Welcome to San Diego Blog | May 6, 2013
Downtown San Diego Condo Sales
…And what’s happening in San Diego Downtown 92101 zip code. It’s no secret that the market has changed, but what exactly has become of the downtown condo market?
Are there any good deals left in Downtown San Diego?
|$150,000-$299,999||Closed Sales in the past:||12 month||6 months||3 months|
|Number of Homes Sold||237||119||53|
|Average # Homes Sold per Month||19.75||19.83||17.67|
|Current Homes Active on Market||15||15||15|
|Months of Supply||0.76||0.76||0.85|
|Days of Supply||23||23||25|
|$300,000-$449,900||Closed Sales in the past:||12 month||6 months||3 months|
|Number of Homes Sold||268||139||65|
|Average # Homes Sold per Month||22.33||23.17||21.67|
|Current Homes Active on Market||22||22||22|
|Months of Supply||0.99||0.95||1.02|
|Days of Supply||30||28||30|
|$450,000-$599,999||Closed Sales in the past:||12 month||6 months||3 months|
|Number of Homes Sold||174||89||42|
|Average # Homes Sold per Month||14.50||14.83||14.00|
|Current Homes Active on Market||37||37||37|
|Months of Supply||2.55||2.49||2.64|
|Days of Supply||77||75||79|
|$600,000-$749,999||Closed Sales in the past:||12 month||6 months||3 months|
|Number of Homes Sold||99||56||24|
|Average # Homes Sold per Month||8.25||9.33||8.00|
|Current Homes Active on Market||19||19||19|
|Months of Supply||2.30||2.04||2.38|
|Days of Supply||69||61||71|
|$750,000-$1m||Closed Sales in the past:||12 month||6 months||3 months|
|Number of Homes Sold||59||28||19|
|Average # Homes Sold per Month||4.92||4.67||6.33|
|Current Homes Active on Market||23||23||23|
|Months of Supply||4.68||4.93||3.63|
|Days of Supply||140||148||109|
|> $1m||Closed Sales in the past:||12 month||6 months||3 months|
|Number of Homes Sold||61||30||16|
|Average # Homes Sold per Month||5.08||5.00||5.33|
|Current Homes Active on Market||35||35||35|
|Months of Supply||6.89||7.00||6.56|
|Days of Supply||207||210||197|
|* All data is deemed to be reliable, but is not guaranteed. Data pulled directly from Sandicor MLS|
A brief synopsis shows us how our market has changed over the past 18 months or so if you look back our our market absorption rates from November of 2011.
Downtown San Diego Condo Sales
The most notable difference is that the market was more balanced back in 2011. What do I mean by this? A balanced market is one in which there is about a 6 months supply of inventory for any given price range. This would indicate that buyers and sellers on an “even playing field” meaning that neither would have an advantage based on market conditions.
There has been a huge shift in the market.
In November of 2011, the market from $200,000 right up to $599,900 was a hot market with less than a 3.5 months supply of downtown condo properties. This means that buyers had to compete for properties and therefore we saw the prices start to rise based on competition among buyers.
For the price range from $600,000 to $749,900 there was an 8 months supply of homes. For $750,000 to $999,900 there was a 9 month supply of homes and for $1M and up, there was a 10 month supply of homes so this was inverted from what we saw in the $599,900 price range and below. This was indeed a buyer’s market where buyers could shop multiple properties and negotiate stronger deals.
In comparison with our market absorption rates for condos in downtown San Diego today, there is a significant difference. As you can see above, from $600,000 to $749,900 there is just over a 2 months supply. This is a huge shift in the market!
Today in the $750,000 to $999,900 range, there is only about a 4.5 months supply of properties so we are still looking at sellers having a favorable hand here. For properties in the $1m and above range, I would say the market is balanced with a 6.89 months supply of downtown san diego condos for sale. We’ve essentially eaten up an extra 3 months worth of luxury condo properties and are finally balanced.
There are still good opportunities to get great deals as many of the most recent sales are still distressed short sales that are just closing escrow now after months of processing, however, it’s likely that our market only bears another 12 months of good investment opportunities until we get back to people just buying because they want to live in America’s finest city.
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