Sales of New Condos in DC Rise 35%, Bucking Area Trend
A lack of new condo development in the region has kept supply and sales low and prices on the rise, according to a new quarterly report from Delta Associates. However, DC proper bucked the trend as sales for new condos rose 35 percent in the first quarter of the year.
Overall, there were 323 new condo sales in the DC area, a slight decrease from the first quarter of 2015. While sales rose in DC, they dropped 41 percent in northern Virginia and were flat in suburban Maryland.
story continues below
loading...story continues above
Over the past year, the price of new condos in the area has risen by an average 2.7 percent, although the actual change in each sub-market varies widely. Prices fell in Montgomery and Prince George’s Counties, by 10.3 and 0.5 percents, respectively, but rose in Central DC (12.6 percent) and Fairfax/Falls Church (7.4 percent).

“Prices for new condos in Central DC are higher than in most downtown areas in the U.S. and similar to those in Seattle, but below other gateway cities such as New York and San Francisco,” the report stated. “Meanwhile, per-square-foot prices in Upper NW DC are currently on par with San Francisco.”
Looking forward, the report predicts that new condo prices will increase by single digits over the next 24-36 months, and that there will be between 1,600 and 2,000 sales in 2016 as new units come online.
Sub-market definitions:
- Central DC includes West End, Dupont Circle, Logan Circle, East End, and Mt. Vernon Square/Triangle.
See other articles related to: delta associates, dc area market trends, dc area condos, dc area condo market, dc area condo buyers, condo supply, condo buying
This article originally published at http://dc.urbanturf.com/articles/blog/dc_condo_sales_increase_35_bucking_area_trend/11097
Most Popular... This Week • Last 30 Days • Ever

The spring housing market looks to be one of the best on record for the area.... read »

Despite a six-month delay, this 10-acre development may break ground this year.... read »

The non-profit recently selected a winner for their second international design compe... read »

More than half of the units will be two- and three-bedrooms.... read »

Of the ten zip codes with the highest T3 index score in April, nine are located in Vi... read »
- A Market on Steroids: The DC-Area Housing Market Went Into Overdrive in March
- 527 Residences, a Grocery Store and a Hotel: The Plans for a West Falls Church Site
- With New Exhibition (and New Entrance), Dupont Underground Hopes to Advance Design Conversation
- 480 Affordable Apartments Proposed for Arlandria Site
- In March, Virginia Remained At the Top When It Came to Home Buyer Demand
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
Unique Spaces
Awesome and unusual real estate from across the DC Metro