Over 1,500 new condos sold in the DC region in the 12 months ending in September, an increase of less than one percent compared to the prior year. However, sales jumped significantly between the second and third quarter of the year, skyrocketing by 75 percent with the outer suburbs leading the way.
Suburban Maryland saw sales activity rise significantly, thanks to the arrival and quick sales pace of developments like The Flats at Crown. Prices followed suit, rising by 3.7 percent year-over-year.
DC's Capitol East submarket accounted for more than three in four new condos sold in the city in the third quarter, accounting for 128 units out of the citywide total of 170. Both northern Virginia (267) and suburban Maryland (191) outpaced DC sales, illustrating how much variation there is in the market.
Despite strong sales, prices only increased 0.4 percent in Capitol East over the past year, likely because the submarket also leads the area in available inventory with 1,068 units. Similarly, Arlington/Alexandria, the submarket with the third-most available inventory (466 units), saw prices drop 0.4 percent over the past year.
Flat year-over-year sales may be having a cooling effect on condo construction, with the 1,351 new units expected to break ground this year down 17.5 percent from 2018. Despite this, Delta Associates anticipates the DC condo market having more supply than demand over the next three years, while suburban Maryland and northern Virginia are expected to have more demand than supply.
- Capitol East includes Capitol Hill, Capitol Riverfront, Hill East, NoMa, Southwest Waterfront, and everything east of the Anacostia River.
This article originally published at http://dc.urbanturf.com/articles/blog/three-in-4-new-condos-sold-in-dc-last-quarter-were-in-this-neighborhood/16158
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