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By Erika Morphy | GlobeSt.com
WASHINGTON, DC-Condo sales in the area are on the rise after a two year trough, according to a new study by Delta Associates and McWilliams\Ballard. New-unit sales volume, defined as net binding contracts written with security deposits, registered 686 units in Q3 in the area -- the highest quarterly sales volume in two years. Also, in the past 12 months, there were 2,120 sales, an increase of 45% from the prior 12-month period.
Prices, however are down – albeit showing signs of moderation. Effective new condo sales prices were down in the Washington metro area by 6% from 12 months ago, according to the report, with the District down just 3%. Concessions, at the same time, are also declining in most submarkets, with the exception of Fairfax/Falls Church and the District. Area-wide concessions are averaging 3.5% of the purchase price -- down 70 basis points from one year ago.
Source: GlobeSt.com. View Article.
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