Market Report - 20024 - Washington, DC SW - 2021 5

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 2021. 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 26 homes were sold in May 2021, with an average for the prior 5 years being 22.  A few less than the previous month, up and down, up and down.  The market continues to bounce around,  and as always, but 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 71 homes are on the market, a few less homes than the previous month; though almost double the May average for the prior 5 years of 44, but like many neighborhoods, we really need more inventory. Three points make a line, are we finally trending normal?

We are at 3.2 Months of Supply,  a little lower than the previous month, though more normal and realistic for this city in 2021; it's also  higher than the prior 5 year average of 2.4. We'll have to keep watch, but are sellers expecting too much or are buyers expecting deals that aren't there?

Activity in May shows us another modest bump in price from the previous month to a $438,750 Sold price.  This continues to be above the 5 year average of $386,150. A couple Up's with COVID, so as the market continues to rebound after the COVID shutdown, we will hope for more improvents.   

This month the average home was sold in 16 days, a slight increase from the previous month and a little higher than the 5 year average of 11.   

The ratio of sold price to original list price is 100% and the average for the prior five years was 100%.  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 (1)

Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Washington, DC home buyers and sellers are sure to value your real estate market report, Claude.

Jun 28, 2021 05:57 AM