Special offer

Market Report - 20001 - Washington, DC NW (Logan--Shaw) 2022 12

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.

 

The end of the year provides a lull as everyone spends time with friends and family.  And numbers of sold vs. the previous month were about the same, for a total of 34 homes sold in December 2022. This month we are again below the 5 year average of 56. After the first of the year we should hopefully start to see numbers increasing again soon; interest rates have stabilized and fallen slightly, so as we move into the new year will the market pick up again?  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 127 homes on the market, more than the previous month; and we've seen number stabilize to close to the 5 year average of 121. Numbers here typically remain above average which is good. With this ratio, we are a little less than last month at  2.0 Months of Supply, which is almost equal to the 5 year average of 1.8 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 December shows us a small decrease in sold price to $672,500, and a little more than the five year average of $654,600.  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 44 days.  This is nearly double from last month, up and down, up and down. Higher than the 5 year average of 28 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 95.4%, more wiggle room than buyers have seen in awhile, while the prior 5 year average was 98.2%.   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

 

Charles Ross - eXp Realty LLC
eXp Realty LLC Salina Group - Salina, KS
Love To Help People

Excellent marketing information, Thank you for sharing. Have a wonderful day and a blessed week.

Feb 05, 2023 03:10 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week! Bill

Feb 05, 2023 05:32 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Claude similar here low on inventory and low on sales, Endre

Feb 05, 2023 09:46 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Feb 06, 2023 11:53 PM