Market Report - 20024 - Washington, DC SW - 2021 10

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'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 20 homes were sold in October 2021, with an average for the prior 5 years being 24.  Sales are up a bit, but still lower than the 5 year average. 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, identical to the previous month; and almost double the October average for the prior 5 years of 52, 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 3.8 Months of Supply,  and 2.7 for the 5 year average. This is about the same as the previous month, and a bit higher than the 5 year average.  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 October shows us a nice jump in price from the previous month to a $498,959 Sold price.  This is slightly above the 5 year average of $436,382. Another yoyo, no slowing yet, 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 19 days, that's a big decrease from the previous month and closer to what we see with the 5 year average of 15 is the market finally taking a breather?

The ratio of sold price to original list price is 100% and the average for the prior five years was 99.3%.  No bargaining room for buyers again 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

 

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