subject: Downtown San Diego Real Estate Inventory Update for September [print this page] During the month of September, 2010, The Downtown San Diego Condo Market saw 135 new listings inputted into the MLS to bring the total number of available condos for sale to 400. The aforementioned total does not include all available developer units which may account for as many as 100 additional units. Furthermore, "new" listings may also include condos that have previously been listed for sale but have expired and now been re-posted.
During the same time period, 30 escrow transactions "fell out" and those condo units have also been re-listed as active. It appears that a majority of these failed transactions were a result of short sale processes that involved a buyer walking away from the transaction, or a potential buyer that was not able to qualify for the sale price.
Finally, 84 Downtown San Diego Real Estate transactions successfully closed. Again, this did not include developer held units not listed in the MLS and may increase the number of actual closings by 15-30.
In summary, the amount of available inventory continues to shrink. Agents at The Downtown Condo Showroom continue to see a highly competitive market in the under 350k price range. Similarly, condos priced below market value in all price ranges are seeing shortened market time.
The San Diego Downtown Rental Market offered 74 new listings. These listings may also include condos that have previously been listed, but have expired, or for some other reason were taken of the market and put back on. Approximately 72 condos were either rented, the listing expired, the listing was withdrawn, or the listing was cancelled.
With that said, the rental market appears to have stabilized since the increased supply immediately following the opening of the apartment tower Strata. According to agents at Strata, leases have been brisk and inventory is shrinking quickly.
With the recent release of S&P's Case-Shiller report on the continued increase in sales in the San Diego Real Estate Market in General, the Downtown San Diego Condo Market particularly should see a continued increase in completion in the lower price points (under 350k). There are also signs that the diminished supply is leading to an increase in competition in higher price points. With limited water view condos available under 700k, discerning buyers are taking a little bit longer to purchase premium units as in the prior two years.
Downtown San Diego Real Estate Inventory Update for September
