For San Diego Home Buyers

San Diego Real Estate Blog written by Exclusive Buyer's Broker, Justin Gramm.

Ocean Front Mission Beach and Pacific Beach Market Overload - MLS Market Statistics August 2010

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Mission Beach Condos on the BoardwalkIf you love walking up the boardwalk in Mission Beach and Pacific Beach as much as I do, you may appreciate these statistics from the Sandicor multiple listing service (MLS). I drew a map to only include buildings on the front row (ocean-front homes, townhomes, and condos). Then, I searched for the active listings, contingent listings, pending listings, and listings that sold in the last six months.

Here's what I found:

In the last six months, 9 listings closed escrow on the front row, ranging in price from $280,000 for a 245 square feet studio to $1,416,929 for a 1,362 square feet (3 bed/3 bath) condo. Days on market ranged from 1 day to 159 days for the nine sold listings. All but one sold for less than the list price. Here's the bad news for sellers. There were only 9 sales in six months! That's less than two sales per month!

Currently, there are 33 active listings for sale in that same area (front row in Mission Beach or Pacific Beach). At the current sales pace, it will take 25 months to sell the current inventory... that's a two-year supply! For those who need to sell now, it's bad news. For those who want to buy now (like our clients), this is good news. There's a lot to choose from and not very much competition at the moment. Current listings range in price from $359,000 to $13,478,000.

Of course, for serious buyers, we will want to dig in even deeper to the statistics, trends, and inventory. Although this is a hyper-local area on the map, we are still looking at a wide range of property types and sizes. It's natural that the market for small, ocean-front condos will behave differently than the market for large, detached, ocean-front homes. It's important to understand the marketplace before you start looking at homes and writing offers to purchase.

Lastly, there are currently two contingent listings and three pending listings in the same search area.

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Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage. He also writes this blog, "For San Diego Home Buyers."

Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.

If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at (858) 437-2662 or  E-mail.

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By: Justin Gramm

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San Diego Exclusive Buyer Broker, Buyer's Agent, Real Estate | DRE License #01855249
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