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Year-End Condo Report: The Market was Terrible in 2008 (Surprise!)

  • January 23rd 2009

by Mark Wellborn

The City Paper’s great real estate blog, Housing Complex, has a great summary of Delta Associates’ Year-End Mid-Atlantic Condominium Market Report.

Here are some highlights:

  • There were 1,704 condo sales in the DC Metro area in 2008, about 56 percent less than 2007. However, these numbers compare quite favorably to the Baltimore metro area, where there were just 48 sales for the year, a reduction of more than 90 percent from 2007.
  • There are 10,058 condo units currently on the market in the DC Metro area, compared to 3,339 units in the Baltimore Metro area.

But perhaps the most interesting:

“(Condo) projects that have sold out in the past couple of years have averaged about four sales per month in the Washington & Philadelphia metro areas and about three sales per month in the Baltimore metro area. Upon delivery, projects are seeing buyers fail to settle – back out of sales contracts – from 15% to 50%, or higher in a few cases.”

See other articles related to: dclofts

This article originally published at https://dc.urbanturf.com/articles/blog/year-end_condo_report_the_market_was_terrible_in_2008_surprise/469.

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