Because of fewer condominium sales in April, the total of 1,718 new housing units sold in San Diego County was just below the record pace of 1,851 sales recorded in March, according to the Insites report sponsored by Founders Title Co., San Diego.
April single-family sales totaled 1,090, nine more than the March pace, but condominium sales dropped more than 18% to 628 units in April from the March high of 770 units, according to Steve Bottfeld, president of Insites.
"Condominium inventory in lower price levels has been very well depleted, primarily because interest rates are at their lowest point in more than eight years," he added. "March began with more than 3,000 condominium units in inventory, while May began with less than 1,800."
At the same time, very few relatively lower-priced condominiums have come on line, Bottfeld said. In fact, the number of active condominium developments in San Diego County continues to decline as more and more are sold out.