Thank you for stopping by. This Real Estate Market Report covers the Downtown San Diego Condo market for April 2013. Demand for condos in the 92101 zip code continues to accelerate at a pace even Olympic Sprinter Usain Bolt would be impressed with. On an annualized basis, the median price for a sold condo for sale in Downtown San Diego is up over 12%! That even beats the impressive 10% median price increase overall for San Diego County.
We had 63 total sales reported for April 2013 in Downtown San Diego. This indicates an annualized percentage decrease versus April 2012 were we saw 83 total sales reported. This is absolutely to be expected in this current market with the drastic drop in inventory available for purchase. There are 183 actively listed properties for sale as of 5/13/2013. Combing this figure with the number of sold properties for April 2013 clearly tells us we are in the midst of a strong and steadily growing sellers market.
The Downtown San Diego Condo distress real estate market is disappearing faster than Casper at a Ghost Busters reunion party. There were no foreclosure sales reported for April 2013 and only 10 short sales closed per real estate brokerage reporting.
This is all very good news for the Downtown San Diego Real Estate Market. As always, I’ve compiled some vital and interesting statistics below on the market:
92101 Quick April 2013 Real Estate Market Facts:
- 63 Total Sales for April 2013
- April 2013 Average Sales Price: $522,000 (April 2012 was $464,000)
- Highest sale Sapphire Tower, 32th floor, 3 Bed for $2.2M
- Lowest sale Element, 3rd floor, 1 Bed for $125,000
- Most Expensive Current Listing: Harbor Club, $9.975M
- Least Expensive Current Listing: Element, $179,000
- 180 Active Listings for Sale as of May 10, 2013
- Average Days on Market to Sell: 48 Days
More interesting facts and figures:
- 52 sales were regular sales (versus 81 for March).
- 10 were short sales (versus 11 for March).
- There were no foreclosure sales (versus 5 for March).
Breakdown by Neighborhood:
- East Village – 19 Total Sales, average price was $381,000
- Columbia District – 13 Total Sales, average price was $828,000
- Little Italy – 7 Total Sales, average price was $467,000
- Marina District – 5 Total Sales , average price was $744,000
- Cortez Hill – 7 Total Sales, average price was $347,000
- Gaslamp Quarter – 5 Total Sales, average price was $282,000
Summary: The Downtown San Diego Condo Real Estate Market is in the midst of a very robust sellers market. I may not have a crystal ball but I do not see the market slowing down anytime soon. Low interest rates and the average buyer becoming increasingly more comfortable as the economy continues to stabilize will fuel the demand for Downtown San Diego Condos. In addition, as prices continue to climb, more and more Downtown San Diego Condo owners will gain equity and list their properties for sale. All in, expect fierce competition as a buyer for the foreseeable future and an enticing sellers market for all you 92101 condo sellers thinking about selling!
Interested in Selling? Contact me for a no hassle and free marketing proposal
Questions? Comments? Please send them my way!
