As of today, November 29th, 2012 there are only 4 condos for sale in zip code 92808. This is a zip code of nearly 2,000 units. It’s absolutely unheard of and an incredible opportunity for sellers. As with anything, when supply is low and demand is high, prices rise! This is happening right now at a very rapid pace.
From February of this year, homes in the Summit Park Community alone have increased 12% for the two bedroom models and 15% for the three bedroom models. This is not an isolated community as all of the condo communities in 92808 have seen similar jumps in pricing. If inventory continues to stay low, prices will continue to rise. However, if the reverse happens and inventory increases rapidly, then we will see the reverse in pricing as well.
It’s an interesting time in our housing economy as condos in this zip code are still off their highs by approximately 33% AND interest rates are below 4%. In fact, interest rates are currently at 3.25% for a conforming loan under $417,000. It’s incredible! Buyers are chomping at the bit to take advantage of these great interest rates and affordable home prices… if they could only find one!