New construction condominium sales are on the rise in Bethesda. But with no new projects slated for completion in 2019, demand for current inventory is expected to rise, creating a highly competitive market.
A recent market study by McWilliams|Ballard reveals that the total number of new condominium sales in Bethesda have risen by 30 percent this year compared to 2017.
Comparing new condominium sales to total home sales in the area is where a trend really emerges. While the median sales price of homes in Bethesda grew only 6 percent compared to 2017, hovering in the mid-to-high $700,000s, the median sales price of new condominiums rose a steep 31 percent.
The completion of two new condominium developments (Stonehall and Cheval) — which allow home shoppers to tour a finished product before purchase — has played a strong role in motivating more home shoppers to purchase in 2018 compared to the year prior. The increase in demand year over year is also attributable to the fact that these residences have a larger square footage on average than units sold in 2017. Two-bedroom residences begin in the mid-$500s at Stonehall and $700s at Cheval, with larger units and penthouses available in the $1M+ range.
As there are no new condominium developments scheduled for completion in 2019, the inventory of new construction condominium units is projected to tighten even further. Home shoppers will need to act quickly to get the condominium residence they want most.
From high-rise views to luxurious finishes, and on-call concierge to a premium address, the available new condominium developments in Bethesda are all luxury. That has driven new condominium sales prices higher than almost everywhere else in the DC region. But as demand continues to outpace supply, there is more inventory and there are better prices to be found now than what one can expect to see in 2019.
This article originally published at https://dc.urbanturf.com/articles/blog/report-demand-for-bethesdas-new-condo-market-projected-to-outpace-supply-in/14676.
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