This quote is getting older, but even more relevant in 2023. 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 14 homes were sold in September 2023, just a few more than the previous month and a few less than the 5 year average of 16. The large swings in the market that were attributed to interest rates may have mostly moderated in this neighborhood, but they are still there nonetheless. As always, we surely could use more inventory.
Currently 96 homes are on the market, a few more than the previous month; and quite a few more than the September average for the prior 5 years at 72. Will we see more gains? Or will the Fed increasing interest rates continue to cool the market in this neighborhood?
We are at 5.6 Months of Supply, and 3.7 for the 5 year average. This is a small increase from the previous month. This up and down movement is apparently the norm for this city in 2023. We'll have to keep watch, but are sellers expecting too much or have the wild swings moderated? Are buyers expecting deals that aren't there?
Activity in September shows us huge drop in price from the previous month to a $385,250 Sold price. This is just below the 5 year average of $406,740. Up and down, up and down, are we any closer to moderating? We will hope for more improvements.
This month the average home was sold in 45 days, that's a huge drop from the previous month, though a bit higher 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 95.3% and the average for the prior five years was 97.4% are identical to last months. The bargaining for buyers is finally here.
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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