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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.
Heading into fall and interest rates remain at 20 year highs, though the market seems to have taken this in stride as numbers haven't changed much since previous months. As with other months, we gained a few in numbers of homes sold in August vs. the previous month for a total of 53 homes sold. Once again we are below the 5 year average of 67. 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 140 homes on the market, again a few less this month, though not drastically so, though less than the 5 year average of 169 for the fifth month in a row. With this ratio, we are almost identical to last month at 3.2 Months of Supply, and higher than the 5 year average of 2.3 months; though 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 August shows us we are a little lower than the sold price from the previous month at $717,500, which is below the five year average of $737,080, though closer in pricing than some of the previous large up and down movements.
The average home was sold in 33 days. Once again this is a few more days than last month, and we really can't complain, though movement down would be nice. We are higher than the 5 year average of 18 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 97.7%, almost no wiggle room for buyers. The 5 year average was 99%. 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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