Market Report - 20024 - Washington, DC SW - 2019 9

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 14 homes were sold in September 2019, with an average for the prior 5 years being 17.  This is a lower than the statistical average, and about the same as the previous month.  The market is doing well and really needs more inventory, not less.

Currently 40 homes are on the market, this is double from the previous month; and above the September average for the prior 5 years of 30, we really need more inventory. 

We are at 2.4 Months of Supply,  an increase from the previous month, this is realistic for this city in 2019; it's also slightly higher than the prior 5 year average of 1.7;  We'll have to keep watch.

Activity in Septmember shows us an increase from the previous month to a $412,000 Sold price.  This is just a little above the 5 year average of $380,750.   

This month the average home was sold in 20 days and the 5 year average was 31.  An increase from last month, but 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 98.7% and the average for the prior five years was 98.8%.  Only a tiny amount of 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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Rainmaker
2,573,713
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

This is valuable real estate market data for home buyers and sellers in Washington, DC. Claude.

Oct 19, 2019 04:26 PM #1
Rainer
471,171
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.

 

Oct 19, 2019 08:49 PM #2
Rainmaker
3,332,215
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Claude. It appears "thinventory" is more a market norm than an anomaly. Enjoy your day!

Oct 20, 2019 06:15 AM #3
Rainmaker
4,128,776
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Claude, nice to see your market reports for Washington DC, and hope you see calls off this post.

Oct 20, 2019 07:47 AM #4
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Rainmaker
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Claude Labbe

Realty for Your Busy Life
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