1.2 Years of New Condo Supply in DC Area Translates to Record Low
Courtesy of Delta Associates.
Local real estate research and consulting firm Delta Associates published its third quarter 2012 report on the DC metro area condo market recently, which revealed that the inventory of new condos in the region is remarkably low. Following are a few of the key findings from the report:
- In the DC region, there are currently 2,797 new condo units under construction or being marketed. What that translates to is 1.2 years of condo inventory, based on current sales pace. This is down notably from last July when the inventory stood at 3,629 units, and a fraction of the inventory from five years ago, when the area’s inventory of new condos was near 20,000.
- As the report notes, inventory varies drastically based on sub-market: “In Mideast DC (Shaw, Columbia Heights and 14th Street Corridor) there is less than six months of new inventory left to sell, but in Loudoun County, there is 2.3 years of inventory.”
- New condo prices have risen 3.1 percent across the DC area on average, but the numbers vary based on sub-market. For example, prices rose by double digits in upper NW DC, but fell 2.6 percent in what the report dubs Central DC.
- The aggregate number of new condo sales across the DC metropolitan area in the third quarter of this year was 533, and the past 12-month total is 1,948.
See other articles related to: housing inventory, delta associates, dc condo market, condos
This article originally published at http://dc.urbanturf.com/articles/blog/1.2_years_of_new_condo_supply_in_dc_area_translates_to_record_low/6139
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2 Comments
Fortunately, 2013/2014 will offer more new condo options than we’ve seen this year but developers still defaulting to rentals in many cases.
New DC condo market data http://actvra.in/JQX
I’m hoping to *rent no more* after the first of the year. I don’t have much to work with (less than $200,000) so my options are pretty limited. It seems DC has more co-ops than condos.