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.
We can see 25 homes were sold in August 2021, with an average for the prior 5 years being 22. Again, a few less than the previous month, but stabilizing 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 49 homes are on the market, almost the same number of homes vs. the previous month; and a few more than the August average for the prior 5 years of 34, 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 2.0 Months of Supply, a little lower again since the previous month, 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 August shows us another modest bump in price from the previous month to a $450,000 Sold price. This continues to be above the 5 year average of $387,478. A couple Up's 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 64 days, that's another big jump from the previous month and higher than the 5 year average of 34, is the market taking a breath finally?
The ratio of sold price to original list price is 92.7% and the average for the prior five years was 97.7%. Finally some bargaining room for buyers this month, but not much.
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)