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New Condo Prices Rise 11.9 Percent in DC Area

by UrbanTurf Staff

New Condo Prices Rise 11.9 Percent in DC Area: Figure 1
The Hatton, a new condo project in the U Street Corridor.

A report out late Wednesday from Delta Associates provided some good news for the region’s new condo market.

The report, which looked at the market in the third quarter of 2014, found that the average effective price per square foot for new condo sales in the DC area rose 11.9 percent between September 2013 and September 2014. The areas that saw the largest increases were Prince William County (20.9 percent) and Arlington/Alexandria (19.1 percent). In DC proper, new condo prices rose 7.1 percent.

As the chart below reveals, the highest prices per square foot were found in the Central DC and Mideast DC sub-markets.

New Condo Prices Rise 11.9 Percent in DC Area: Figure 2

Following are a few of the key findings from the report:

  • In the DC region, there are currently 3,119 new condo units under construction or being marketed, up from 2,223 units at the same time last year. Of the units planning to begin sales in the next three years, 28 percent are coming to DC’s Capitol East sub-market.
  • Inventory varies depending on the sub-market. For example, in Mideast DC there is approximately six months of new condo inventory. However, in Fairfax/Falls Church, there is close to three years of supply.
  • There were 453 new condo sales in the DC area in the third quarter, an increase of 7 percent over the third quarter of 2013. In the past 12 months, new condo sales rose 17 percent in DC proper.

Sub-market definitions:

  • Capitol East includes Capitol Hill, Capitol Riverfront, Hill East, NoMa, Southwest Waterfront, and everything east of the Anacostia River.
  • Mideast DC includes Shaw, U Street, Adams Morgan, Columbia Heights, Petworth, Bloomgindale, Takoma, and Brookland.
  • Upper NW DC includes the neighborhoods west of Rock Creek Park, including Georgetown, Glover Park, Woodley Park, Tenleytown.
  • Central DC includes West End, Dupont Circle, Logan Circle, East End, Mt. Vernon Square/Triangle.

This article originally published at https://dc.urbanturf.com/articles/blog/new_condo_prices_rise_11.9_percent_in_dc_area/9043

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