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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.
As we swing into spring, we are seeing a nice rebound from the market contraction we saw at the end of the year. Weather can affect housing and February numbers of sold vs. the previous month have started to increase again for a total of 41 homes sold in February 2023. This month we are again below the 5 year average of 52, but moving into spring, we are starting to see numbers increase as expected; interest rates have stabilized and fallen slightly, so we are seeing the market pick up again, at least for now. 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 116 homes on the market, a few less again than the previous month; and still below the 5 year average of 128. With this ratio, we are a little less than last month at 1.9 Months of Supply, which is about the same as last month and again almost equal to the 5 year average of 2.0 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 February shows us strong jump in sold price from the previous month to $850,000, and finally more than the five year average of $733,400. Prices have continued this up and down movement because of COVID and increasing interest rates, but it's nice to see some movement up after a few down months.
The average home was sold in 73 days. This is nearly the same as last month, so we can't complain, though movement down would be nice. We are still higher than the 5 year average of 40 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 99.4%, barely any wiggle room for buyers, so almost the same as the 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)
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