Please post your local house search updates, MLS finds, on-topic ideas, and links here.
The Post had a bit about the condo market this weekend. A little excerpt:
"The average sales price of new condos fell 3.6 percent in the Washington area during the third quarter compared with the same period a year ago, according to a study by McWilliams Ballard, a condo marketing company, and Delta Associates, a research firm. The impact on existing condos has been even more dramatic: Sales prices fell 8.1 percent during the third quarter. At the current pace, it would take 8.2 years to sell the finished and almost-completed new-construction condominiums on the market, according to the study".Delta Associates has more 3rd Quarter 2008 information available here (pdf file).On pp. 20 regarding condo sales:
"Net sales pace of 1,500 to 2,000 units per year of late will increase next year as the number of projects due to deliver diminishes to near zero, with few contract cancellations left to offset gross sales. With mortgage interest rates remaining low and job growth rates remaining on course, we expect a net sales pace of 2,500 to 3,500 units per annum over the next two years. With this, select jurisdictions will find equilibrium arriving quickly – perhaps as early as late 2009 or into 2010."