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.”
- 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.
This article originally published at http://dc.urbanturf.com/articles/blog/annual_condo_sales_up_22_pct_area-wide/11790
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
A look around DC to find the most equity-rich neighborhoods.... read »
Developments both big and small are continuing to churn throughout the Anacostia area... read »
The National Capital Planning Commission will consider approval of the final master p... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
When you buy a home in the District, you will have to pay property taxes along with y... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro