Market Report - 20001 - Washington, DC NW (Logan--Shaw) 2022 09

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.

 

This time of year we typically see a lull in the housing market .  And once again, there are fewer homes than the previous month, with a total of 42 homes sold in September 2022. This month we are nearly at the 5 year average of 49. It's possible these numbers would be higher if  the increasing interest rates weren't squelching this market.  Buyers will continue to buy and sellers will continue to sell, so we will watch to see if this trend will continue.  We can't predict all the changes, so we'll just have to watch the market for cues. 

Currently there are 198 homes on the market, more than the previous month which means sellers still expect to sell, and this number is higher than the 5 year average of 180. 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  2.8 Months of Supply, which is nearly equal to the 5 year average of 2.7 months, and an increase from the last month; this number still continues to remain low and indicates strong demand in this neighborhood even with the challenges we've faced the previous several years.  That continues to indicate the desirability of this neighborhood and expected upward pressure on pricing. 

Activity in September shows us another healthy increase to a $822,500 Sold price, nearly $100K higher than the five year average of $726,650.  Prices have continued this up and down movement because of COVID and increasing interest rates, so we just need to be prepared. 

The average home was sold in 29 days.  This is nearly double last month, and more than the 5 year average of 16 days. Again, this is a slower month, but 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 97.9%, a little higher than last month and 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 (3)

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

Claude just wanted to stop in hope all is well wishing you a Happy Halloween, Endre

Oct 30, 2022 11:16 PM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Enjoyed your blog page, and I added you as a

friend. I would love the follow back. Bill

Oct 31, 2022 01:37 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.

 

Nov 04, 2022 11:21 AM