Market Report - 20001 - Washington, DC NW (Logan--Shaw) 2022 10

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 just like last month, we saw identical numbers sold vs. the previous month, for a total of 42 homes sold in October 2022. This month we are below the 5 year average of 59. We should start to see numbers increasing again. Are we seeing the repercussions of the increasing interest rates?  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 211 homes on the market, more than the previous month which means sellers still expect to sell; and just like last month, this number is higher than the 5 year average of 198. Numbers here remain above average which is good. With this ratio, we a little more than last months  3.0 Months of Supply, which is equal to the 5 year average of 3.0 months; 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 October shows us a drop in sold price to $657,500, a decent drop from last month, and a little less than the five year average of $698,436.  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 18 days.  This is a nice drop from last month, is the market picking back up?  Though still more than the 5 year average of 14 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%, identical to 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 (6)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Claude, nice to see you posting, and seeing only 18 days on market is still very good.   Hope you enjoyed your Thanksgiving Holiday.

Nov 28, 2022 08:39 AM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Top of the morning Claude.  Trusting you had a nice Thanksgiving and are looking forward to the Holiday Season ahead.  mdm

Nov 28, 2022 09:06 AM
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

Nov 28, 2022 10:45 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello  and thank you for the information to share with us here in the Rain.  Make it a great day!

 

Nov 28, 2022 11:36 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Washington D.C. home buyers and sellers are sure to value your real estate market report, Claude.

Dec 01, 2022 12:08 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!

 

Dec 02, 2022 12:21 PM