Welcome to San Diego Blog | April 21, 2014
Offers Over Asking Price
Real estate in San Diego has definitely been interesting the last 18 months. The first seven months of they year absolutely raged with most properties under $600,000 selling in just days with multiple offers. It was a full on feeding frenzy and with 2012 gains of 15.5 in Downtown according to Dataquick, it’s no wonder why everybody wanted to get in the San Diego real estate game in 2013.
Multiple Offers in San Diego Real Estate
Prices were accelerating so fast and buyers were in a frenzy with low interest rates and the pressure to buy before being priced out of the market. Then, in August of 2013 things took a sharp turn and the market started flattening out.
What caused the change? Maybe it was our government shutting down, maybe it was the fear of healthcare problems or a dozen other issues, but the reality is that doubt set in.
Through December, the lower end of the market which included many investors and buyers of vacation homes came to a slow. It was a welcome slow down for some of us because the competition was fierce when hunting for a downtown San Diego condo during the first half of the year. Multiple offers, highest and best was a phrase that became quite often the norm.
Year to date, we have a total of 26 sales over $1,000,000 in Downtown San Diego’s 92101 zip code.
For the second half of the year, there was a big swing in the properties that were selling. We started to see more activity in the luxury market. In the 4th Quarter of 2013 there were thirteen condos that sold for over $1,000,000. They ranged from $1.176,000 up to $2,725,000 and even a number of these sales had multiple offers.
The current market is not as chaotic as the first half of 2013, but good properties that are priced well are selling quickly. As a matter of fact, we have doubled the number of sales over $1m for the same period last year. Year to date, we have a total of 26 sales over $1,000,000 in Downtown San Diego’s 92101 zip code.
If you are looking to buy or sell real estate in Downtown San Diego, give us a call. Representation does matter. 619-356-3099