Why D.C. Condo Sales Are Booming
Condominium sales in the Washington area jumped 34 percent last year, with a total of 2,350 units sold, according to a year-end report by Delta Associates.
At the same time, that hasn't kept prices from dropping. New condo prices dipped 3.7 percent in the District, slumped 6.2 percent in Northern Virginia and fell 6.9 in suburban Maryland, according to the Washington Business Journal.
Why are condo sales so strong in the nation's capital, while cities such as Miami and Las Vegas are burdened with years of inventory.
Firstly, with all the government spending, D.C.'s unemployment rate is only at 6.1 percent, almost four full percentage points lower than the national average.