What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
Despite Low Supply, New Condo Sales in DC Area Up 22 Percent
✉️ Want to forward this article? Click here.
A rendering of Buchanan Park, a condo and townhouse development on Capitol Hill.
While the DC area still has a constrained supply of new condos, a recent Delta Associates report shows that sales hit a three-year high in the third quarter of this year.
Overall, condo sales are up 22 percent regionwide over the past year, with DC proper seeing the most sales for a quarter since 2007. The Capitol East sub-market had one of the healthiest sectors, with year-over-year sales up 125 percent. Mideast DC is the only submarket in the city where year-over-year condo sales decreased, down 5.9 percent.
New condo inventory across the region.
As sales remain robust, the supply of new units for sale remains low.
As of September, there was a 9.9-month supply of new condos area-wide — slightly more than the 9.6 months in the second quarter of the year, but still well below the 15.5 months of inventory in the third quarter of 2015. However, things seem to be looking up where supply is concerned, as the 2,674 units that began construction this year are more than twice as many starts as 2015.
Total condo sales in the region.
New unit prices per square foot are up 1.1 percent across the DC area, although prices have dropped 4.7 percent in the District. Despite dropping prices, DC still has prices high enough in many neighborhoods to contend with major cities around the country.
“New condos currently selling in Central DC are priced between those in Seattle and downtown LA,” the report stated. “Compared to other cities in the U.S., per-square-foot prices in Upper NW DC are currently between San Francisco and Queens, New York.”
Sub-market definitions:
- Capitol East DC includes Capitol Hill, Southwest, Foggy Bottom, NoMA, and Trinidad.
- Mideast DC includes Brookland, 16th Street Heights, Petworth, Riggs Park, and Columbia Heights.
See other articles related to: dc area condo market, dc area condos, dc area market trends, dc condo inventory, dc condo market, delta associates
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/annual_condo_sales_up_22_pct_area-wide/11790.
Most Popular... This Week • Last 30 Days • Ever
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro