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There are currently 9,524 unsold condominium units that are actively marketing in the Washington metro area, according to Delta Associates’ first quarter report. That might not seem like a remarkably low amount. But it is—-It’s “the first time the pipeline has been below 10,000 units since 2004.”
The report goes on to say that, so far in 2009, there have been no reports of any new building sales or land sales for new residential projects. “This dearth of land sales is a potential indicator of a slow-down in the pipeline of the oncoming supply in future years.”
Image by AndrewCParnell, Flick Creative Commons