• Time to Seriously Reconsider the Condo Market as You Know It •
What’s this all about?
The Great California Exodus of 2020, if you can even call it that, seems to be winding down. As the fourth quarter came to a close last year, San Diego’s condo market really heated up. This trend was boosted by low mortgage rates, cooling prices, and increased supply. Closings were up 8.7% over last year, and the average price per square foot fell 10.4%, to $1,056 — the lowest it’s been in five years.
What does it mean?
It means it might be time to buy a condo. The buying trend continued into January of 2021, which some interpret as a sign that those who fled cities at the pandemic’s outset are starting to return, while others who may have struggled to buy pre-pandemic are now having an easier time. And though these figures largely pertain to the eastern half of the city, they are encouraging. We never bought into the hype about “the end of San Diego” anyway. So yeah, let’s get you that condo!