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)