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Downtown San Diego Real Estate Market Update|Downtown San Diego Real Estate Market Update

Downtown San Diego Real Estate Market Update

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Downtown San Diego Real Estate Market Update

As we approach the middle of the summer months, it important to check in with a Downtown San Diego Real Estate Market Update.   Most analysis of the current state of the market is that sales have stabilized, but Median Prices have risen.   You can refer to the Article from DQ News entitled “Southland Home Sales SLow: Median Prices Rise Again”  for more details.  Last year this time…there were still a significant amount of investors in the market.   With the interest rate increases of a full basis point (this month last year), those investors started to leave the market to make room for true homeowners.   A lack of inventory and less investors would lead to less sales but higher values all over Southern California.  The same is true of our local niche in Downtown San Diego Real estate.   Currently, there are 293 Downtown Condos for sale.   Even though one might be tempted to argue that inventory is low, this time last year we were well below 200 Downtown Condos for sale.   Here is how the Inventory count breaks down:

  • 30 Downtown Condos are priced below $300k
  • 110 Downtown Condos are priced between $300k and $500k
  • 110 Downtown Condos are priced between $500k and $1MM
  • 43 Downtown Condos are priced over the $1MM Price point

Another way to judge how the Downtown San Diego Real Estate Market is performing would be to look at what buyers have chosen.  To do this we look at the “Pending” transactions.   This will give us a sense of market time, median price ratios, and desirable/competitive price ranges.  Currently there are 51 Downtown Condos pending.  Here is how the Pending inventory breaks down:

  • Average Price of a Pending Condo in 92101 is $587k
  • Average days on the market for a Downtown San Diego condo is 45 Days
  • There is only 1 Downtown Condo in Pending Status under $300k
  • 28 Downtown Condos are Pending with a purchase price between $300k and $500k
  • 19 Downtown Condos are Pending with a purchase price between $500k and $1MM
  • There are only 3 Downtown Condos Pending in 92101 above $1MM

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