Thats right as of the second quarter of 2023 prices rising now at a 25% annual pace of they can keep it up for the next 9 months. Quick little history, prices were rising for about 10 years in a row till mortgage rates shot up like a rocket from 3% 6% over just a couple months. This really froze the market and sellers needing to sell took a hit on price and prices dropped in the 3rd and 4th quarters of 2022. Sales volume also dropped in half to roughly 50 units selling per month vs historical averages of about 100 units per month.
Prices were flat in the first 3 months of 2023 and rose 6.1% in the second quarter as the desert buyers from Scottsdale and Palm Springs bid up prices to get places before the summer heat back home.
For sale inventory seem to hit a low of about 80 units a few months back but is now up just over 100 units in 92101, which is still really tight inventory out of almost 11,000 condos in our zip code.
The last brand-new condominium building was finished and completely sold out four years ago; the next one won't be finished until at least 2026.
Two enormous job centers are almost finished and should start to fill up with employees (in about six months), some of whom will be buyers looking to purchase condos in the downtown. As a result, there will be fewer units for sale, prices will rise even more, and there is a chance that there will be multiple offers once again.
