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Despite Strong End to 2020, DC Behind Suburbs for New Condo Sales
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.
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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.
See other articles related to: dc new condo market, new condo inventory, new condo market
This article originally published at https://dc.urbanturf.com/articles/blog/despite-strong-end-to-2020-dc-behind-suburbs-for-new-condo-sales/17824.
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