The DC Area Condo Market Holds Steady
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.
Sub-market definitions:
- Capitol East includes Capitol Hill, Capitol Riverfront, Hill East, NoMa, Southwest Waterfront, and everything east of the Anacostia River.
See other articles related to: dc area condo market, dc area condos, dc condo market, delta associates, northern virginia condos
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
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
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