Downtown San Diego Housing Market Update

I ran a report for the Downtown San Diego Housing Market (92101 Zip) for a client last night and figured I'd post it up on the blog for all to see. There is some great information in here. I'm all for making informed decisions so the more data I can get my hands on the better!

Here are some highlights:
1. 1/07 to 1/09: Median Sold Price Dropped 30% from $562,500 to $395,000.

2. Saw some price stability in Nov/Dec 08 with a slight increase in January of 09.

3. 1/07 to 1/09: Active Listings have increased 8%.

4. 1/07 to 1/09: Pendings (under contract, haven't closed) are up 56%.

5. Average Days on Market (DOM) is 75 days. A "fast" market is 30, "slow" is 90.

6. Average Inventory levels in 2008 was 11.6 months. 1/09 is much lower but you can't accurately gauge the inventory levels by just looking at one month (no seasonality adjustments).

My opinion (for those actually interested in hearing it)is that we won't see the market normalize until the Inventory levels get down to around 6 months. Until then we can look forward to further price suppression. If pendings continue to trend up with the Median Sales Price (MSP)remaining flat we could be at bottom within the next 3 months.

Well those are my thoughts. Hope it wasn't too much of a snore. Keep in mind that this is an aggregate report run for all attached housing for sale in 92101 in all price ranges. Homes below the MSP typically sell faster in a down market and homes above the MSP take longer. I hope you found this report insightful.