Real Estate Downtown San Diego

Like many places in California, the real estate in Downtown San Diego has taken off over the past 18 months with regards to prices! According to Dataquick, home prices for properties in Downtown San Diego have risen 16.4% from this time last year and the median price of a downtown condo has changed 31.2% for the same period.

The average price per square foot for a condo in downtown San Diego has gone up 18.5% in the last 12 months. Why are prices rising so rapidly? In order to understand what’s taking place in the downtown San Diego real estate market, one must take a look at the market absorption rates to see where the shift is occurring.

Downtown San Diego Real Estate

Price Range
$150,000-$299,999	Closed Sales in the past:	12 month	6 months	3 months
	Number of Homes Sold	236	101	47
	Average # Homes Sold per Month	19.67	16.83	15.67
	Current Homes Active on Market	14	14	14
	Months of Supply	0.71	0.83	0.89
	Days of Supply	21	25	27

$300,000-$449,900	Closed Sales in the past:	12 month	6 months	3 months
	Number of Homes Sold	289	143	77
	Average # Homes Sold per Month	24.08	23.83	25.67
	Current Homes Active on Market	53	53	53
	Months of Supply	2.20	2.22	2.06
	Days of Supply	66	67	62

$450,000-$599,999	Closed Sales in the past:	12 month	6 months	3 months
	Number of Homes Sold	179	88	46
	Average # Homes Sold per Month	14.92	14.67	15.33
	Current Homes Active on Market	41	41	41
	Months of Supply	2.75	2.80	2.67
	Days of Supply	82	84	80

$600,000-$749,999	Closed Sales in the past:	12 month	6 months	3 months
	Number of Homes Sold	111	58	34
	Average # Homes Sold per Month	9.25	9.67	11.33
	Current Homes Active on Market	25	25	25
	Months of Supply	2.70	2.59	2.21
	Days of Supply	81	78	66

$750,000-$1m	Closed Sales in the past:	12 month	6 months	3 months
	Number of Homes Sold	63	35	18
	Average # Homes Sold per Month	5.25	5.83	6.00
	Current Homes Active on Market	21	21	21
	Months of Supply	4.00	3.60	3.50
	Days of Supply	120	108	105

> $1m	Closed Sales in the past:	12 month	6 months	3 months
	Number of Homes Sold	65	35	15
	Average # Homes Sold per Month	5.42	5.83	5.00
	Current Homes Active on Market	37	37	37
	Months of Supply	6.83	6.34	7.40
	Days of Supply	205	190	222

* All data is deemed to be reliable, but is not guaranteed. Data pulled directly from Sandicor MLS
* data pulled 7/7/2013

One must keep in mind that a balanced real estate market is one in which there is a 6 month supply of homes on the market at any given time. When you look at properties in downtown San Diego under $300,000, you can see that there isn’t even a one month supply, thus proving to make it a seller’s market with buyers competing for a limited number of condos.

There’s not even a 1 month supply of condos downtown San Diego under $300,000

If you look at condos in downtown San Diego priced $300,000 to $749,900, you can see there is still only a 12 month trailing average of 2.2 to 2.7 months supply. It’s still stacking up to be favorable for sellers in these price ranges. For properties downtown San Diego priced from $750,000 to $1M, there is still only a 4 months supply of condos for sale.

While properties priced over $750,000 lie closer to a balanced market between buyers and sellers, the seller still has the upper hand as long as they have a desirable property. For homes over $1m in downtown, there is an average of a 6.83 month supply.

The luxury condo market is where the best opportunities can be found because there are less buyers in this price range and more properties to chose from. With lending loosening up, we expect to see this price category tighten up as well.

If you are interested in buying or selling downtown San Diego real estate, Chad Dannecker and Associates are experts focused on the downtown market that will make your experience a pleasant one! For more information, give us a call: 619-309-8011.

Real Estate Downtown San Diego

Downtown San Diego Real Estate

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