If you have been tracking the Downtown San Diego Real Estate Market over the last several months… you have seen the number of listings continue to fall and fall. At the beginning of this week, the MLS reported a little over 120 Downtown San Diego Condos and Lofts for sale in the 92101 zip code. This number is less than the amount of inventory when I started to specialize in Downtown 10 years ago. 10 years ago… half of the Downtown San Diego complexes and neighborhoods did not even exist yet. The East Village for example would not be completed until late 2007. Everyone shared the same concern… were there going to be any new listings to add to a potential buyer’s choice when considering a home purchase in Downtown San Diego?
As of today… we have received a short term answer to the lack of inventory. Over the last 2 days… 18 new Downtown San Diego condos and lofts were listed for sale. It must be at least over a year since we have seen a number like this. The price ranges of these 18 are pretty diverse: $150k to $2.6mm. Most notable of the listings were units in M2i, The Mark, Electra, Grande South, and La Vita. Hopefully the addition of these 18 units will be an indication of what is to come in the next several months as we approach the “buying season”. Buyers need to have choice in their opportunities, and a lack of inventory will always challenge that choice. Low inventory will continue to drive prices and values of the Downtown market upward. This is of course good news for sellers and current owners. However… I believe in some ways it is also still good for buyers as well. Interest rates are still low enough to access the market, while prices and values continue to show improvement. No buyer wants to purchase when those values are on their way down.
Please see the following links to the 18 new Downtown San Diego Listings, and all current inventory available in the 92101 Zip code.