In the D.C. region’s slowing housing market, condominium sales are slowing the most.
In Arlington County, condo sales are expected to fall 2.1% this year, according to the Northern Virginia Association of Realtors, with condo prices in Arlington falling an average of 4.9%.
In Alexandria, condo prices may hold up better, rising an average of 2% the year, according to the association. But Alexandria condo sales could fall as much as 10%, the largest drop in condo activity in Northern Virginia.
“I wouldn’t call it a gloomy forecast. It is a little bit more of a return to a healthy balance for the condo market,” said Casey Menish, president of the Northern Virginia Association of Realtors, and agent at Ashburn-based Pearson Smith Realty.
One big reason condo sales are softening throughout the D.C. market is the age of buyers. First-time buyers are getting older, at an average of 38 years old.
“A lot of these would-be first-time homebuyers for whom a condo would be a perfect fit for them if they were in their late 20s or early 30s, if they’re not buying their first home until they are closer to 38, it might not be the right fit for their lifestyle,” Menish said. “It might not be the space that they need, for example, if they had a growing family.”
Condos remain a good deal for buyers, not just first-time buyers or younger buyers, but last for older buyers downsizing, and buyers just looking for a simpler homeownership. Shopping for condos requires its own unique set of due diligence for buyers.
“Really, what they need to think through is not just the ‘drywall-to-drywall’ unit that they are going to be living in,” Menish said. “But also how is the condo doing with monthly condo dues, with maintenance of the building if it’s an older building. Are there any special assessments coming up?”
Metro-wide, including D.C.’s closer in suburbs, roughly 10% of homes are condos. In the District itself, condos and cooperatives make up almost half homes, a number that has grown in the past decade, thanks in part to a boom in new condo construction.
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