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 February 2022, doubling number from the previous month with an average for the prior 5 years being 14. Sales seem to be going up again and are higher than the 5 year average, we surely could use more inventory. The swings have moderated some, but are still happening. COVID affects the market in strange ways, so we will continue to watch for changes.
Currently 61 homes are on the market, again, almost the same as the previous month; though still a good bit above the February average for the prior 5 years of 45, but like many neighborhoods, we really need more inventory. Do we actually have a trend?
We are at 2.7 Months of Supply, and 2.3 for the 5 year average. This is almost the same as the previous month, and just 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 February shows us a bit of a drop from the previous month at a $497,450 Sold price. This is a little above the 5 year average of $422,737. Is the market moderating? 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 46 days, that's about the same as the previous month and higher than what we see with the 5 year average of 26. Will the numbers go down again? Or is the market settling on a new normal?
The ratio of sold price to original list price is 100% and the average for the prior five years was 99.1%. 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)