The Washington DC metro area condo market is gaining steam. So much so that properties are becoming scare, particularly in Arlington and Fairfax counties. Around the region condo sales are up 10% from the same time last year, according to a recent article in The Washington Post. In fact, most of the homes sales in 2012 outpaced those in 2011.
When properties are scarce prices rise. The median price for a condo in the Washington region was $252,000 in 2012, up from $228,500 in 2011. Condo prices in the District of Columbia and Arlington County are now higher in some neighborhoods than they were at the peak of the housing boom.
The spring buying season is right around the corner and demand for homes will surge as is typical in that time of year. It’s anticipated that competition for the few homes are become available will equally intensify.