While new condo sales in the DC area fell over the course of the last year, the market is still holding firm.
The latest quarterly report from Delta Associates shows 339 new condo sales during the third quarter of the year, a drop-off from the 414 sold in the second quarter. DC proper saw the strongest sales pace with 134 units sold; there were 112 and 93 sales in suburban Maryland and Northern Virginia, respectively.
Sixty-four percent of the new condo market in the District is concentrated in the Capitol East submarket, which accounted for 86 sales. Similarly, price growth for new condos in Capitol East outpaced any other submarket in the metro area, rising by 4.3 percent year-over-year.
Other submarkets in DC experienced flat or negative price growth, averaging out to a 1.1 percent increase citywide. Despite having the most modest sales activity in the region, prices for new condos rose the most in Northern Virginia, increasing by 3.3 percent; prices were flat in suburban Maryland.
At the end of the third quarter, overall supply was down to 13.2 months regionwide. However, this blip is not expected to disrupt the overall trends in the market.
"Despite the decrease in the number of units under construction or marketing, the 36-month pipeline increased from 5,778 units (before attrition) to 6,170 over the past year," the report states. "We expect more of the same in terms of moderate sales growth for the period ahead, although some tightening in some submarkets could lead to more robust price growth."
- Capitol East includes Capitol Hill, Capitol Riverfront, Hill East, NoMa, Southwest Waterfront, and everything east of the Anacostia River.
This article originally published at http://dc.urbanturf.com/articles/blog/one-dc-submarket-accounts-for-nearly-two-thirds-of-new-condos-sold/14591
Most Popular... This Week • Last 30 Days • Ever
Approximately 16,550 units delivered in DC between January 2019 and August 2021.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The seven-bedroom home hit the market on Friday and was under contract by Sunday.... read »
This year will likely go down as the year that prices for houses in DC reached new he... read »
Dubbed OZMA, the 13-story project will include roughly 7,900 square feet of ground fl... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The 12,000 square foot replica of 1600 Pennsylvania Avenue went under contract last w... 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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro