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 August 2022, once again, identical to the previous month and a few more than the 5 year average of 23. 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.
Currently 73 homes are on the market, a few less than the previous month; though still a good bit above the August average for the prior 5 years of 42, but like many neighborhoods, we really need more inventory. Will we see more gains? Or are we seeing the increase in interest rates cooling the market in this neighborhood as well?
We are at 3.3 Months of Supply, and 2.1 for the 5 year average. This is a little lower than the previous month, though still higher than the 5 year average. Another month added and 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 August shows us a nice jump from the previous month to a $481,000 Sold price. This is a little highter than the 5 year average of $422,678, so a bit of a recovery from the previous month. Slowing or just moderating? We will hope for more improvements.
This month the average home was sold in 65 days, that's a big jump from the previous month, and quite a bit higher than the 5 year average of 31. Is this increase the effect of increased interest rates? Will the numbers go up or down again? Or is the market settling on a new normal?
The ratio of sold price to original list price is 98.8% and the average for the prior five years was 99.2%. The third 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)