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Washington DC Market Update

New Condo & Co-Op Market Data

During March 2017, the median sold price for Condo & Coop properties was $260,000, the same as the previous month and a decrease of 1.1% from March of 2016. The average Days On Market (DOM) for units sold in March was 58 days, 3% below the 5-year March average of 60 days. New contract activity increased 31% from February with 2,495 New Pending sales; an 11.4% increase in All Pendings from the previous month (new contracts + contracts carried over from February) to 3,180; and a 6.7% increase in supply to 3,738 active units.

This activity resulted in a Contract Ratio of 0.85 pendings per active listing, up from 0.81 in February and an increase from 0.75 in March 2016. The Contract Ratio is the same as the 5-year March average of 0.85. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.

How did your neighborhood and home type fare?

Elysium Logan - new condos in DC

Elysium Logan Sales

Elysium Logan Starts Sales

Elysium Logan, the new luxury creating buzz in Logan Circle,  is an 8 story, 32-unit project located on Rhode Island Avenue near 14th Street NW. Offered will be 32 high-end 1 bedroom, 2 bedroom and 2 bedroom+den residences in the Logan Circle neighborhood of Washington DC. Amenities are ‘luxe hotel-level.’

Nobu at 2501 M

2501 M & Nobu

2501 M is Now Selling

An ‘ultra luxury’ condominium at the edge of West End DC, 2501 M is now offering its first units for sale. The 8 story building at the corner of M and 25th Streets, adjacent to Francis Field, will house 59 new condos in addition to the existing units on the upper three floors known as the Westgate Condominium. The ground floor retail space is reserved for the eagerly anticipated Nobu restaurant, slated to open late this year or in early 2018.

KIPLING HOUSE Barracks Row DC

Kipling House

Kipling House Starting Sales

Kipling House is a 4 story, 48 unit condominium  constructed across two lots previously used as a parking lot and auto service station. Kipling House is located between Potomac Avenue and Barrack’s Row in the Capitol Hill neighborhood of Washington DC. Sales start in May!

Adele DC

Adele Pricing

The Adele Pricing

The Adele is a new boutique “bespoke” condominium project in the 16th Street Historic District near downtown DC. The mixed use building will offer high-end office space and 14 completely customizable condominium residences. Pricing, floor plan and parking information.

475 K Under Contract

Under Contract by The Isaacs Team

475 K #1016 is a two bedroom, two bath condominium at City Vista in the Mount Vernon Triangle – Penn Quarter neighborhood of Washington DC. List price $799,900.

City Center Hines

920 I Under Contract

Under Contract by The Isaacs Team LLC

920 I Street #907 is a chic, one bedroom, one bath condominium at City Center DC. The luxury residence offers 714 square feet of living space and was listed at $649,900.

DC Development

Washington DC Development

What’s Going Up in the District?

Washington DC is bursting with new construction, a boon for frustrated condo buyers who are encountering tight inventory in the resale market. The WestLight released their first luxury condo offering in November, Elysium Logan is beginning pre-sales on their luxury condo project off 14th on Rhode Island Avenue, 2501 M construction is progressing in West End, and The Adele will begin pre-sales in early 2017. There are many new DC real estate development projects, from boutique to large-scale, in various stages of development throughout the District. See what’s going up in your neighborhood!

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