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 13 homes were sold in October 2023, about the same as 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 there are 101 homes are on the market, a few more than the previous month; and quite a few more than the October average for the prior 5 years at 75. Will we see more gains? Or will the Fed increasing interest rates continue to cool the market in this neighborhood?
We are at 5.9 Months of Supply, and 3.9 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 October shows us another huge drop in price from the previous month to a $198,000 Sold price. This is well below the 5 year average of $379,682. 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 36 days, that's another drop from the previous month, though a bit higher than the 5 year average of 24. 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 97.7% and the average for the prior five years was 98.3% up from last month. The bargaining for buyers is barely 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)