stabilized. 

This month the average home was sold in 8 days and the 5 year average was 30.  This is a big drop from last month, indicating an influx of buyers into 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 100%. 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)

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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District of Columbia District of Columbia County Washington Southwest Waterfront
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Rainer
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Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

Jun 25, 2019 08:14 PM #1
Rainmaker
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

you re absolutely right  the DC waterfront is amazing

Jun 26, 2019 06:54 AM #2
Ambassador
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for taking the time to share with us these local market insights.  This is exactly the type of information that buyers and sellers need to make informed decisions.

Jun 26, 2019 08:30 AM #3
Rainmaker
1,013,854
June Piper-Brandon
Long & Foster Hampden - Baltimore, MD
Piecing Dreams One Home at a Time

Thanks for sharing market insights into Washington DC SW, this is great information for both buyers and sellers.  

Jun 27, 2019 07:53 AM #4
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Rainmaker
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Claude Labbe

Realty for Your Busy Life
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