District condo sales volumes and prices increased
September 27’s Washington Post’s “Where We Live” section provided some real estate trends for condos. The data compared the first three months of 2007 to the first three months of 2008.
As one would expect, metro-wide sales were down from 4,556 condos to 2,864 condos during the January to March period. Pricing held up well, however, with the median purchase price of $277,222 in 2007 compared to $274,175 in 2008, or a 1 percent decline in value.
But the District itself saw a much brighter picture. Sales increased from 208 to 312 when comparing the two periods, and pricing went from $330,000 in 2007 to $379,500 in 2008 – a 15 percent increase!
Now, keep in mind that this is only a small snippet of the market, and one cannot draw meaningful conclusions from the data. That being said, it is just another data point that supports the notion that living in the District has its advantages!
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October 14th, 2008 at 3:35 pm
This is great news for the District, and goes against a lot of news being shown on the nightly reports and in the industry. Thanks for reporting this, Brandon.