Northern VA Condo Market – Supply Problems?

Here’s an interesting report by Tom Meyer of Condo 1:

The supply of DC area condominiums has dropped below 6000 available units for the first time in five years. And… There are currently ZERO condo starts in the pipeline. This presages a very tight condo market in 2012, says a new report by McWilliams/Ballard.

Of the 4400 multifamily units that are currently under construction as rentals, M/B predicts that between 10% and 40% will ultimately be delivered as condominiums due to the impending lack of inventory.

So hang onto your hats. This real estate roller coaster may suddenly lurch upwards when nobody expects it!