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 21 homes were sold in November 2022, more than the previous month and above the 5 year average of 14 for a change. Interest rates didn't seem to have an effect this month. This neighborhood bucked the trend from nearby neighborhoods that have moderated. As always, we surely could use more inventory. The swings have moderated some, but are still happening.
Currently 68 homes are on the market, a few less than the previous month; though still a good bit above the November average for the prior 5 years of 57, unlike other neighborhoods. Will we see more gains? Or will the increase in interest rates cool the market in this neighborhood as well?
We are at 3.2 Months of Supply, and 2.9 for the 5 year average. This is a small drop from the previous month, and a little higher than the 5 year average. 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 November shows us drop from the previous month to a $325,000 Sold price. This is considerably lower than the 5 year average of $440,390, so continuing a recovery from the previous month? Slowing or just moderating? We will hope for more improvements.
This month the average home was sold in 31 days, that's another modest drop from the previous month, and a bit higher than the 5 year average of 28. 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% and the average for the prior five years was 98.2%. A recovery for sellers from the previous month. Though there is still 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)