Why are DC-area condo sales slowing? First-time buyers are getting older

In the D C region s slowing housing sphere condominium sales are slowing the majority of Related stories How updated are those online home listings Instantaneous DC s housing sector What s still hot Northern Virginia What s not DC condos Why DC-area home prices keep hitting records despite fewer buyers and more for sale In Arlington County condo sales are expected to fall this year according to the Northern Virginia Association of Realtors with condo prices in Arlington falling an average of In Alexandria condo prices may hold up better rising an average of the year according to the association But Alexandria condo sales could fall as much as 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 field disclosed 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 industry is the age of buyers First-time buyers are getting older at an average of 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- s or early- s if they re not buying their first home until they are closer to it might not be the right fit for their lifestyle Menish revealed 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 announced 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 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 Source