Welcome to San Diego Blog | May 16, 2011

Condo Market Downtown

San Diego Downtown Condos…

…are selling at a brisk pace these days.  Yes there are still deals, but the great buys for downtown San Diego condos go fast.  The latest market absorption rates for San Diego downtown condos tells the story.

The above graph illustrates that sales trends for condos downtown San Diego are speeding up in almost all price categories.  It is a positive sign to see higher priced downtown San Diego condos starting to sell again.  For the past 2 years, we have seen condos priced between $150,000 to $449,000 sell relatively well.

Downtown San Diego Condo Market 

On the other hand, penthouse properties and luxury condos downtown San Diego had really been sitting stagnant and there were some really great buys that kept the bottom of the market falling out.  Today, we are seeing some of the best luxury properties in Downtown San Diego starting to sell again and it’s a positive sign of what may come.

With recent sales for Penthouses at Bayside, Horizons, The Metropolitan and Sapphire Tower, I remain optimistic about the Downtown San Diego real estate market.   The one market segment that looks as though it may have slowed down $300,000-$449,000 is really based on the lack of inventory in that particular segment. 

Price Range        
 $150,000-$299,999  Closed Sales in the past: 12 month 6 months 3 months
  Number of Homes Sold 341 166 94
  Average # Homes Sold per Month 28.42 27.67 31.33
  Current Homes Active on Market 66 66 66
  Months of Supply 2.32 2.39 2.11
  Days of Supply  70 72 63
         
 $300,000-$449,900  Closed Sales in the past: 12 month 6 months 3 months
  Number of Homes Sold 300 136 67
  Average # Homes Sold per Month 25.00 22.67 22.33
  Current Homes Active on Market 61 61 61
  Months of Supply 2.44 2.69 2.73
  Days of Supply  73 81 82
         
 $450,000-$599,999  Closed Sales in the past: 12 month 6 months 3 months
  Number of Homes Sold 128 69 38
  Average # Homes Sold per Month 10.67 11.50 12.67
  Current Homes Active on Market 59 59 59
  Months of Supply 5.53 5.13 4.66
  Days of Supply  166 154 140
         
 $600,000-$749,999  Closed Sales in the past: 12 month 6 months 3 months
  Number of Homes Sold 152 88 57
  Average # Homes Sold per Month 12.67 14.67 19.00
  Current Homes Active on Market 136 136 136
  Months of Supply 10.74 9.27 7.16
  Days of Supply  322 278 215
         
 $750,000-$1m  Closed Sales in the past: 12 month 6 months 3 months
  Number of Homes Sold 56 31 23
  Average # Homes Sold per Month 4.67 5.17 7.67
  Current Homes Active on Market 21 21 21
  Months of Supply 4.50 4.06 2.74
  Days of Supply  135 122 82
         
 > $1m  Closed Sales in the past: 12 month 6 months 3 months
  Number of Homes Sold 32 23 12
  Average # Homes Sold per Month 2.67 3.83 4.00
  Current Homes Active on Market 43 43 43
  Months of Supply 16.13 11.22 10.75
  Days of Supply  484 337 323
         
* All data is deemed to be reliable, but is not guaranteed.  Data pulled directly from Sandicor MLS

Keep in mind, a balanced market is a 6 month supply of homes.  This being said, we are set up for what would traditionally be a seller’s market for homes priced below $600,000.  For condos priced $600,000-$749,000 and more than $1m, we still have an over-supply, but it looks a lot better than it has for the past 3 years! 

People are just discovering how cheap San Diego real estate is…$1.5M goes a lot further in Downtown San Diego than most other metropolitin cities and I still argue we have the BEST weather!

We have been able to identify great deals in every price range from $200,000 all the way up to $2.65M and let’s just say that we’ve been setting some of the lowest sales prices in a good number of the downtown condo buildings.  It feels really good to set the lowest sales prices ever in buildings for our buyers and the highest sales prices in the last 24 months for our seller’s. 

We’re having fun with this Downtown San Diego Condo market.  Our success only comes on account of our client’s successes.  If you are interested in buying or selling real estate in downtown San Diego, let us help you be a winner.

Give us a call: 619-309-8011
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Written by: chad

Categories: Buyers, Columbia District Real Estate, Cortez Hill Real Estate, Downtown San Diego, East Village Real Estate, Gaslamp Real Estate, Little Italy Real Estate, Marina District Real Estate, Real Estate Investment, Relocation, San Diego Real Estate, Sellers

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