The San Diego residential real estate market has slowed some from recent years. Still, most properties are selling within 60 to 90 days. So there is no housing slump yet. But some families and investors are finding incredible bargains. To illustrate, compare sales activity in 2006 to the the same activity in 2005. As of the date of this publication, the numbers are only in through November, so we’ll look at Year-To-Date numbers through November. Here’s one example:
Condominiums in 92101 (Downtown San Diego)
Number Purchased or Sold in 2006: 691
Number Purchased or Sold in 2005: 727
Average Condominium/Townhome Purchase or Sale Price in 2006: $708,000
Average Condominium/Townhome Purchase or Sale Price in 2005: $691,000
So overall demand was about the same from a year earlier. There were 36 fewer downtown condominiums purchased in 2006 (5% fewer sales) and the average purchase price increased by $17,000 (2 1/2% price increase).
On the supply side:
Number of units listed in 2006: 2,183
Number of units listed in 2005: 1,946
In other words, there were 237 more downtown condominiums listed for sale in 2006 than in 2005. That’s a 12% increase in the number of units available, a 5% decrease in the number of units that were actually sold, and a 2 1/2% increase in the average purchase price.
What do these numbers mean to you and your real estate plans in 2007? Just send an email to the San Diego Real Estate Professionals for current home prices, houses for sales, condominium or investment property listings in your area of interest.
YTD Activity Report: 1/1/2006 through 11/30/2006
Property Type: Single Family Attached
(San Diego Condominiums and Town Homes/Town Houses)