Downtown San Diego Real Estate Market Report for December 2013:
The average price and median price for December 2013 are both still up in the double digits. We are primarily interested in the median price as it eliminates any major outliers but it is interesting to compare it versus the average price which came in very strong as well. Also, the 12 month median price trend depicted in the graph below is very promising.
- Median Sales Price: $447,500 +15.1%
- Average Sales Price: $520,299 +13.6%
The median amount of days on market is relatively low at 36 days. The average is 65 days but this figure is severely skewed by several short sales that have been hanging around for years. The median is much more applicable and realistic for this report. Sellers can expect to be on market for around 36 days when selling their Downtown San Diego Real Estate / Condos (Even less time if you price your condo right and use a real estate video tour to market the property).
- Median Days on Market: 36 Days +5.5%
- Average Days on Market: 56 Days +13.6%
The market is a Normal Market. There are currently 257 actively listed properties in the 92101 zip code. If we divide that total by the number of total sales last month at 47 sales, we get 5.47 (5.47 month’s worth of real estate inventory). This means it would take 5.5 months to sell the current inventory available for sale. Anything between 3-6 months is generally accepted as a balanced or normal real estate market.
- 257 Active Listings for Sale as of 12/2/2013.
- 57 Total Sales last month.
- 4.5 Month’s Inventory (257 Active Listings / 57 Sales) Normal Market
Breakdown by Neighborhood for December 2013:
- East Village – 14 Total Sales, median price was $415,500
- Columbia District – 7 Total Sales, median price was $479,000
- Little Italy – 6 Total Sales, median price was $460,000
- Marina District – 9 Total Sales , median price was $585,000
- Cortez Hill – 7 Total Sales, median price was $450,000
- Gaslamp Quarter – 2 Total Sales, median price was $289,560
Summary: The holiday season is here and it is showing in the market data. The 47 sales for the month is the lowest number of sales we have seen in the Downtown San Diego real estate market since 2008. I wouldn’t read too much into it. January 2014 could bring another real estate run, maybe similar to what we saw for 2013. Real estate prices continue to climb as more inventory becomes available for sale.
See All Downtown San Diego Real Estate for Sale
Questions? Comments? Please send them my way!
