Real Estate

Condo Mania: 2,800+ Condos Will Start Construction This Year. Prepare Now.

Are you ready for a whole ton of new condos? Research firm Delta Associates released an analysis of new condo sales and the market in general for the quarter ending June 30 for the DC Metro area. The DC area is showing a 70% increase in new condo sales compared to the second quarter of 2015 – that’s 589 new condo units sold during the quarter.

“A rapid sales pace like this exhausts the supply of ‘inventory’ in the marketplace,” commented Gerard DiRuggiero, Principal Broker of UrbanLand Company. “Our agents are mentioning it often – there are not a large number of new condo or resale units available at the popular price points. The flip side is that developers are building upon this success and a whole ton of new condos are going to start construction in the next 12 months!”

There are currently 2,800 condo units scheduled to started construction this year, more than twice as many when compared to 2015 (1,123 units).  Many of these projects are starting this year after delayed starts in 2015.

newcon-purp-smallAre you prepared as a home buyer to buy a new condo? There’s a process to it and it is different than buying a resale. We offer a New Construction Buyer Representation service that plugs you in with our UrbanLand Company new condo agents. “Our team is extremely experienced. We actually handle the sales for a flow of new condo projects for developers and also regularly represent home buyers as well. Sitting on both ‘sides of the table’ gives us a ton of insight we’re happy to share. It’s key to get prepared earlier!”

The number of unsold condo units in projects that are currently under construction or being marketed has dropped a great deal from ‘normal’ levels. For DC overall, there is only a 9.6 month supply of new condos for sale in the area, down from 14.5% in 2015. Some zones are hotter than others, with under 6 months of inventory in Central DC and Mideast DC.

There’s good news if you’re looking at Montgomery County. They have a 19.3 month supply of new condos available or becoming available.


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