Home | Newsletter | Advertise
loading...

Report: New Condo Supply in DC Area At Lowest Level Since 2003

  • July 3, 2013

by UrbanTurf Staff

Report: New Condo Supply in DC Area At Lowest Level Since 2003: Figure 1
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.

Report: New Condo Supply in DC Area At Lowest Level Since 2003: Figure 2

  • 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

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!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse