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.
As you can see, the number of active listings has generally been decreasing this year and last week had the fewest yet. With only 131 condos for sale, sellers are getting top dollar and multiple offers are quite normal. Listings are often times selling for more than the list price and buyer’s are in a panic to get into the market.
The number of contingent listings have gone down considerably as well. Since the number of short sales in San Diego county have dropped significantly in the last year and down nearly 11% downtown (2012 vs 2011), prices are rising and resales are increasing. The median sales price for all downtown San Diego condos rose by 8% from 2011 to 2012 and based on recent activity, this number should continue to rise this year.
Lastly, we look at the trend in pending listings (those in escrow). Pending sales have risen 50% since the beginning of the year. Part of this is because sales are slower in January, but it’s also because buyer confidence continues to rise. Actually, to be more accurate, I’d say it’s fear (that prices are going to keep rising) rather than confidence that is driving the increase in sales.
To give you an idea of what I’m seeing, let me summarize the last few deals I’ve been working on:
Listings – the last few listings I had received 12, 8, 11 and 5 offers.
Buyers – the last few properties I submitted offers on received 31, 12, 8, 3 and 7 offers.
If you’re thinking about buying or selling, please let me know if I can help.
Denny Oh 858-243-2092 [email protected]