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Market Reports - 20024 - Washington, DC SW - 2023 11

By
Real Estate Agent with RLAH / @properties DC / MD / VA

DC Audi Stadium Opener

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 10 homes were sold in November 2023, about the same as the previous month and a few less than the 5 year average of 14.  The large swings in the market have mostly moderated in this neighborhood. As always, we surely could use more inventory.    

Currently there are 86 homes are on the market, a drop from the previous month; though quite a few more than the October average for the prior 5 years at 69. Will we see more gains? Interest rates have moderated and even decreased a bit, will this heat up the market in this neighborhood?

We are at 5.4 Months of Supply,  and 3.7 for the 5 year average. This is a minor decrease 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?

 

Were last months numbers a fluke? Activity in November shows us a bump back up in price to the month before at a $365,000 Sold price. This is lower than the 5 year average of $437.390, but with a price spread closer than the month before.  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 46 days, that's a bump up from the previous month, and quite a bit higher than the 5 year average of 24.  Will the numbers go up or down again? Interest rates have dropped a bit, so maybe the yoyoing will truly moderate soon.

The ratio of sold price to original list price is 97.0% and the average for the prior five years was 97.5% 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)

Posted by

Claude Labbe, Realty for Your Busy Life

Real Living | At Home
11 Dupont Circle #650
Washington, DC 20036
(202) 518-8781 bus / (703) 868-7774 mobile
claude@labbe.com

 

Richard Weeks
Dallas, TX
REALTOR®, Broker
Thanks for sharing your market update.  Great information for buyers and sellers in your area.
Dec 31, 2023 04:58 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Markets are constantly changing so these timely reports are crucial in the decision-making process. Thanks for sharing!

 

Jan 08, 2024 09:06 AM