560 First Ave,
San Diego, CA 92101
In a recent study run by Redfin, San Diego was ranked the sixth hottest real estate market in the country. The study, which was summarized in the San Diego Daily Transcript (“San Diego 6th fastest” 3/18/13) said that Redfin based their report on listings that “[went] under contract in 24 hours or less.” San Diego was California’s hottest market with 135 sales (the study looked at listings from 10/1/12-2/26/13), with Los Angeles (132) and Sacramento (128) close behind.
Phoenix was at the top of the list with 540 listings selling within the first 24 hours, Chicago was second with 261 sales and Houston (188), Dallas (184) and Austin (163) rounded up the top five cities. Only Chicago, Baltimore (with 97) and Washington DC (87) were not in the West. According to the study, San Diego’s inventory dropped 50.1% in February of 2013 from the year before.
Since the beginning of 2013, I’ve (well, my assistant Kea) been monitoring the downtown San Diego condo market’s inventory. Each Wednesday I (she) records how many active, contingent and pending listings there are. Active listings are those that are available. Contingent listings are short sales that have offers accepted by the owner, but are contingent upon the bank approving the terms. Pending listings are those that have fully accepted offers and are in escrow.
Data is recorded each Wednesday and has been graphed below.
For those of you who don’t want to spend time reading the entire post, here are the key points:
A few weeks ago a 4,000+ sqft, 26th floor condo at the Metropolitan (top 10 floors of the Omni Hotel) came on the market for $3,995,000. A short 10 days later, the condo went pending.* And while this price point is not typical, it’s not unusual for listings to get multiple offers and sell within a few weeks. Prices are the highest they’ve been since the market crashed and buyer’s are in a hurry to get into the market before it’s too late.
According to The San Diego Daily Transcript (SDDT), California is the worst State in the Country – well, at least in terms of real estate that’s available to purchase. In San Diego County, December of 2012 had 56.7% fewer homes for sale than the year before. And while the inventory was down, the number of homes sold actually increased 12.5% (Dec. ’12 vs Dec. ’11) – think about that….people had less than half the number of homes to choose from, but they still bought 12.5% more homes. The median price per square foot for single family detached homes in San Diego County also rose by 13.6%, further confirming that we’ve passed the bottom.
Comparing the first three quarters of 2011 to 2012, we can clearly see that San Diego’s real estate market is making a strong recovery. The average condo price has risen 6.27% and while the average detached home price has only gone up about 1%, the total number of detached home sales has increased by 15.19% (condo sales have increased by 1.36%). Also, 2012 has had over $1.4 billion more in sales than 2011. Not bad San Diego!
People are always talking about how many foreclosures there are and how many short sales there are in San Diego. The problem with that though, is that most people don’t know what they’re talking about. I don’t mean that in a rude way, but the truth is that only a small percentage of people are actively trying to buy or sell real estate and most people don’t know what’s really going on. Looking at the first three quarters for the last three years, we can see a pretty clear trend in the downtown San Diego real estate market.
October 2nd, 2012 Categories: San Diego Sales Statistics
How’s the real estate market? Well, based on some second quarter stats, the San Diego real estate market seems be picking up. I looked at the second quarter sales in all the luxury highrsises in the Columbia District in 2012 and compared them to Q2 of 2011 – almost every stat in every building looks better in 2012. The four buildings I compared, were The Grande (North and South grouped into one stat), Bayside, Sapphire Tower and Electra.
Inventory is down, inventory is down, inventory is down. I’m sure you’re tired of hearing this, but it’s the truth. According to the San Diego Association of Realtors (SDAR), the number of active listings (countywide) has been halved (since 12 months ago) and pending sales has been steadily rising since the beginning of the year. With very little new construction, resale numbers are on the rise and distressed sales (REOs and short sales) are declining.
May 23rd, 2012 Categories: San Diego Sales Statistics
In the last month or so, I’ve been seeing a lot of articles/blogs/reports saying that housing prices are up and sales are up. The Union Tribune recently wrote an article titled, “SD’s April home sales hit 6-year high.” The refreshingly positive article reviewed real estate statistics that were provided by DataQuick, a self-proclaimed “leader in the property information industry, providing products and solutions to mortgage originators and lenders, real estate investors, mortgage insurance companies, credit unions, title companies, real estate companies, data resellers, and small businesses.”
May 9th, 2012 Categories: San Diego Sales Statistics
When my office receptionist(not even my personal secretary) politely mentioned that I hadn’t written on my blog for quite some time, I knew I couldn’t make any more excuses and had to get back to writing. Thank you Pamela! Sorry, everyone else. Moving right along, here’s a quick update on the downtown San Diego condo market; it’s crazy!
Inventory this year has been incredibly low. For much of 2012, downtown San Diego has had around 170 active listings(this has just recently gone up to 181 as of today) on any given day. In 2011, we were closer to about 220 active listings at anytime(this isn’t based on any reports, just from what I noticed and recall). At the peak of the market, we were closer to about 600 active listings at any time.
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