Market Report - 20001 - Washington, DC NW (Logan--Shaw) 2022 05

By
Real Estate Agent with RLAH / @properties DC / MD / VA

 

[Logan Circle Homes This is the neighborhood in Washington, DC.  Everyone wants live here, or to come here to eat and enjoy the city.

Logan Circle is the quintessential NW DC neighborhood.  It simply looks and feels right, without the attitude one finds with the usually older & more established NW neighborhoods.

Penn Quarter, closer to downtown/ Penn. Ave., has the nightlife, clubs and Capital One Arena.

Shaw is the place to be and the neighborhood has a great feel of new & old woven together.

 

A few less homes from the previous month, with a total of 88 homes sold in May 2022. We are still a decent amount above the 5 year average of 76,  we will watch to see if this will continue with interest rates climbing.  We'll continue to watch numbers as we move through spring.  We can't predict all the changes, so we'll just have to watch the market for cues. 

Currently there are 168 homes on the market, a couple more than the previous month, and higher than the 5 year average of 144. Numbers remain above average which is good, but we don't know if they will dip again in the crazy market as has happened with regularity since the lockdown ended, only time will tell. With this ratio, we are once again at the same as last months at 2.1 Months of Supply, which is nearly equal to the 5 year average of 2.2 months, and a decrease from the last month; this number still continues to remain low and indicates strong demand in this neighborhood even with COVID.  That continues to indicate the desirability of this neighborhood and expected upward pressure on pricing. 

Activity in May shows us an increase to a $675,750 Sold price, which is a big drop from last month and below the five year average.  We will watch what happens next month. Prices have continued this up and down movement because of COVID, so we just need to be prepared. The prior five year average is $703,930. 

The average home was sold in 12 days.  A few more days than last month, and a few more days than the 5 year average of 10 days. Is this market slowing down? Those who were looking for a home didn't take long to decide.  We'll just have to watch the next month. 

The ratio of sold price to original list price is 100%, the same as last month and zero wiggle room for buyers and about the same as compared to the 99.7% average for the prior 5 years.   This still remains a wonderful neighborhood to call home.

This neighborhood bears little resemblance to that of even a decade ago, even as it struggles to maintain reminders of it's role in local history, and yes, this is a favorite among people who want to 'feel' their living in Washington, DC. This zip code ranked #24 in Washingtonian Magazines Great Places To Live 2019 issue, which ranked the 100 priciest zip codes in the greater Washington DC metro area.

(data from getsmartcharts; photo from www.YourBusyLife.com)

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)

Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

I am so amazed five year average of selling a home in 10 days just hard to comprehend, Endre

Jun 29, 2022 10:21 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Jun 30, 2022 12:28 PM