Market Report - 20024 - Washington, DC SW - 2020 06

By
Real Estate Agent with RLAH / @properties 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 21 homes were sold in June 2020, with an average for the prior 5 years being 20.  A few more from the previous month, but certainly not the precipitous drop we saw in some other areas, and just a little above average.  The market is doing okay and as always, could really use more inventory, but truly, there were plenty of homes to sell. COVID affects the market in strange ways, so we will continue to watch for changes.

Currently 27 homes are on the market, a decent drop from the previous month; but above the June average for the prior 5 years of 31, but like many neighborhoods, we really need more inventory. 

We are at 1.7 Months of Supply,  a drop from the previous month, though more normal and realistic for this city in 2020; it's also  higher than the prior 5 year average of 1.7;  We'll have to keep watch, but are sellers expecting too much or are buyers expecting deals that aren't there?

Activity in June shows us another price drop from the previous month to a $335,000 Sold price.  This is definitely lower than the 5 year average of $400,410 however, so it could have been worse. However as the market continues to rebound after the COVID shutdown, we will expect things to improve.   

This month the average home was sold in 17 days, a small increase from the previous month, a bit surprising, but there will be hiccups in the recovery. The 5 year average was 14.   

The ratio of sold price to original list price is 100% and the average for the prior five years was 99.6%.  No bargaining room 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.

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

 

Comments (4)

Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Jul 26, 2020 02:31 PM
The Woodland Team of Texas
The Woodland Companies - Austin, TX
Land Specialists

Thanks for sharing the information on this community, I hope you sell many of these homes. 

Sara

Aug 14, 2020 09:48 PM