Noticed a lot less “for sale” signs lately? It’s not your imagination. The Washington Business Journal is reporting that the number of new condos sold in the Washington metro area has fallen 50% from last year!
There are still over 19,000 unsold condos in the region but even more worrisome is that an additional 26,000 units were removed as developers converted them to apartments or canceled projects.
Concessions by builders are also increasing, however don’t expect significantly lower prices, the value of homes has remained relatively stable. This only goes to show that even in bad markets, owning a condo is still a stable investment… and now there are even more to choose from!