Market Report - 20001 - Washington, DC NW (Logan--Shaw) 2022 07

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.

 

Again, a few less homes from the previous month, with a total of 63 homes sold in July 2022. Is the market contracting?  Time will tell. We have now dropped below the 5 year average of 74,  we will watch to see if this will continue with interest rates climbing.  We'll continue to watch numbers as we move into early fall.  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, fewer than the previous month, though still higher than the 5 year average of 144. Numbers here 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 a little less than last months  2.3 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 July shows us a decent drop to a $650,000 Sold price, a a tiny bit lower than the five year average of $659,990.  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 average home was sold in 18 days.  Almost the same as last month, and a few more days than the 5 year average of 12 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 98.6%, about the same as last month and perhaps moving towards a wiggle room for buyers while the prior 5 year average was 99.7%.   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 (4)

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

Claude as always very detailed and great market report, hope the buyers and sellers are reading and reaching out to you. Here in my market we have shifted a few months ago. Prices have been dropping and most buyers are on the side lines due to the headlines and the interest rates, Endre

Sep 01, 2022 11:34 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Claude Thank you for your market report for this area.  Make it a great day!

 

 

Sep 02, 2022 08:34 AM
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 update with us. Buyers & sellers in your area would benefit from your services. Have a great day!

Sep 09, 2022 01:26 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Nice report, Claude! 

Now, I'm inspired to prepare some for my neighborhood:) It will look a bit different since we still have a lot of housing activities and the inventory is quite low. 

 

Sep 16, 2022 09:15 PM