What's Hot: Plans Progress For a New Grocery Store at Friendship Heights Mall | Move-In Ready Townhomes at EYA's Northeast DC Neighborhoods
New Condo Sales in DC Area Rise 70 Percent
A rendering of 10Eleven, a new condo development selling in DC
The DC area condo market is experiencing a healthier amount of churn this year compared to last, according to a recent report.
Delta Associates second quarter analysis reveals that new condo sales in the DC region rose 70 percent compared to the second quarter of 2015. 589 new condos sold in the second quarter, the highest sales volume since the first quarter of 2013.
As a result of the swift sales pace, the number of unsold condo units in projects currently under construction or marketing in the region has dropped almost a third from a year ago. Overall, there is a 9.6-month supply of new condos for sale in the DC area — down from 14.5 months in 2015. Inventory levels do vary widely throughout the area, from less than six months in the Central DC and Mideast DC sub-markets to a high of 19.3 months in Montgomery County.
story continues belowloading...
story continues above
New condo inventory across the region.
To satisfy demand, 2,800 condo units will start construction this year, twice as many starts when compared to 2015 (1,123). Many of the projected starts were delayed from 2015; 30 percent of those condos under construction will be in the Capitol East DC portion of the city.
“The supply-demand balance in the metro area will continue to favor developers in most areas, with limited new condo unit supply and rising prices – most notably in Northern Virginia,” the report stated. “However, resale listings and sales are on the rise. Despite this increase, we foresee new unit prices rising and improved development opportunities throughout the metro area through 2017.”
- Central DC includes West End, Dupont Circle, Logan Circle, East End, and Mt. Vernon Square/Triangle.
- 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: dc area condo market, dc area condos, dc area market trends, dc condo inventory, dc condo market, delta associates
This article originally published at https://dc.urbanturf.com/articles/blog/dc_condo_market_continues_to_heat_up_with/11448.
Most Popular... This Week • Last 30 Days • Ever
Clarion Partners, the owner of the Chevy Chase Pavilion, has filed modifications to i... read »
The new development keeps humming along in DC's Buzzard Point.... read »
It is early in the year, but there are already a number of areas around DC where home... read »
Where it's cheaper to build than buy; Elon Musk is not making Texas happy; and the wo... read »
If you are tired of getting lost in their stores, IKEA has a new location planned tha... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
The application to raze the infamous fast food location at New York and Florida Avenu... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... 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 »
- Whole Foods at Walter Reed To Open This Summer
- The End is Here: Raze Permit Filed For Wendy's at Dave Thomas Circle
- How to Appeal Your DC Property Tax Assessment
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
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