The Downtown San Diego real estate market for June 2013 continues to steam ahead. The number of sales increased to 83 monthly sales for June. That is a 30% increase compared to June of 2012. In addition, we saw the number of properties that listed for sale rise. This is great news for buyers in Downtown San Diego as we are starting to move back to a balanced market, not the frenzied seller’s market we saw the first 6 months of 2013.
See All Condos for Sale in Downtown San Diego 92101
An important item to note is mortgage interest rates and the effect their rise is having. The greatest effect is buyer affordability. A buyer’s monthly payment just went up significantly with the rise in interest rates.
I.E. Buyer purchases a a condo in Downtown San Diego for $400,000. If that buyer purchased the condominium a month ago, lets say their payment would have been around $1,879 (minus all taxes, fees, HOA payment, etc) with a 3.5% mortgage interest rate. If that same buyer purchases the same Downtown San Diego condo today for $400,000 with a 4.5% mortgage interest rate, their payment will jump to $2,063. That is a fairly drastic change in 30 days just by way of a change in mortgage rates.
I believe this will continue to bring balance to the market and will help buyers by reducing some of the fierce competition they have been facing the last half year in the Downtown San Diego real estate market.
An important trend that became apparent in June 2013 is the luxury condo market ($1,000,000 and above) started gaining momentum quickly in regards to total number of sales. A 51% jump in activity in some neighborhoods and buildings! The Downtown San Diego luxury condo market was one of the last remaining market segments to get going in the 2013. Let me tell you, they have started the engines and they are off! The million dollar real estate market is gaining ground quickly. This market is in overdrive. The statistics below speak for themselves:
Real Estate Market Facts for June 2013 in the 92101 (Published July 10th, 2013):
- 203 Active Listings for Sale as of July 10th, 2013
- Average Days on Market to Sell: 43 Days (June 2012 was 91 Days)
- 83 Total Sales for June 2013 (June 2012 had 64 Total Sales)
- Median Sales Price for June 2013: $424,900 (June 2012 was $436,500)
- Highest sale Pics & Video: Bayside, 33rd floor, 2 Bed for $2,975,000
- Lowest sale Pics & Video: Element, 3rd floor, Loft for $172,500
- Most Expensive Current Listing, Pics & Video: Harbor Club, $9.975M
- Least Expensive Current Listing, Pics & Video: The Mills, $199,000
Breakdown by Neighborhood for June 2013:
- East Village – 29 Total Sales, median price was $360,000
- Columbia District – 9 Total Sales, median price was $590,000
- Little Italy – 9 Total Sales, median price was $430,000
- Marina District – 12 Total Sales , median price was $568,500
- Cortez Hill – 8 Total Sales, median price was $430,000
- Gaslamp Quarter – 10 Total Sales, median price was $254,000
Summary: The Downtown San Diego real estate market is in hyper-drive like the rest of San Diego county. To answer the question I think I receive on a daily basis right now is: Yes, it is a great time to buy real estate right now. Interest rates are still relatively low, prices are rising but they haven’t shown any signs of slowing down, and the US economy is continuing to strengthen! In addition, buyers need to find an agent who is very familiar with the market and all the buildings. It’s competitive but the best agents now what to do and how to help you achieve all your real estate goals.
If you have property to sell, align yourself with an experienced Downtown San Diego real estate agent, you will sell for top dollar and in a very short amount of time. Although the best time to sell was most likely in the previous six months, there is still a tremendous amount of buyer demand and a Downtown San Diego condo seller can look forward to lots of interest from potential buyers if they position their condo correctly.
Interested in Selling? Contact me for a no hassle marketing proposal
Questions? Comments? Please send them my way!
