Condo Sales Drop, Prices Hold Steady
posted 8:01 am Tue October 09, 2007 - Washington
Real estate research firm Delta Associates says about 4,300 new condo units were sold between September 2006 and September 2007. That's down from about 9,500 units sold a year earlier. Average prices, though, have remained fairly stable over the last year. In D.C., prices actually rose 2 percent. But prices dropped 2.5 percent in the suburbs.
Faced with declining sales, some developers have opted to convert some planned condo projects into rental units instead.Greg Leisch, chief executive of Delta Associates, says 120 area condo projects have been canceled over the past 15 months, comprising more than 20,000 units.
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