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.
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.
This article originally published at http://dc.urbanturf.com/articles/blog/dc_condo_market_continues_to_heat_up_with/11448
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