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's 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.
A total of 13 homes were sold in September 2021, with an average for the prior 5 years being 17. Sales are down again, but sales are similar to the average, so stabilizing soon perhaps? 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 84 homes are on the market, almost 100% more homes than the previous month; and almost double the September average for the prior 5 years of 49, but like many neighborhoods, we really need more inventory. A few more points make a trend, are we finally getting to normal?
We are at 3.7 Months of Supply, and 2.5 for the 5 year average. This is higher again than the previous month, is the market slowing somewhat? Or just taking a breath before the next jump. though more normal and realistic for this city in 2021. We'll have to keep watch, but are sellers expecting too much or are buyers expecting deals that aren't there?
Activity in September shows us a decent drop in price from the previous month to a $352,500 Sold price. This is below the 5 year average of $416,240. Perhaps the market is finally stabilizing, perhaps even slowing a bit with COVID, so as the market continues to rebound after the COVID shutdown, we will hope for more improvements.
This month the average home was sold in 34 days, that's a big decrease from the previous month and closer to what we see with the 5 year average of 22 is the market finally taking a breather?
The ratio of sold price to original list price is 97.5% and the average for the prior five years was 98.5%. A little less bargaining room for buyers this month, but still relatively reasonable.
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)