The Washington Post recently took a look at why the number of condo sales has risen drastically in the past year and RBI was able to help provide several key statistics to support the article. Compared to last year, condo sales are up 16% and all signs point to that number trending even higher over the coming twelve months. Even though inventory is not at its usual levels, the number of condos hitting the market has increased 17.5% compared to last year indicating yet another sign of strength for this segment of the market.
In addition to the larger projects like CityCenter DC and Turnberry Tower, a large portion of these new listings can be attributed to the many rowhouse conversions happening all over the city. Thus, developers, often at the forefront of changing real estate trends, have seen the shifts and are adapting their investments accordingly.
Go here to hear from some prominent DC brokers and developers about what they cite as the reason for this sudden shift in buying patterns.