A report on the new condo market further illustrates the seasonless housing market in the DC region.
The last quarter of 2020 was the busiest time of year for new condo sales, according to Delta Associates. With 468 net units sold, sales volume was 31% higher than in the fourth quarter of 2019. However, this strong showing did not necessarily take place evenly throughout the area.
New condo sales in Suburban Maryland and Northern Virginia were respectively 23% and 14% higher in the fourth quarter of 2020 than in the fourth quarter of 2019. Meanwhile, new condo sales in DC proper were 25% lower in the fourth quarter of 2020 than in the fourth quarter of 2019. Only 55 new condo units sold in DC proper in the fourth quarter — notably less than the 273 units sold in Northern Virginia.
"This quarter, Capitol East DC had the highest amount of contract sales by far in the District after two submarkets recorded negative contract sales," the report stated. "However, a new wave of supply in Shaw and Upper Georgia Avenue will provide buyers more options in the Northwest quadrant of the city."
New condo inventory was also at its highest level since 2011, although construction is slowing. While 1,165 units broke ground in 2020, just 940 units are expected to break ground this year.
This article originally published at https://dc.urbanturf.com/articles/blog/despite-strong-end-to-2020-dc-behind-suburbs-for-new-condo-sales/17824.
Most Popular... This Week • Last 30 Days • Ever
The proposed district would encompass the neighborhood's commercial strip along Conne... read »
WTOP is reporting that The Heights, an eight-stall food hall that is taking over the ... read »
Where new housing is being built; the return of water in Dupont Circle; and a look at... read »
July Residential has filed plans with DC for a four-story, 50-unit apartment building... read »
Capitalization challenges are to blame for the Madison Highland Live/Work Lofts at 70... read »
A new report out this week found that homes in the DC region are selling nearly a wee... read »
Today, we will take a look at the close-in Northern Virginia zip codes where prices h... read »
Hockey players and horse riders, this sprawling Virginia estate may be for you.... read »
DC's Board of Zoning Adjustment approved the requested relief for a planned 32-unit c... read »
When Amazon announced in 2018 that it would be opening a second headquarters in Virgi... 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. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro