San Diego Condos: Today’s MLS Statistics

June 29th, 2009: Here are the current county-wide numbers:

• Active condos/townhomes/attached active in the MLS = 2,439 units listed
• Active listings average asking price = $550,000
• Active listings average list price/square foot = $406
• Pending condos/townhomes/attached = 2,156 units in escrow
• Pending listings average asking price = $238,000
• Sold condos/townhomes/attached so far in JUNE = 717 units sold!
• Sold property average sale price = $271,571
• Sold property average price /square foot = $224
• Sold property average sale price / list price ratio = 99%

What we can see from this San Diego Condos data is that the lower priced properties are jumping off the shelves and the inventory level is at a scarcity level based on the current demand.  Traditionally we would look at the number of units sold in a given month against the current number of available properties to estimate an absorption rate for the current inventor (which would put us right at about 3 to 3 1/2 months worth of inventory).  HOWEVER, since the market is skewed towards to the lower end, I would make the hypothesis that we have an oversupply in the higher priced inventory and, as already stated, an undersupply in the lower priced inventory.