Condo Sales Downtown San Diego…

…have varied little in terms of sales volume for the last 3 years.  Sales  for condos Downtown San Diego are generally slowest in the months of January, February and March.  These are the months that some of the best deals take place because your average buyer is busy doing their taxes and is not yet ready to put pen to paper to purchase a condo downtown San Diego.

In 2010, as seen above, we had a really strong run of sales in the months of April and May, but you also see a solid decline in the months of July and August.  This can be accounted for by the number of first time buyers or buyers that were able to take advantage of the tax credits that were offered by the government. 

I don’t know that the tax credits really stimulated downtown San Diego Condo sales because we are not generally a first time buyer market, but I believe it did make more people buy sooner than they would have otherwise purchased.

The overall sales numbers in 2010 were consistent with that of 2008 and 2009 so we didn’t really see a major impact from the tax incentive programs.  If you look at November and December, you also see a good run up of people trying to purchase before the end of 2010.  These are led by Developers and Banks doing short sales that wanted to get these assets off their books.

Condos San Diego 2011

For 2011, January sales for condos downtown San Diego started strong with the residual buyers who purchased in November or December, but were unable to close escrow in 2010.  February and March have slowed down to numbers similar to the chart above, but sales for Developers are actually lower because there is less developer inventory for 2011.  As our inventory is slowly dwindling, the San Diego Condo market is going to get really interesting…

What do you predict?