MVTResident is a realtor in the Capitol Hill office of Long & Foster who lives in the Mount Vernon Triangle and is experienced with downtown DC real estate.
Most buyers looking for condos in Penn Quarter become quickly aware of the fact that the inventory is not large. My company, Long and Foster, looks at the real estate market on a monthly basis by neighborhood (combining Penn Quarter with Shaw). I will be sharing the market data monthly in this post as a focus on this neighborhoods housing market.
The number of units sold in May was 52. This number is down 12 percent from the same time last year. Also down a great deal is the active inventory which was 86 units -46 percent lower than last year. And with the lower supply has come an increase in prices with the median May sales price in the neighborhood of $508,705 – up approximately 18 percent from last year’s median price of $432,600. And, sellers will be happy to know that May sales showed a decrease in the number of days homes stayed on the market – down 30 percent from last year’s average of 50 days to our current average of 35 days on the market.
In May, Penn Quarter and Shaw had 1.7 months of supply. This number demonstrates how long it would take to sell the current properties on the market if the current rate of demand stayed the same. The average sales price for our neighborhood in May was 100.2 percent of the average list price.