February 2013 closed out with a huge bang for Downtown San Diego Condo sales. We ended up with 63 total sales (per Multiple Listing Service).
- 50 sales were regular sales.
- 11 were short sales.
- 2 were foreclosure sales.
That’s right, only 2 foreclosures sales closed in February! My advice to any Downtown San Diego Condo shoppers looking for a bargain: Do not pursue foreclosures as that train has left the station my friends! Shadow inventory? Not going to happen. The banks are systematically and slowly bring homes to market. They did not become billion dollar+ size banks by being stupid. They control the market and they know it. A massive shadow inventory home drop is just not going to happen.
The highest sale was for $2,145,ooo at Pinnacle in The Marina District. This 3 bedroom penthouse style condo had been on market 420 days. The lowest sale closed at Acqua Vista in Little Italy for $159,000. It was a 431 sq ft studio that actually sold before being entered on the Multiple Listing Service system. It was an “Unlisted Property” sale. The Average sales price for Downtown San Diego Condo sales was $455,326 and at 70 days on market. The Mark in East Village had the most sales for the month at 5! It is important to note the the market for Downtown San Diego Condos positioned correctly and under $600,000 is on fire! Sellers can expect top market dollar and just days on market if positioned correctly.
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What to expect going forward: The inventory levels for Downtown San Diego Condos is still very low under the $600,000 marker. Expect bidding wars and multiple offers to increase as the inventory levels continue to drop and more buyers enter the market.
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Prices will continue to increase slowly but steadily for the foreseeable future.
Questions? Comments? Please send them my way!
