There are fewer homes for sale with every passing month in downtown San Diego in the price range of $300,000 – $450,000 which includes both one and two bedroom condos. The supply of homes in this price range is decreasing, as well as the time it takes to sell. Distressed properties are fewer by one-half compared to this time last year. It’s a “sellers” market which means sellers will demand more for their properties, pushing for the highest possible sale price.

One Bedroom Sale 2013

One sale this month in particular illustrates today’s market for condos in this price range. On January 9th, a lovely, one bedroom condo on the 12th floor in Diamond Terrace sold quickly, and above “asking” price. It showed beautifully, an artfully decorated, 670 square foot brightly lit home situated in cool East Village directly across from ballpark . This swanky condo with east facing, city views through its wall of windows additionally offered interior upgrades such as hardwood flooring, new shelving, keyless entry, new granite bathroom vanity, and stainless steel finishes. In addition to being located across from Padres ballpark, it is a few short blocks to Gaslamp Quarter, parks, and the waterfront. Residents revel in a 14th floor community roof deck with views into playing field, party room with big screen TV, BBQs, small fitness center, and low monthly HOA dues. The seller listed their home at $324,900.

1-bedroom Condo Prices per Square Foot

The average sale price for 1- bedroom condos in downtown San Diego is approximately $405 per square foot. The best comparable sales for this specific home in Diamond Terrace are two like buildings, Icon and Treo where the sales price per square footage is between $456 and $482. However, Icon and Treo both offer more amenities than Diamond Terrace. Diamond Terrace was listed at $484 per square foot, higher than the average, and higher than the best comparable sales, and received an offer within two days above list price.

If you’re searching for a new home in this price range, and find the home you want, it’s a good idea to make your initial offer, your best offer.  It’s competitive out there, good luck! For more information on downtown San Diego condos, please call (619) 246-8400.