Whats the Downtown San Diego market doing? Are prices going up? Down? Is there more inventory now that the market has slowed down? Are you waiting for that perfect deal?
Ive been following the Downtown San Diego market since the end of October last year, monitoring the number of new listings, pendings and solds for each week. And what Ive found is that while the number of active listings has been pretty constant, hovering around 566, is that the number of condos going into escrow has steadily increased. As you can see by the reddish line on the graph above, the number of units that go into pending each week has been rising fairly steadily since mid/late December.
On average, just over 14 condos were going into escrow each week for the last 6 months. More importantly, for 10 of the last 11 weeks, 14 or more condos have gone pending each week, averaging almost 20 new pending units per week! You may think this is a fluke and that people will go back to waiting on the sidelines, but what if they dont? What if the people who are looking right now end up taking all the good deals? Do you think people are passing up on the homes that are the best values and settling for the pricer, less attractive home?
As Ive said before, the best deals are being made right now. Its hard to time the exact bottom of any market, but when you think its close, you should act. And Im telling you right now, we are close to, or at the bottom of the market right now. Yes, there are exceptions (especially if youre looking to buy at Electra), but for the most part, now is when you want to take advantage of the market “ not when everyone else is back in the hunt, creating a higher demand for housing.
When you are looking to buy, just make sure you remember to look for something unique. Buy something that sets your home apart from the resta protected view, large square footage, an incredible price, great locationjust dont buy something that will be generic that will be hard to sell in the future. If you need help, Im sure I can find someone who will be happy to assist!
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