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Downtown San Diego Real Estate Market Update

By Mike in Downtown San Diego Real Estate|July 2014 with 0 Comments

As we approach the middle of the summer “buying” season for San Diego Condos, the market update for buyers is positive.  Specifically relative to the Downtown San Diego real estate market there has been a significant increase in activity.  In the month of July, 26 Downtown San Diego Condos have gone into Pending status.  This represents just under 10% of the total inventory of Downtown Condos for sale. Currently there are 274 condos Active in the Downtown San Diego Real Estate Market.  Here is how the current Inventory of Downtown Condos is broken down:

25 Downtown Condos Under $300k

95 Downtown Condos between $300k and $500k

100 Downtown Condos Between $500k and $1MM

54 Downtown Condos Over the $1mm Price Point

Interest Rates dropped this week.  This is good news for continued stability of the Downtown San Diego Real Estate Market.  Favorable financing and longer market times (Average Downtown is 60 days) leave buyers with a window of opportunity to find a good deal.   Most financial reports this week indicate that interest rates are expected to rise significantly by October as the Fed begins to “tapper” off their bond buying policy.  Here are the current rates reported this week by our friends at Gaylord Hanson Mortgage:

4% for a 30 Year Fixed Conventional Loan

3.85% for a 30 Year Fixed Jumbo Loan

3% for a 15 Year Fixed Conventional Loan

The big question for a buyer is trying to consider the most favorable time to purchase.  Right now the Downtown San Diego Real Estate Market is stable.   The values of Downtown Condos have remained relatively consistent due to the longer market times and slight increase in inventory.   Anyone interested in a Downtown San Diego condo should consider buying sooner rather than later, in order to avoid an increase in both values and interest rates. ')}