Market Report - 20003 - Washington, DC (Capitol Hill South) 2020 04

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Real Estate Agent with Real Living | At Home DC / MD / VA

Nationals ParkCapitol Hill is not only a political idea, it is also a big village, a neighborhood split halfway across, half in the NE and half in the SE quadrant of Washington, DC.  Politicians work here, but people live here also.

On the south side of this neighborhood is Barracks Row, and the ever growing and popular Navy Yard with the Nationals Park neighborhood.  Let's consider there will be very litle foot traffic here in the summer of 2020.

The Navy Yard has very good Metro access, and is also home to baseball's Nationals Park. This neighborhood has also become the 'it' neigborhood, growing faster than any other in the past year.  All the residential growth has fueled demand for lots of new neighborhood amenities, which brings more people.  It certainly fees like a 'new' city. And FINALLY in 2019, it's now a World Series city for certain.

A total of 28 homes were sold in April 2020, a big drop from the prior month that was expected due to COVID, and of course lower than the 5 year average of 40.  Even with the challenges, this market could really use more inventory. As expected after the shelter in place order on March 23rd was instituted, numbers dropped, but as the city slowly re-opens, we expect a rebound.  As things are changing daily, so we aren't sure where these numbers will go, but lets hope that these numbers increase as this is an in demand neighborhood.   

Currently there are 67 homes are on the market, a small increase from last month, and a few higher than the 5 year average of 59. We continue to need more opportunities for buyers in this neighborhood. If you build it, they will come would apply here, though we are beginning to see strains of capacity and changes to parts of the neighborhood.

We find this neighborhood to be at 1.7 Months of Supply. A small increase from last month, but still a low supply as compared to some other neighborhoods, and a tiny bit higher than the five year average of 1.4.  Surely the market is absorbing the supply very quickly. 

We see another price drop from the previous month, but again, this was expected due to the COVID lockdown with a decrease to a $630,000 sold price in April 2020 This price is lower than the five year average of solds at $696,910, but we can't complain as we expect this will rebound quickly after the city reopens completely.

For the month of April, most homes were sold in 6 days, this is a big drop from last month and a little lower than the 5 year April average of 8. Buyers knew what they wanted and didn't waste time finding it.

The ratio of sold price to original list price is 100% for another month, the average for the prior 5 years was 100%, again, no breathing room at all for buyers.

Parts of this neighborhood remains quintessentially Washington, and parts are clearly 'new' Washington, which makes this a favorite among people who want to live in Washington,DC. This zip code ranked #16 in Washingtonian Magazines Great Places To Live 2019 issue, which ranked the 100 priciest zip codes in the greater Washington DC metro area.

(data from getsmartcharts; photo from jdland.com, an amazing local blogger resource, with a reference and link to Redfin)

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 Capitol Hill South
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Rainmaker
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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.
May 27, 2020 02:01 AM #1
Rainmaker
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Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Capitol Hill South home buyers and sellers are sure to value your real estate market report, Claude.

May 27, 2020 04:41 AM #2
Rainer
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Tracy Hawke, The Woodland Companies!
Woodland Management Service - Minocqua, WI
Wisconsin Forest Land Experts!

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

Tracy

May 27, 2020 11:09 PM #3
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Rainmaker
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Claude Labbe

Realty for Your Busy Life
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