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 20 homes were sold in June 2019, with an average for the prior 5 years being 20. This is at the statistical average, but a touch below the previous month. The market has essentially recovered from where it was this spring.
Currently 27 homes are on the market, almost identical from the previous month; though still slightly below the June average for the prior 5 years of 29, we still need more inventory.
We are at 1.4 Months of Supply, an slight decrease 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 1.6; We'll have to keep watch.
Activity in June shows us an increase from the previous month to a $464,500 Sold price. This is a above the 5 year average of $411,200. Perhaps prices have stabilized.
This month the average home was sold in 12 days and the 5 year average was 33. This is a small increase from last month, still indicating an influx of buyers into the market and inventory isn't keeping pace.
The ratio of sold price to original list price is 98.3% and the average for the prior five years was 99.6%. A tiny bit more bargaining for buyers this month vs. last 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)
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