Welcome to San Diego Blog | November 4, 2013
Real Estate in East Village San Diego
Downtown San Diego has seen the boom times of 2002-2006 when condos were selling in a matter of minutes and the bad times of 2007-2011 when buyer’s held out because the market was dropping and everybody was awaiting the bottom. Well, for real estate in Downtown San Diego 92101, that is all behind us. So where to we sit today?
According to Data Quick, the median sales price for a resale condo in downtown San Diego is up 28.9% in September of 2013 from the same time in 2012. Wow, that’s a big jump! While Median price doesn’t say everything, it certinaly is a key performance indicator for the real estate Market in San Diego Downtown.
East Village is one of the most vibrant neighborhoods in downtown and it will most likely see more future development than any other downtown neighborhood. East Village was hit really hard by the economic downturn of the late 2000’s, but today is a different story completely.
Condos in East Village San Diego
- In 2012, the total number of sales for properties in East Village was 238. For 2013, the YTD sales total for residential properties is 224. 2013 will undoubtedly outpace 2012 for total sales.
- The median sales price for East Village properties in 2012 was $382,027. For 2013 the median sales price is $447,657. The increase in median sales price for East Village Real estate from 2012 to 2o13 is 17%.
- The most expensive condo sold in East Village San Diego in 2012 was $1.7m vs $3.4m in 2013. That’s a 100% increase!
- The Average price per foot in East Village for 2012 was $327.92 and in 2013 is $445.83 That’s an increase of 36% on the ppf.
Overall, it’s still a great time to search for condos in downtown San Diego. Prices are lower than they will be and while inventory remains low- only a 3 months supply, interest rates also remain low. As we see the average price per foot exceed $500, then we will start to see some new condo developments come out of the ground.
Chad Dannecker is a downtown condo expert and economist. For more information about properties in downtown San Diego, give us a call: 619-309-8011.