A year-end report from Delta Associates that looked at the condo market throughout the D.C. area reported that condo sales in the D.C. area were up 34 percent in 2009, according to the Washington Business Journal. The District had 524 sales in 2009, finishing runner-up to Loudoun and Prince William counties that had a combined 707 sales. Rounding out the area were Arlington and Alexandria (439 sales), Montgomery County (273 sales) and Fairfax County and Falls Church (202 sales).
You can read the WBJ’s comprehensive piece on the report here, but one of the more interesting results from this year’s sale surge is what it has done to the area’s housing supply:
The surge in Washington area sales in 2009 brought the region’s inventory-to-sale ratio, or the pace it would take to deplete the current supply of condos for sale, down to 2.6 years compared to 5.9 years at the end of 2008.
Arlington and Alexandria will likely be the first areas to see a pipeline shortage and, thus, a rise in prices with just a 1.4-year supply of new units. D.C. has a 1.8-year supply.
More recent articles about D.C.-area real estate from UrbanTurf:
- Rents are Falling Almost Everywhere…Except DC
- HUD Releases Updated Mandatory Settlement Cost Booklet
- Sponsored Post: Five Units Remain at Union Row
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