Market Report - 20024 - Washington, DC SW - 2020 03

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 17 homes were sold in March 2020, with an average for the prior 5 years being 18.  A few more from the previous month, and nearly at the average.  The market is doing okay and as always, could really use more inventory, but truly, there were plenty of homes to sell. Though we expected some March changes, the shelter in place didn't start until March 23rd, so we would expect April's numbers to be quite different. 

Currently 41 homes are on the market, almost the same as the previous month; and above the March average for the prior 5 years of 30, but like many neighborhoods, we really need more inventory. 

We are at 2.3 Months of Supply,  a little more than the previous month, though realistic for this city in 2020; it's also  higher than the prior 5 year average of 1.6;  We'll have to keep watch, but are sellers expecting too much or are buyers expecting deals that aren't there?

Activity in March shows us a small drop in price from the previous month to a $423,249 Sold price.  This is still quite a bit higher than the 5 year average of $355,520 however.   

This month the average home was sold in 13 days, a huge drop from the previous month, and likely indicative of a rush before the COVID-19 storm. The 5 year average was 15.  We expect next months numbers to be quite different.  There is still an influx of buyers into the market however.  

The ratio of sold price to original list price is 98.1% and the average for the prior five years was 98.5%.  A little bargaining room for buyers this month, but just a little! 

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.

Stay tuned for next month, and in the interim, safe safe & stay sane.

(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
148,163
Joseph Doohan
Joseph Doohan - Las Vegas, NV
I offer business strategy advice for realtors

Thank you for taking the time to keep us posted and up to date. Wishing you a great day ahead! Take care.

Apr 21, 2020 12:42 AM #1
Rainmaker
1,734,978
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA, ABR, SRS

Thank you for keeping us posted and up to date. Best of luck!

Apr 21, 2020 10:05 AM #2
Rainmaker
2,724,757
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Washington D.C. home buyers and sellers are sure to value your real estate market reports, Claude.

Apr 22, 2020 08:33 AM #3
Rainmaker
601,805
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.

Sally

Apr 23, 2020 06:54 PM #4
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Rainmaker
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Claude Labbe

Realty for Your Busy Life
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