One of the most overlooked aspects few people take into account when deciding to either buy or sell a Downtown Condo in San Diego is how the “season” may affect the real estate market. However…the time of year that you decide to buy or sell a Downtown Condo is very important. As a general rule (cliche) timing is everything when it comes to buying or selling. When it comes to Downtown San Diego Real estate…there are always more condos listed during certain months rather than others. Although there may be other important factors involved in purchasing real estate (Inventory levels which indicate supply and demand, interest rates, national economy, etc)…good suggestions from your Downtown Realtor on timing could save you money on your purchase or save sellers valuable market time on your listing.
In San Diego…there are certain factors present in other markets that do not have much affect on buying or selling a Downtown Condo. First off is the beautiful weather we have here in San Diego. In other parts of the country harsh winter or fall weather puts constraints on the local real estate markets. This is not true in San Diego obviously. Secondly…the demographic buying a Downtown Condo in San Diego usually does not involved the traditional schedules of a family. In certain real estate markets where family demographics are important, the summer months when school is not in session makes moving a more reasonable decision.
All these factors considered…spring is generally the most desirable time to buy and sell a Downtown condo. It is the time of year that consumers show the most optimism following tax season. Consumers do not have the extra expenses one may incur in summer and holiday season. The National Association of Realtors reports that about 40% of the homes sold in any given year happen between the months of April to July with June being the biggest month. For Sellers this is good news because a Downtown Condo may sell for as much as 3% more during these times. For a buyer…the extra expense is not great news, however the spring is the time of year when some of the best Downtown condos hit the market.
Last year in the Downtown San Diego Real estate market there were less than 180 condos on the market as we approached the beginning of April. That number would rise 20% by the end of the month to well over 200 downtown condos for sale. Currently there are 245 condos Active on the market. If the same 15% to 20% can be expected, maybe will see 35 to 50 new listings?
Please feel comfortable contacting any of our specialists at 92101 Urban Living should we be able to be of any help to you with buying or selling a Downtown Condo in San Diego?