The DC area market for new condos continues to exhibit strength in 2018.
The latest new condo report from Delta Associates finds that while slighlty fewer new units sold in the second quarter of 2018 than in the first (414 sales vs. 432 sales), the market still has strong momentum with sale prices up by 1.1 percent regionwide.
Northern Virginia led the region in new unit sales, with 207 sales compared to 124 in the District and 83 in suburban Maryland. As for submarkets, Capitol East remains dominant, accounting for 56 percent of all new condo sales in DC with 70 sales in the second quarter of the year. Prince George's County was not far behind, with 67 sales, driven by new units delivered in National Harbor.
With over 2,100 for-sale multifamily units expected to break ground this year, the 36-month pipeline in the region is 3 percent higher than it was a year ago. Over 40 percent of the new condos in the pipeline will be built in DC proper.
"The region’s condo market is projected to be in balance over the next 36 months; however, market conditions vary significantly between submarkets," the reports states. "Generally, there’s projected to be a shortage of product in Northern Virginia, while in the District there is projected to be more supply than demand."
Second quarter tallies counted 13.9 months of supply in the metro area, a 3.2 month increase year-over-year. In DC proper, inventory rose from 10.9 months to 13.2 months of supply. Despite the expected continued growth in inventory, demand could be concentrated in certain markets such that price growth remains solid overall.
- Capitol East includes Capitol Hill, Capitol Riverfront, Hill East, NoMa, Southwest Waterfront, and everything east of the Anacostia River.
This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-area-condo-market-holds-steady/14202.
Most Popular... This Week • Last 30 Days • Ever
The listing will hit the market on Wednesday, according to the Washington Business Jo... read »
The concept for the residential conversion of a prominently sited building in Dupont ... read »
Here are some precautions to take before buying real estate with a buddy.... read »
About a month ago, UrbanTurf examined how condo and co-op prices were driving home pr... read »
Even though flipping is not as prevalent in the city as it used to be, there are sti... read »
With interest rates reaching their highest levels in 22 years, it is critically impor... read »
Just before the holiday, UrbanTurf is taking its semi-annual look at the neighborhood... read »
Plans have been filed with DC's Historic Preservation Office to convert the building ... read »
An application filed with DC this week signals the end is nigh for a McDonald's locat... read »
The change would allow for an 80-acre portion of DC's 272-acre Armed Forces Retiremen... 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. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro