This quote is getting older, but even more relevant in 2022. Councilmember Charles Allen was quoted in the Washington City Paper (8/21/2O15) 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 16 homes were sold in September 2022, a drop from the previous month and almost at the 5 year average of 17. Did sellers hold off due to soaring interest rates? Other neighborhoods have moderated also. As always, we surely could use more inventory. The swings have moderated some, but are still happening.
Currently 80 homes are on the market, a few more than the previous month; though still a good bit above the September average for the prior 5 years of 58, but like many neighborhoods. 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 3.6 Months of Supply, and 2.8 for the 5 year average. This is a little higher than the previous month, and 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 September shows us drop from the previous month to a $409,000 Sold price. This is lower than the 5 year average of $430,840, 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 52 days, that's less than the previous month, but still quite a bit higher than the 5 year average of 30. 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 96.8% and the average for the prior five years was 98%. 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)