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 February 2023, a few more than the previous month and just about the same as the 5 year average of 15. Interest rates seem to have finally caught up with the market in this neighborhood this month. As always, we surely could use more inventory. The swings have moderated some, but are still happening.
Currently 40 homes are on the market, a few less again from the previous month; and a few less than the February average for the prior 5 years at 48. Will we see more gains? Or will the increase in interest rates cool the market in this neighborhood as well?
We are at 2.0 Months of Supply, and 2.4 for the 5 year average. This is a small drop from the previous month. 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 2023. We'll have to keep watch, but are sellers expecting too much or are buyers expecting deals that aren't there?
Activity in February shows us a big jump from the previous month to a $612,500 Sold price. This is quite a bit above the 5 year average of $445,237, so another yoyo month. Are we closer to moderating? We will hope for more improvements.
This month the average home was sold in 42 days, that's another decent drop from the previous month, though more than the 5 year average of 33. 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 97.8% and the average for the prior five years was 98.6%. The bargaining for buyers is evaporating.
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)
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