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 26 homes were sold in June 2022, one less than the previous month with an average for the prior 5 years being 25. 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 93 homes are on the market, another nice jump from the previous month; and a good bit above the June average for the prior 5 years of 48, but like many neighborhoods, we really need more inventory. Will summer continue to show gains?
We are at 4.2 Months of Supply, and 2.3 for the 5 year average. This is again a decent amount higher than the previous month, and higher again than the 5 year average. The market appears to be slowing somewhat. Of course if we look at the last year, it could just be taking a breath before the next jump. though more normal and realistic for this city in 2022. We'll have to keep watch, but are sellers expecting too much or are buyers expecting deals that aren't there?
Activity in June shows us decrease from the previous month to a $394,500 Sold price. This lower than the 5 year average of $417,600. Slowing perhaps? 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 26 days, that's a few days higher than the previous month, and a bit higher than what we see with the 5 year average of 18. 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 97.9% and the average for the prior five years was 99.1%. 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)