Now is the Time to Buy a Condo!

Now is the Time to Buy a Condo!
April 2021

We know the COVID-19 pandemic has altered the real estate market in a number of ways. We know that single family homes are in high demand. What about condominiums and co-ops? (What’s the difference between the two? Visit our blog here.) The once “low maintenance, more affordable” condos with the benefits and convenience of onsite fitness centers, community rooms and pools have become less desirable during these social distance times.

It’s understandable that home owners want more personal space inside and out to accommodate working from home and children attending virtual school. Condos and co-ops are not providing the space or amenities to live, work and play leading to owners escaping these multi-unit buildings. The data tells the story. In March 2020, 82 condos/co-ops were on the market. In March 2021, we see 365 active condo listings! That’s a 356% change in inventory. You will see a similar trend over the past 6 months as well. As a result of this over-supply, condo/co-op prices have not increased in the same way single family homes have, and in many cases, prices are flat or decreasing in comparison to 2020. The current median list price for condos/co-ops is $381,000 compared to $412,000 in March 2020. The charts below show the trends over the past 6 months in Arlington County.

These trends point to a great time to buy a condo or co-op. We are finding a wide selection of condos and co-ops in DC, MD and VA at reasonable prices. And, the widespread availability of COVID-19 vaccines means the benefits of low maintenance condo and co-op living, along with the convenience of in-house fitness centers, party rooms, business centers and pools will be available again.

If you’re considering buying a condo or co-op, we’re at your service to start the conversation. Contact me at [email protected] or 703-798-1803 so we can put our expertise to work on your behalf.