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DC Area Condo Pipeline at Lowest Level Since 2004

by Mark Wellborn

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Housing Complex is reporting that a Delta Associates’ report shows that there are 9,524 unsold condos in the Washington metro area, the lowest number since 2004.

It wasn’t as though Delta didn’t predict this, though, it just may have happened a little bit sooner than they thought it would.

In an October 2008 report, the research firm concluded that condo prices would bottom out in the DC metro area toward the end of 2009. This bottom would come as a result of a market equilibrium between supply and demand resulting from the condo pipeline being “driven to its lowest point since 2004” by continued sales and a number of new condo projects converting to rentals.

William Rich, one of the report’s authors, explained to UrbanTurf that after the remaining new condo projects were completed in late 2008 and early 2009, no new projects would come online for the rest of the year meaning buyers would be buying units from a pool of inventory that is no longer increasing.

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This article originally published at https://dc.urbanturf.com/articles/blog/dc_area_condo_pipeline_at_lowest_level_since_2004/803

3 Comments

  1. Ben said at 1:39 pm on Wednesday April 15, 2009:

    How far do you think prices on condos will slip?

    I’ve thought that $510 per square foot average was high, what do you think it will drop to?

  1. Benji said at 3:35 pm on Wednesday April 15, 2009:

    I still think we have another month or two until we hit bottom. And by bottom, I mean $425/sf in places like Dupont.

  1. Ben said at 4:05 pm on Wednesday April 15, 2009:

    Yea I’m looking at a new development place right now in the U-Street / Columbia Heights area that’s trying get $516/sf.

    I’m happy with the location and the building ... just think that $516/sf is wayyy to high for that area even for granite and SS. 

    I think the building still has a lot of vacant units as well.  Dunno, maybe I’m mistaken ....

Comments are closed.

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