Market Report - 20024 - Washington, DC SW - 2022 03

By
Real Estate Agent with RLAH / @properties 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 29 homes were sold in March 2022, a handful more from the previous month with an average for the prior 5 years being 21.  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 75 homes are on the market, a nice jump from the previous month; though still a good bit above the March average for the prior 5 years of 47, but like many neighborhoods, we really need more inventory. Do we actually have a trend? 

We are at 3.1 Months of Supply,  and 2.3 for the 5 year average. This is a bit higher than the previous month, and higher again 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 March shows us a bit of a drop from the previous month at a $417,100 Sold price. This is still nicely above the 5 year average of $371,120. 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 27 days, that's a healthy drop from the previous month though a few days higher than what we see with the 5 year average of 21. 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 98.6%.  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)

Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Washington DC home buyers and sellers are sure to value your real estate market report, Claude.

May 03, 2022 08:58 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Markets are constantly changing so these timely reports are crucial in the decision-making process. Thanks for sharing!

May 07, 2022 12:19 PM