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
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
Most Popular... This Week • Last 30 Days • Ever

The massive new development would sit on a triangular parking lot at First Street and... read »

UrbanTurf has compiled virtual tours from large new developments around the DC region... read »

Between on-campus and off-campus developments, Howard University deserves a rundown o... read »

The 5,500 square-foot condominium is a penthouse at the Ritz-Carlton in Georgetown.... read »

Airbnb announced Wednesday that it will cancel all reservations in the DC region duri... read »
- Douglas Development Pitches 557-Unit Development Across From Dave Thomas Circle
- A Virtual Tour of More Than 30 DC-Area Developments
- On-Campus and Off-Campus: The Howard University Rundown
- $18 Million: DC's Priciest Condo Ever Hits the Market in Georgetown
- Airbnb Cancelling and Blocking All Reservations in the DC Area During Inauguration
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. Visit guides.urbanturf.com or 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
2 Comments