Downtown San Diego Condo Watch

Downtown San Diego Buildings

Real Estate Blogs

Resources

Downtown San Diego Condo Watch

April 30th, 2008 categories: San Diego Sales Statistics

What’s 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?

Inventory1

I’ve 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 I’ve 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 don’t? 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 I’ve said before, the best deals are being made right now. It’s hard to time the exact bottom of any market, but when you think it’s close, you should act. And I’m telling you right now, we are close to, or at the bottom of the market right now. Yes, there are exceptions (especially if you’re 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 rest…a protected view, large square footage, an incredible price, great location…just don’t buy something that will be generic that will be hard to sell in the future. If you need help, I’m sure I can find someone who will be happy to assist!

Click here to search all the San Diego homes for sale.

Other Related Reads:

How do You Know When it’s a Good Time To Buy?
Who Sells the Most Condos at The Grande?
You Want to Live Downtown, but don’t Want to Downsize…

This entry was posted on Wednesday, April 30th, 2008 at 3:26 pm and is filed under San Diego Sales Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.