Washington, DC | February 22nd, 2021
McWilliams|Ballard has released its 2020 Year End Washington Metropolitan Area Condominium Market Report. The report is a comprehensive analysis of the new and resale condominium marketplace in the Washington Area over the past 12 months.
The report confirms the COVID-19 pandemic’s effect was to delay the start of many new projects in The District, particularly in the critical months of March and April. More than any demand factors, this was the cause of the 262-unit year-over-year decline in Metro Area new sales to 2,411, a 10% decline. This response is temporary and not indicative of a longer downward trend. While the District’s new sales count fell 18%, several jurisdictions, including Alexandria City, Fairfax County, and Loudoun County, saw increased new sales, and all jurisdictions posted increases in the number of resales and average price.
Condominium resale quantity saw a 3.7% increase with a 6% average price increase over 2019. Average resale days on market fell three days as well. This is indicative of a lack of supply in the new condominium market and buyers bidding up prices for available resale product.
The development pipeline remains mostly composed of large apartment buildings, with, at most, 12% of units in the near term pipeline expected to deliver as for-sale condominium. Projects expected to deliver as for-sale condominium are also much smaller and unlikely to accumulate significant unsold inventory.
For your own copy of the McWilliams|Ballard 2020 Year End report, please visit www.mcwb.com/services.
McWilliams|Ballard, based in Alexandria, Virginia, is the leading real estate sales and marketing firm specializing in the sales and marketing of new condominiums, apartment, townhomes and mixed-use communities. During its 25-year history, McWilliams|Ballard has worked in 13 states nationwide, creating partnerships with developers and builders to provide sales and marketing solutions from project inception to the final closed sale. In addition, the firm also provides consultation and market research used by some of the most renowned developers and investment groups in the country.