If you’re thinking about selling your downtown San Diego condo, now is the time to do it. If you think you want/need to sell it within the next year or two, I’d be willing to be that there’s no better time than now. It’s debatable whether or not prices will continue to fall, but I think it’s pretty safe to say that prices won’t be going up anytime soon. It’s also safe to say that interest rates are lower than they have been in a long, long, long time. For a buyer, this is pretty much the perfect storm – low prices, low interest rates and low(relatively speaking) demand.
Right now, there are a measly 195 active listings in downtown San Diego. This is the lowest amount of downtown San Diego condos for sale I’ve ever seen. Downtown, the busiest price point is $400K(or so) and below. Right now, there are 65 active listings and 59 pending condos, priced at $400K or below. In the last 90 days, there have been 98 sales(actual closings) with a list price of $400K or below. Let me say that again – 98 sales in 90 days and there are only 65 active listings. There were 22 more sales in the same time period, between $400k-500K. Clearly, if you are thinking of selling your place and it’s around the $400K price or less, you need to list it now. Don’t wait until next year when all the “first time” buyers and investors have already purchased what they needed. Do it now, when there are multiple offers on short market times.
Going up in price point, there are 41 active listings between $500-750K. There are only 9 pending condos and only 26 sold in this price range over the last 90 days. This is a slower price point, but not bad (it just looks slow because the sub-$400K range is so active). There are only 9 pending sales in this range.
Moving on up, there are 23 active listings for condos priced between $1-2M. There are 7 pending sales and surprisingly, there were 23 sales in the last six months. Above $2M, there are only 9 active listings, zero in escrow, but four have sold in the last six months.
Overall, the market seems to be doing pretty well. Yes, prices may come down a bit more, but there are plenty of “experts” who will argue either side. Alan Nevin seems to think that we’ve already passed the bottom. I guess my point is that, if you plan on selling your place sometime in the next few years, you should think long and hard as to why you shouldn’t do it now. If you have any questions, comments, jokes, etc…feel free to email me at [email protected] or call me at 858-243-2092. Or you can post a comment below.
If you want me to give you a better idea of what your home might be worth, get in touch with me via one of the methods above. And I promise, I won’t harass you to list with me, or spam you. Thanks.