The Downtown San Diego Real Estate Market for October 2013: Big changes for October 2013 in Downtown San Diego. We have officially entered a “Normal” or “Balanced” Market. If you take the current amount of Downtown San Diego condos for sale and divide it by the number of sales published on MLS (Multiple Listing Service) for September 2013, you come up with a figure of 4 or 4 months. This means it would take 4 months to sell the current condo inventory available in Downtown San Diego. Anything in the 4 – 6 month range is usually considered a balanced or normal market. Anything less is considered a sellers market and anything more is considered a buyers market. Please review the Downtown San Diego real estate market information below:
Downtown San Diego Real Estate Market Report for October 2013:
- 253 Active Listings for Sale as of October 9th, 2013
- Average Days on Market to Sell: 47 Days (October 2012 was 83 Days)
- 65 Total Sales for October 2013 (October 2012 had 65 Total Sales)
- Median Sales Price for October 2013: $502,500 (October 2012 was $380,000) ▲ 24%
- 4 Month’s Inventory (253 Active Listings / 62 Sales) Normal Market
- Highest sale Pics & Video: Bayside, 34th floor, 2 Bed for $2,875,000
- Lowest sale Pics & Video: Element, 7th floor, Loft for $175,000
- Most Expensive Current Listing, Pics & Video: Harbor Club, $9.975M
- Least Expensive Current Listing, Pics & Video: Park Terrace, $220,000
Breakdown by Neighborhood for October 2013:
- East Village – 26 Total Sales, median price was $373,000
- Columbia District – 16 Total Sales, median price was $601,000
- Little Italy – 7 Total Sales, median price was $416,000
- Marina District – 5Total Sales , median price was $725,000
- Cortez Hill – 4 Total Sales, median price was $516,500
- Gaslamp Quarter – 3 Total Sales, median price was $355,000
Summary: It is absolutely wonderful to see the market enter its current state. Downtown San Diego real estate has endured a wild-a-ride as any in the entire San Diego County real estate market. We have seen the foreclosure market come and go, the rush for short sales come and go, the exit and re-entry of financing for many of the Downtown San Diego buildings, and of course the return of positive equity for many real estate owners in Downtown San Diego. All very welcome and healthy news for now and the future in the Downtown San Diego real estate market.
See All Downtown San Diego Real Estate for Sale
Been frustrated running into multiple offers and unable to procure yourself a piece of the Downtown San Diego real estate market? Things have changed and let the negotiations begin! Been thinking of selling your condo in Downtown San Diego? It’s not too late as demand is still very strong and prices are steadily increasing.
Questions? Comments? Please send them my way!
