DC LUXURY CONDO MARKET
We have been hearing and seeing that the Real Estate market is starting to cool down after a monumental run that began around April of 2020.
It is important to remember alot of the news we hear and see is macro data, or nationwide data.
Here we will look at the microdata which is being pulled from BRIGHTMLS which is powered by CORELOGIX.
What Is Happening In The Washington, DC Condo Market?
The Single Family Sector and Suburban neighborhoods saw the largest spike in sales price over the last 562 days. Condos, however, took a bit of a back seat with COVID19 moving people out of the city and putting things on an indefinte hold.
We have since seen the overall condo market in DC bounce back with average sales price of $552,000 and 27 total days on market!! DC's Luxury condo market is on the comeback albeit at it owns pace. Currently, there are 49 listings above $999,000, averaging a 2.5 million list price!! Inventory is robust!!
There is alot of room to speculate. One could argue that the higher price points always take longer to sell as the market shrinks. From 2016-2019, this was not the case. The luxury condo market averaged 37 Days on market over this 3 year period (pre pandemic).
Is Now A Good Time To Buy or Sell a Condominium in Washington, DC?
So where do we find ourselves now? At Daryl Judy Real Estate, we see opportunity in these market shifts. As a portion of our clientele are Buyers and investors, we look at the market from both sides. Right now there is a perfect storm brewing for investors and sellers alike!!
According to Yardi Matrix, from the first 6 months of 2020, DC ranks as number 5 of major cities in overall rental activity, with 41% growth!!
With 30 year average rates at 3.11%, we are still at historic lows. Couple that with average rental prices on 2 bed 2 bath apartments (Upper NW DC Prime markets) at $3,519. Rents are up, interest rates are low and certain Sellers are looking to off load inventory. With the right team behind you, the right connections, and proper feet on the ground, condo sales and purchases over the course of the next 6 months could be very lucrative.