Welcome to San Diego Blog | January 14, 2013
2012 Downtown Condo Sales
Wow, looking back , 2012 was a great year! We saw the San Diego real estate market make a complete 180 degree turn around. Prices on Downtown San Diego real estate went up 17.7% according to Dataquick News. Talk about big news! Why you ask? It’s all about the lack of inventory, the popularity of Downtown San Diego Real Estate, low interest rates and high consumer confidence.
Condo Sales Downtown San Diego
We see 2013 as being a great year for sellers and a tough year for the buyers that sat around on the fence in 2011 and 2012. The bottom is long gone and if you hesitated to buy a Downtown San Diego condo, you’re going to have to pony up some extra cash to get in the game. Not to worry, Properties in Downtown San Diego are still reasonable, but we’re just not giving them away any more…
The real news is found in what we refer to as market absorption rates. Simply put, the tug of war of supply and demand determines where the market will head. It is a general rule in real estate that a 6 months inventory of homes would be a balanced market. What are the inventory levels for real estate in downtown San Diego today?
The big time shocker – There’s not even a one month’s supply of home under $450,000!!
There’s not even a one month’s supply of condos and lofts under $450,000! This means it’s an all out battle to buy one of these lower priced properties. For the $450,000 to $600,000 range, there’s currently only a 1.5 month supply of properties. Even the $600,000 to $750.000 category has only a 3 months supply of homes. Still looking like a seller’s market…
Interestingly enough, it’s clearly a seller’s market until you hit the $750,000 to $1m range and even in this range, it’s balanced enough that neither buyer or seller really has a strong advantage except that inventory is low so buyers have few properties to chose from. Even for properties over $1m, we have just a 7.5 months supply and the trend is showing inventory continues to deminish.
What does this mean? Get in while there is still getting in with historically low prices and rates. Price are going up and sooner or later, sellers are going to have their way. We’re making our sellers very happy right now!619-309-8011
Want to get connected with the right property? Give me a call:
| Price Range | ||||
| $150,000-$299,999 | Closed Sales in the past: | 12 month | 6 months | 3 months |
| Number of Homes Sold | 258 | 130 | 67 | |
| Average # Homes Sold per Month | 21.50 | 21.67 | 22.33 | |
| Current Homes Active on Market | 10 | 10 | 10 | |
| Months of Supply | 0.47 | 0.46 | 0.45 | |
| Days of Supply | 14 | 14 | 13 | |
| $300,000-$449,900 | Closed Sales in the past: | 12 month | 6 months | 3 months |
| Number of Homes Sold | 265 | 144 | 78 | |
| Average # Homes Sold per Month | 22.08 | 24.00 | 26.00 | |
| Current Homes Active on Market | 17 | 17 | 17 | |
| Months of Supply | 0.77 | 0.71 | 0.65 | |
| Days of Supply | 23 | 21 | 20 | |
| $450,000-$599,999 | Closed Sales in the past: | 12 month | 6 months | 3 months |
| Number of Homes Sold | 161 | 91 | 52 | |
| Average # Homes Sold per Month | 13.42 | 15.17 | 17.33 | |
| Current Homes Active on Market | 26 | 26 | 26 | |
| Months of Supply | 1.94 | 1.71 | 1.50 | |
| Days of Supply | 58 | 51 | 45 | |
| $600,000-$749,999 | Closed Sales in the past: | 12 month | 6 months | 3 months |
| Number of Homes Sold | 89 | 51 | 30 | |
| Average # Homes Sold per Month | 7.42 | 8.50 | 10.00 | |
| Current Homes Active on Market | 30 | 30 | 30 | |
| Months of Supply | 4.04 | 3.53 | 3.00 | |
| Days of Supply | 121 | 106 | 90 | |
| $750,000-$1m | Closed Sales in the past: | 12 month | 6 months | 3 months |
| Number of Homes Sold | 65 | 27 | 10 | |
| Average # Homes Sold per Month | 5.42 | 4.50 | 3.33 | |
| Current Homes Active on Market | 23 | 23 | 23 | |
| Months of Supply | 4.25 | 5.11 | 6.90 | |
| Days of Supply | 127 | 153 | 207 | |
| > $1m | Closed Sales in the past: | 12 month | 6 months | 3 months |
| Number of Homes Sold | 53 | 29 | 14 | |
| Average # Homes Sold per Month | 4.42 | 4.83 | 4.67 | |
| Current Homes Active on Market | 35 | 35 | 35 | |
| Months of Supply | 7.92 | 7.24 | 7.50 | |
| Days of Supply | 238 | 217 | 225 | |
| * All data is deemed to be reliable, but is not guaranteed. Data pulled directly from Sandicor MLS | ||||
Written by: chad
Categories: Absorption Rates, Downtown San Diego, Real Estate Investment, San Diego Real Estate