Welcome to San Diego Blog | July 29, 2013
Downtown Real Estate 2nd Quarter
Real estate in downtown San Diego saw an improving marketplace and illustrated an overall exit of the distressed property market. For the second quarter of 2013, there a total of 268 properties sold and the big news is that only 2 of them were bank owned properties!
The other distressed component were the 25 short sale properties we saw that represents only 9% of the market. Together, the short-sale and foreclosure properties represent 10% of the total market for properties in downtown San Diego.
Downtown San Diego distressed properties are becoming extinct!
The shift has really gone back to traditional sales where real estate agents represent buyers and sellers in a normal market. As you can see, there were only 7 new home sales in the 2nd quarter and they were at Sapphire Tower and Breeza in Little Italy.
Properties sold in Downtown San Diego
In the first quarter of 2012, there were a total of:
- 36 short sales
- 7 bank owned foreclosure sales
- 3 developer sales
- 181 resale properties
- 227 total properties sold
In comparing the first quarter and the 2nd quarter of 2013, one can see that both the number of short sales and forclosure properties are decreasing, however the total number of sales are increasing. For the 1st quarter of 2013, the average number of sales per month was 76 and for the 2nd Quarter, the average has moved up to 89 properties per month. The average number of properties sold per month year to date is 83 downtown San Diego properties.
Today, there are only 2 short sale properties and 4 bank owned properties on the market in Downtown San Diego. The distressed properties are a dying breed and will be extinct before too long.
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