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Average sale price per unit shows a slight drop to $166,000, over the past six months. Again, the lack of any significant sales activity to condo converters continues. The “private capital“ buyer pool is primarily comprised of long-term investors looking for value. The “institutional” buyer pool is still paying record high prices for large high quality assets. Sales volume continues at lower levels. There are some surprises on the operating side. Rents are up incrementally at 1.6% over the past 6 months, but vacancy rates have increased substantially to 4.54% countywide. This is the highest vacancy rate we have seen in about a dozen years. It appears that much of this increase is due to some failed condos conversions reverting to rentals. Proposed new development is down substantially to 9,739 units countywide. This is the lowest we have seen in a half dozen years.
Contact Chris Reutz at 858.677.5385 for more information.
  San Diego County Multi-Family Market Report - Spring 2007.pdf
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