DC Metro Condo Bubble

July 16, 2006

The Washington Post ran an interesting "above the fold" article yesterday in its weekly Real Estate Section on Condo sales in the region. In two years the number of new Condo projects increased from 78 to 279, a 258% increase. The total number of new units on the market today is about 25,300, up from 5,600 two years ago. That's a whopping 352% increase! While the article attempts to give a perspective on the market for these, it fails to discuss the affordability. Some quick MLS checking for Fairfax County reveals there are 3,418 Condos listed since the first of the year at an average list price of $336,123 for a two bedroom unit. Condo advertisements in the same section yesterday shows new units ranging from the mid $200,000 to the mid $300,000 for one bedroom depending on location. Looks like some heavy betting by developers in this market segment.

Read the full Post article here.

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