The inventory of Washington DC condos is quickly shrinking as more buyers flock to the market and take advantage of low interest rates. New condos have fallen to a 9.6 months supply which is a record low, according to real estate research firm Delta Associates. They also reported:
- In the DC region, there are currently 2,849 new condo units under construction or being marketed. What that translates to is just 9.6 months of new condo inventory, based on the current sales pace. To give this number some historical perspective, last July inventory stood at 3,629 units. In 2007, there were nearly 20,000 new condos on the market.
- Inventory varies by sub-market. From the report: “In most of the District and Prince George’s County, there is less than six months of inventory available, but in Loudon/Prince William, there is 1.4 years of inventory.”
- Projects that have been introduced to the market in the prior 12 months have sold at a pace of 8.3 units per month; in contrast, projects that have sold out since 2012 averaged 2.6 sales per month.
The message to potential sellers: If you’re serious about selling your property, now is the time. Buyers are ready to move forward. Just Monday I put a Cleveland Park condo on the market. We had three offers two days later. Last month I listed a Dupont condo. We received a cash offer above the list price the day it was listed.
It’s time to take advantage of DC’s hot market. Call me. I can help.