Courtesy of Delta Associates. Click to enlarge.
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.
This article originally published at http://dc.urbanturf.com/articles/blog/report_new_condo_supply_at_lowest_level_since_2003/7278
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