San Diego Downtown Condiminium ReSales Closed in on 500 in 2007, Selling 1.3 Units a Day, Almost Matching 3rd Best Year in History
San Diego, California - MarketPointe Realty Advisors released its 2007 year-end analysis of the downtown condominium resale market. Resales of condominiums totaled 470 units, ahead of 2006’s 467 and almost matching the totals for 2003 and 2004. 2005 was an aberration at 712 units, a figure that will probably not be attained again in the near-term future.
According to MarketPointe research economist Michael Colby “sales in 2007 typically ranged from 35 to 45 units per month, including the months in the last year half of the year. We were amazed that the sub-prime problems had a negligible effect on the sales pace downtown.”
The figures are calculated from the Sandicor database and exclude sales by builders.
The average days on market declined from 80 in 2006 to 73 in 2007, again indicating the strength of the market.
The average price of those condominiums sold in 2007 was $654,706, an average of $564 per square foot. This equates almost exactly to the price per square foot in 2004 but lags behind the average price of $610 per square foot in both 2005 and 2006.
According to local sales agents, the market appears to be very active in January, with multiple offers on several units being offered on short sales by lenders.
Michael Colby of MarketPointe Realty Advisors states “I feel confident that there is a pent-up demand that is reacting very favorably to what is perceived as rational pricing downtown.”
MarketPointe Realty Advisors provides market analysis, feasibility studies, litigation support and research databases for new residential and proposed developments throughout California. MarketPointe produces ResidentialTrends, RentalTrends, and LandTracker database products. Offices are San Diego at 619-233-3781, Orange County at 714-528-2554, and Sacramento at 916-710-1398, website is www.marketpointe.com
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