Market Report - 20001 - Washington, DC NW (Logan--Shaw) 2022 08

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 54 homes sold in August 2022. Are the increasing interest rates squelching this red hot market?  Time will tell. We quite a bit below the 5 year average of 70,  we will watch to see if this will continue with interest rates climbing.  We can't predict all the changes, so we'll just have to watch the market for cues. 

Currently there are 148 homes on the market, fewer than the previous month again, though still higher than the 5 year average of 131. 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  2.1 Months of Supply, which is nearly equal to the 5 year average of 2.0 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 August shows us a healthy increase to a $795,000 Sold price, higher than the five year average of $722.570.  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 14 days.  Less than last month, and identical to the 5 year average of 14 days. Is this market heating up or slowing down? Either way, 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 98.7%, about the same as last month and perhaps moving towards a wiggle room for buyers while the prior 5 year average was 99.5%.   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 (5)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

DC has a lot of areas that are really pristine and well-kept And if the trend keeps up, it can only be a rise in value that comes next

Sep 27, 2022 11:47 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Claude. Inventory low, but seemingly at a consistent level, list to sell ration high. Seems like a solid market. Thanks for the update. Enjoy your day.

Sep 28, 2022 04:35 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Sep 28, 2022 07:37 AM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Top of the morning Claude.  Have not seen you for a while.  Happy Wednesday to you and enjoy the rest of the week.  Mark

Sep 28, 2022 08:10 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 30, 2022 01:36 PM