DC's New Condo Supply Will Take 3 Years to Balance Out
In light of recent news regarding the massive imbalance in construction of new apartment units to condo units, UrbanTurf is re-publishing an article from July that speaks to how long it will take for new condo construction to catch up with demand.
The new condo supply in the DC area is currently at its lowest level in ten years. However, the imbalance is slowly turning around.
According to William Rich, a senior vice president at Delta Associates, the high number of condo construction starts planned for the remainder of this year will increase supply notably over the next 36 months. About 2,300 units are scheduled to start construction this year in the metro area, which is the highest number of starts since 2006.
“The anticipated increase in construction starts in 2013 will make a dent in the undersupply of condos in the market, especially in the District,” noted Rich. “Over the next three years, we expect for supply and demand to be in balance in the District, while in suburban jurisdictions we expect there will still be an undersupply.”
About 50 percent of the new units are planned for the District, 40 percent in Northern Virginia and the remaining 10 percent in Maryland. Major projects that could begin construction this year in DC include the Hine School redevelopment, with118 units, and Parcel 4 at The Wharf, with 134.
Here is an infographic that gives a good sense of the current inventory-to-sales ratio for new condo projects in the region:
See other articles related to: condo supply, dc condo inventory, dc condo market, dc condos, dclofts, delta associates
This article originally published at https://dc.urbanturf.com/articles/blog/increase_in_dcs_condo_supply_should_bring_supply_and_demand_into_balance_in/7322.
Most Popular... This Week • Last 30 Days • Ever
It has been a good start to the year for high-priced homes in the DC region.... read »
Roadside Development filed a sketch plan with Montgomery County this month for the 30... read »
The Matthew is located on 9th Street, overlooking the iconic Naylor Court and neighbo... read »
This week's Best New Listings include an award-winning craftsman, a condo in a former... read »
Construction continues humming along on several developments on the uppermost stretch... read »
- $2.5 Million and Up: Luxury Home Sales Rise 20% in DC Area in 2024
- A First Look At The 525-Unit Development That Will Incorporate Silver Spring's Tastee Diner
- Nine Stylish Condominiums Debut in Shaw's Iconic Naylor Court
- Best New Listings: A Home On The Hill With a Pool?
- The 1,600 Units In The Walter Reed/Takoma Development Pipeline
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