Report: New Condo Supply in DC Area At Lowest Level Since 2003
Real estate research firm Delta Associates released its second quarter report on the DC metro area condo market on Tuesday, which revealed that the inventory of new condos in the region is at its lowest point in a decade.
Following are a few of the key findings from the report:
- In the DC region, there are currently 2,457 new condo units under construction or being marketed, down from 2,849 in the first quarter. What that translates to is just 9.6 months of new condo inventory, based on the current sales pace. To give this number some historical perspective, last July inventory stood at 3,629 units. In 2007, there were nearly 20,000 new condos on the market.
- Inventory varies notably depending on the sub-market. For example, in DC proper there is less than six months of inventory (and far less in certain neighborhoods), but in Montgomery County there is 1.2 years of supply.
- Sales volume for new condos in the second quarter of 2013 dropped 25 percent versus a year ago. The drop is being attributed to the lack of supply which is giving buyers fewer options.
- Delta Associates has identified 13 Class A 80-150-unit apartment projects that are under construction (a total of 1,549 units) that could convert to condos.
The rendering of the condo project pictured in the thumbnail image is The Edmonds School. More details here.
See other articles related to: dc condo inventory, dc condo market, dc condos, dclofts, delta associates
This article originally published at https://dc.urbanturf.com/articles/blog/report_new_condo_supply_at_lowest_level_since_2003/7278.
Most Popular... This Week • Last 30 Days • Ever
Roadside Development filed a sketch plan with Montgomery County this month for the 30... read »
The Matthew is located on 9th Street, overlooking the iconic Naylor Court and neighbo... read »
Construction continues humming along on several developments on the uppermost stretch... read »
Today, we take a closer look at home insurance.... read »
Unlike other new residential developments in the city, all of the apartments will be ... read »
- A First Look At The 525-Unit Development That Will Incorporate Silver Spring's Tastee Diner
- Nine Stylish Condominiums Debut in Shaw's Iconic Naylor Court
- The 1,600 Units In The Walter Reed/Takoma Development Pipeline
- A Look at What is Covered By Home Insurance
- 8-Unit Project + Restaurant Proposed Along Georgetown Canal
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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro