Welcome to San Diego Blog | August 13, 2012
Downtown Market Absorption Rates…
…for condos and lofts in 92101
The big news for condos in downtown San Diego is the rate at which inventory priced at $1M and above is moving. This is the first time in 5 years that we’ve seen the luxury condo segment really accelerate. We are seeing sales reach 5 year highs at price per sq/ft and we are seeing inventory dry up. If you check out the chart below, you’ll see that we went from a 16 month supply of condos priced $1m and above to only a 10 month supply. This is big news!
The New Deal for Condos Downtown San Diego
For all price categories illustrated above that are below $1m, the story is very simple. Inventory is below a 6 month supply and demand is high so we are starting to see the shift to a seller’s market. Quite simply stated, the lower the price, the lower the inventory and the more fierce the competition.
I hope you have a good agent! Be prepared to move quick and don’t mess aound with your offers…my suggestion is to be first and be deadly!