Despite Low Supply, New Condo Sales in DC Area Up 22 Percent
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: delta associates, dc condo market, dc condo inventory, dc area market trends, dc area condos, dc area condo market
This article originally published at https://dc.urbanturf.com/articles/blog/annual_condo_sales_up_22_pct_area-wide/11790
UrbanTurf Listings showcases the DC metro area's best properties available for sale.
Most Popular... This Week • Last 30 Days • Ever
The design for the Water Street warehouse condos has a new look.... read »
Historic preservation, eclectic restaurants, high-end real estate—welcome to a Shaw... read »
The appeal describes issuance of the permits as "erroneous".... read »
The target specifies 1,000 additional units each for the cities of Gaithersburg and R... read »
This summer, DCRA initiated Project X which offers an expediting process for single f... read »
- 43 Condos on the Waterfront: A New Look For One of Georgetown's Largest Projects
- Shaw: History Repurposed
- DC for Reasonable Development Appeals McMillan Demolition Permits
- Montgomery County Approves Plan to Add 10,000 Homes By 2030
- DC Pilots New Option For Homeowners Who Want to Expedite Building Permits
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
Northern Virginia
Profiles of 14 neighborhoods across Northern Virginia
|
Ballston
Looking to Give People A Reason to Stay Past 6pm
|
Clarendon
Happily Straddling the Line Between City and Suburb
|
Columbia Pike
Arlington’s Neglected Stepchild is Getting a Makeover
|
|
Crystal City
Turning Lemons into Lemonade
|
Lyon Village
Developing An Air of Exclusivity?
|
Rosslyn
Hitting Its Growth Spurt
|
|
Shirlington
An Urban Village Hitting Its Stride
|
Del Ray
Virginia’s Small Town Near the Big City
|
Eisenhower Avenue
The Vibrancy Might Take a Few Years
|
|
Huntington
The Quiet Neighborhood By the Beltway
|
Old Town
Mayberry By The Potomac
|
Parkfairfax
132 Commerical-Free Acres
|
|
Downtown Falls Church
Staying the Same in the Midst of Change
|
Tysons Corner
Radical Change Could Be On The Way
|
Maryland
Profiles of 14 neighborhoods in suburban Maryland
|
Annapolis
Small-Town Living in the State Capital
|
Bethesda
Bedroom Community Gets Buzzing Cache
|
Cabin John
In With The New While Maintaining the Old
|
|
Chevy Chase
Affluence, Green Lawns and Pricey Homes
|
Downtown Silver Spring
Experiencing a Resurgence After a Bumpy History
|
Potomac
A Suburb on Steroids
|
|
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
|
Takoma Park
More Than a Little Bit Quirky
|
Wheaton
A Foodie Magnet on the Verge of Change
|
|
Capitol Heights
Kudzu, Front Porches and Crime
|
Hyattsville
Glass Half Full or Half Empty?
|
Mount Rainier
Artists, Affordable Homes and A Silo Full of Corn
|
|
National Harbor
A Development Rises Next to the Potomac
|
Riverdale Park
A Town Looking For Its Identity
|
Northwest DC
30+ neighborhood profiles for the city's biggest quadrant
|
16th Street Heights
DC's Sleeper Neighborhood
|
Bloomingdale
Where (Almost) Everyone Knows Your Name
|
AU Park
One of DC’s Last Frontiers Before the Suburbs
|
|
Brightwood
DC’s Northern Neighborhood on the Cusp
|
Burleith
DC’s 535 House Neighborhood
|
Cathedral Heights
Do You Know Where That Is?
|
|
Chevy Chase DC
Not to Be Confused With the Other Chevy Chase
|
Cleveland Park
Coming Back After A Rough Year
|
Columbia Heights
DC’s Most Diverse Neighborhood, But For How Long?
|
|
Crestwood
An Island of Serenity East of the Park
|
Dupont Circle
The Best of DC (For a Price)
|
Foggy Bottom & West End
Where the Institutional Meets the International
|
|
Forest Hills
Ambassadors and Adventurous Architecture
|
Foxhall Village
350 Homes Just West of Georgetown
|
Friendship Heights
A Shopping Mecca With a Few Places to Live
|
|
Georgetown
History, Hoyas and H&M
|
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
|
Kalorama
A Posh View From Embassy Row
|
|
LeDroit Park
A Quiet Enclave in the Middle of the City
|
Logan Circle
Trendy Now, But Not By Accident
|
Mount Pleasant
Sought-After Homes Surround Main Street in Transition
|
|
Mount Vernon Triangle
From Seedy to Sought-After
|
Palisades
The Long, Skinny Neighborhood at the City’s Northwest Edge
|
Park View
It’s Not Petworth
|
|
Penn Quarter/Chinatown
DC’s Go-Go-Go Neighborhood
|
Petworth
Getting a Vibrancy of Its Own
|
Shaw
The Duke’s Former Stomping Ground
|
|
Shepherd Park
DC’s Garden of Diversity
|
Spring Valley
A Suburb With a DC Zip Code
|
Takoma
Not To Be Confused With Takoma Park
|
|
Tenleytown
Not Quite Like Its Neighbors
|
U Street Corridor
The Difference a Decade Makes
|
Woodley Park
Deceptively Residential
|
|
Adams Morgan
No Longer DC’s Hippest Neighborhood, But Still Loved by Residents
|
Southwest DC
The little quadrant that could
|
Southwest Waterfront
A Neighborhood Where A Change Is Gonna Come
|
Northeast DC
Profiles of 10 neighborhoods in NE
|
Brookland
New Development Could Shake Up Pastoral Peace
|
Deanwood
A Little Bit of Country Just Inside the District’s Borders
|
Eckington
Not to Be Confused With Bloomingdale
|
|
Fort Totten
Five Years Could Make a Big Difference
|
H Street
A Place To Party, and To Settle Down
|
Langdon
The Northeast Neighborhood That Few Know About
|
|
Michigan Park
A Newsletter-On-Your-Doorstep Community
|
NoMa
Evolving from a Brand to a Neighborhood
|
Rosedale
Ripe for Investment Right About Now
|
|
Trinidad
The Difference 5 Years Makes
|
Woodridge
Big Houses, A Dusty Commercial Strip and Potential
|
Southeast DC
6 neighborhoods from Capitol Hill to East of the River
|
Capitol Riverfront
Still Growing
|
Hill East
Capitol Hill’s Lesser Known Neighbor
|
Congress Heights
Gradually Rising
|
|
Hillcrest
Notable for Its Neighborliness
|
Historic Anacostia
Future Promise Breeds Cautious Optimism
|
Eastern Market
A More European Way of Living
|
Off the Beaten Turf
Overlooked parks, shops, cafes, and miscellany throughout DC
Unique Spaces
Awesome and unusual real estate from across the DC Metro
