The Downtown San Diego real estate market for condos for May 2013 continued to charge ahead with no immediate slow down in sight. We are seeing an ever so slight uptick in condo listing inventory for sale but no were near what it will take to satiate current Downtown San Diego condo buyer demand. Bottom line: It’s still a seller’s market.
Downtown San Diego saw an overall median price increase yet again for May 2013. The average time to sell a condo for sale dropped by 5 days to 43 days on market! There was a monster sized sale at The Metropolitan (sits on top on the Omni hotel). All 5 sub neighborhoods showed big median prices increases.
Search all Condos for Sale in Downtown San Diego 92101
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 May 2013 Real Estate Market Facts (Published June 5th, 2013):
- 181 Active Listings for Sale as of June 5th, 2013
- Average Days on Market to Sell: 43 Days (May 2013 was 48 Days)
- 91 Total Sales for May 2013
- May 2013 Median Sales Price: $475,000 (May 2012 was $445,000)
- Highest sale The Metropolitan, 26th floor, 4 Bed for $3.4M
- Lowest sale Palermo, 6th floor, Loft for $210,000
- Most Expensive Current Listing: Harbor Club, $9.975M
- Least Expensive Current Listing: Hard Rock, $200,000
More interesting facts and figures:
- Only 11 were short sales.
- Again, there were no foreclosure sales.
Breakdown by Neighborhood for May 2013:
- East Village – 21 Total Sales, median price was $441,000 (April 2013 was $332,500)
- Columbia District – 9 Total Sales, median price was $700,000 (April 2013 was $650,000)
- Little Italy – 7 Total Sales, May median price was $445,000 (April 2013 was $395,000)
- Marina District – 23 Total Sales , median price was $629,900 (April 2013 was $549,000)
- Cortez Hill – 9 Total Sales, median price was $382,500 (April 2013 was $319,000)
- Gaslamp Quarter – 4 Total Sales, median price was $262,450 (April 2013 was $256,000)
Summary: The real estate market for Downtown San Diego condos continues to accelerate faster than Vin Diesel in the latest fast and furious. The latest talk on the town pertains to re-entering yet another real estate bubble. The current climb in demand and prices is different this time around. The sub prime loans and shady lending practices of old are gone. This is an absolutely sustainable rise in prices. Buyers are buying homes and condos they can actually afford. We live in a capital market, cycles are assured but… In this Downtown San Diego real estate broker’s opinion, anyone waiting for this current bubble to burst could be waiting for years. Even when the eventual price decline does happen, you are most likely looking at a soft cyclical decline and likely no where near the low levels we experienced the past few years. It’s the right time to sell or buy, don’t get left in the dust!
Interested in Selling? Contact me for a no hassle marketing proposal
Questions? Comments? Please send them my way!
