The Downtown San Diego Real Estate Market for September 2013 is in! Before I start to write, please see the numbers below. We are still experiencing a strong seller’s market that is slowly starting to change as more inventory continues to comes to market and mortgage interest rates continue to climb. Results Below:
Downtown San Diego Real Estate Market Report for September 2013:
- 234 Active Listings for Sale as of September 8th, 2013
- Average Days on Market to Sell: 51 Days (September 2012 was 69 Days)
- 78 Total Sales for September 2013 (September 2012 had 83 Total Sales)
- Median Sales Price for September 2013: $450,000 (September 2012 was $385,000) ▲ 15%
- 3 Month’s Inventory (234 Active Listings / 78 Sales) Seller’s Market
- Highest sale Pics & Video: The Grande South, 39th floor, 2 Bed for $1,549,000
- Lowest sale Pics & Video: Element, 8th floor, Loft for $176,700
- Most Expensive Current Listing, Pics & Video: Harbor Club, $9.975M
- Least Expensive Current Listing, Pics & Video: The Mills, $189,850
Breakdown by Neighborhood for September 2013:
- East Village – 25 Total Sales, median price was $355,000
- Columbia District – 9 Total Sales, median price was $627,000
- Little Italy – 11 Total Sales, median price was $467,000
- Marina District – 13 Total Sales , median price was $740,000
- Cortez Hill – 12 Total Sales, median price was $622,000
- Gaslamp Quarter – 5 Total Sales, median price was $325,000
Summary: Overall, the median real estate price for condos in Downtown San Diego has increased by 15% from September 2012. Sales are still very strong although the rise in interest rates combined with an increase in available inventory is showing some impacts. Condos for sale in Downtown San Diego still sell quickly if priced right (don’t use Zillow, it’s always wrong) and are marketed effectively.
See All Condos for Sale in Downtown San Diego 92101
Condos that are overpriced, not marketed correctly, or sold by owner tend to linger and go “stale”. Think of bread at the bakery. If it doesn’t sell right away, it starts to go stale. What does the baker do? They drop the price and add it to the “day old” basket. Buyers in the bakery don’t want “day old” bread. If they do purchase “day old” bread, they certainly expect a discount because there must be something wrong with it if it’s been for sale this long and hasn’t sold.
Real estate works the same way. Your best buyer will likely be your first buyer and the buyer that makes an offer when you price your Downtown San Diego condo correctly. I have a new video blog on the way completely dedicated to this subject, please check back for it soon.
Questions? Comments? Please send them my way!
