Though most of us already new, the Washington Post reiterated today that the condo market is going be bad for quite some time to come.
The price of new condos fell 4.6 percent in the District and 2.6 percent in Northern Virginia in the third quarter of this year compared with the same period a year ago, according to real estate information firm Delta Associates. Many condo units remain to be sold. With the median prices of all properties in Loudoun County falling almost 17 percent, the condo market here is even worst.
Builders are eager to find buyers for the units already available and are offering substantial incentives pre and post contract. There are also thousands of units available for resale by their owners and builders know it. As builders cut their base prices and add incentives, the resale market will have to adjust down to be able to sell.
Another indication of the condo market to come is that at this point, if no other condos were added to the market, it would take another 3 years to sell them all (a balanced market equals a 5 to 6 month supply of inventory).
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