The Mills Team at Prudential reports an increase in internet activity and call volume. Many potential buyers appear concerned about increasing interest rates and mortgage costs. Sellers are beginning to think in terms of re-investing equity in a new home that better fits their current needs while taking full advantage of the lower prices and interest rates available in today's market.
While the overall UTC market condition is arguably flat, the activity rate is trending up. The Condo/conversions from apartment rentals to condominiums in the 92122 zip code area seem to have some litigation and owner occupancy issues that are impacting prices and sales, these issues will clear up in the future and that may be a part of the inventory solution. Have said that; the weather, location, and convenience of the University City area with major business, shopping, UCSD and a mile from the beach, will continue to make this a very desirable community and provide continuing pressure on real estate prices.
Please see the chart below for this week's statistical trends, and call the Mills Team toll free at 888- 450-6691 or 858-459-9109 or email RuthMills@MillsTeam.com for specific information about your interests.
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