Local Condo Sales Looking Up

No recovery yet, but local condo sales looking up in Washington
Washington Business Journal - by Joe Coombs Senior Staff Reporter

Let's not call it a recovery just yet. But new statistics show the Washington-area condominium market may be starting to climb out of the doldrums.

There were 497 condos sold in the region in the first quarter, a sharp jump from the 231 units sold in the fourth quarter of 2007.

Low interest rates, a shrinking supply of condos and stable prices are creating a favorable market for buyers, said Greg Leisch, chief executive officer of Alexandria-based research company Delta Associates.

"I think we have seen the bottom of the condo market correction," he said. "It won't be a sharp rise out but a methodical climb."

Source: Washington Business Journal. View Article.

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