Market Report - 20024 - Washington, DC SW - 2021 6

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 36 homes were sold in June 2021, with an average for the prior 5 years being 24.  A few more 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 56 homes are on the market, a few less homes than the previous month; though still more than the June average for the prior 5 years of 37, but like many neighborhoods, we really need more inventory. Three points make a line, are we finally trending normal?

We are at 2.4 Months of Supply,  a little lower again since the previous month, though more normal and realistic for this city in 2021; 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 June shows us another modest bump in price from the previous month to a $447,000 Sold price.  This continues to be above the 5 year average of $424,700. 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 15 days, about the same as the previous month and almost the same as the 5 year average of 16.   

The ratio of sold price to original list price is 99.2% and the average for the prior five years was 99.5%.  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 (2)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Claude. A small neighborhood with steady demand for along periond of time and it looks like the trend will continue. Enjoy your day. 

Jul 28, 2021 05:13 AM
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.

Jul 30, 2021 07:53 PM