Market Report - 20024 - Washington, DC SW - 2022 05

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 27 homes were sold in May 2022, a gain from the previous month with an average for the prior 5 years being 23.  Another upswing. We will have to watch as other neighborhoods have moderated.  As always, 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 85 homes are on the market, another nice jump from the previous month; and a good bit above the May average for the prior 5 years of 53, but like many neighborhoods, we really need more inventory. Will summer continue to show gains?

We are at 3.7 Months of Supply,  and 2.7 for the 5 year average. This is a tiny 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 May shows us another increase from the previous month to $490,000 Sold price. This is nicely above the 5 year average of $404,350.  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 22 days, that's the same as previous month though a bit higher than what we see with the 5 year average of 13. 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 97.4% and the average for the prior five years was 99.5%.  The second month there is bargaining for buyers. 

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

Jun 30, 2022 12:29 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Thanks for sharing your market report with us here in the Rain. It's always interesting to see how other areas of the country are doing.

Jul 06, 2022 12:49 PM