WASHINGTON, DC—The seven condo units in Banneker Hill, a building located at 1436 Chapin St., NW, has sold out after 30 days on the market, Urban Pace reports. Pricing averaged about $692 per square foot, with the units trading from $389,900 to $874,900. PT Blooms was the developer for the project.
Seven condos might not seem to be much of a indicator in the large scheme of things, but in the Washington DC market, every unit counts. The market has been very supply constrained, a condition that was reflected in Q1 sales transactions, according to Delta Associates.
There were 370 net sales in the first quarter, it found. And while new condo sales activity rebounded from the final quarter of 2014 and is on-par with market performance during the first quarter of 2014, the sales average over the past 12 months has been lower than the previous 12-month period by 13%.
Not surprisingly, pricing is reflected in these fundamentals, Delta says, with average effective price per square foot for new condo sales in the metro area rising by 7.6% over the past 12 months.
These fundamentals are due for a shift, though. Delta Associates reports that momentum is picking up in the condo pipeline and in recent months "more condo projects with at least 100 units have returned to the drawing board and a few are under construction -- or will get underway this year. Popular areas of development include the Capitol Riverfront, Southwest, and NoMa in the District; Pentagon City and Herndon in Northern Virginia; and Silver Spring and North Bethesda in Suburban Maryland.
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