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New condo sales surged in 2009 and prices seem to hit bottom earlier in the year for select close in jurisdictions (The District, Alexandria, Arlington). Suburban Maryland is lagged behind other jurisdictions in their decline, but prices continued to increase a bit longer there as well.
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Thursday, January 7, 2010, 2:43pm EST
D.C. area condo sales up 34% in 2009
Washington Business Journal - by Sarah Krouse, Staff Reporter
Condominium sales in the Washington area jumped 34 percent in 2009 with a total of 2,350 units sold, fueled by the first time home buyer’s tax credit, low interest rates and the creation of high paying jobs in the region.
Loudoun and Prince William counties led the area with 707 sales, followed by the District with 524 condo sales, according to Delta Associates’ year-end report.
There were 439 sales in Arlington and Alexandria, 273 units sold in Montgomery County and 202 condo sales in Fairfax County and Falls Church with an average sales pace of three units per month.
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.
“You are already starting to see price traction in the Arlington and Alexandria submarket,” said William Rich, vice president and director of the condominium practice at Delta Associates. “Pretty much all of the Northern Virginia communities have price increases.”
Source: Washington Business Journal.
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