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 13 homes were sold in April 2020, with an average for the prior 5 years being 18. A few less from the previous month, but not the precipitous drop we saw in some other areas, and just a little below average. The market is doing okay and as always, could really use more inventory, but truly, there were plenty of homes to sell. The COVID shelter in place that started on March 23rd, and the slow re-opening have affected the market, so we will continue to watch the market for changes.
Currently 43 homes are on the market, almost the same as the previous month; and above the April average for the prior 5 years of 34, but like many neighborhoods, we really need more inventory.
We are at 2.5 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 1.9; We'll have to keep watch, but are sellers expecting too much or are buyers expecting deals that aren't there?
Activity in April shows us decent price drop from the previous month to a $349,900 Sold price. This is nearly right at the 5 year average of $346,970 however, so it could have been worse. As the market continues to rebound after the COVID shutdown, we will expect things to improve.
This month the average home was sold in 11 days, nearly the same from the previous month, a bit surprising, but where there is a will, there is a way. The 5 year average was 14. Though we didn't see the anticipated drop from the COVID shutdown, we will continue to watch for changes. There is still an influx of buyers into the market however.
The ratio of sold price to original list price is 100% and the average for the prior five years was 98.8%. 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)