There are a wide variety of stories about housing markets across the country, for the state of California, even for San Diego, but you don’t see them for the micro market of downtown San Diego, specifically the 92101 zip code. So here are some market stats to help you understand where we have been.
In the second quarter of 2010, brand new condos sold by developers accounted for 39% of the total sales, followed by regular resells at 23%, short sales at 19% and bank owned foreclosures at 18%. Bank owned sales continue to dominate sales in the $300K and under price point, accounting for a third of the total sales. Bank owned units account for 14% of the total sales between $300K & $500K, 2% of sales between $500K & $700K, 9% from $700K - $1.0M, with no bank owned condos sold for over a million dollars.
In the first six months of 2010, the East Village neighborhood had the most condos sold at 201, followed by the Columbia neighborhood with 103, Little Italy at 103, Marina District at 85, Cortez Hill at 83 and Gaslamp with only 30.
Second quarter sales by building show Bayside condos leading the way with 29 sales, almost three times more than second place Acqua Vista with 10, followed by Smart Corner with 9.
Columbia continues to be the most expensive neighborhood on a cost per square foot basis leading at $479/sf, followed by Marina neighborhood $413/sf, East Village $381/sf, Cortez Hill, Little Italy and Gaslamp were all in the $340-350/sf range. On average all over downtown, units on floor 1-5 averaged $345/sf, while floors 31-35 averaged $604/sf, conclusion, prime views are expensive, sometimes twice the price of the same unit on a low floor with no view.
Most of you have heard in national real estate news reports that sale volume is up and that’s true for downtown as well, up about 40% over 2009 levels. What about prices, regular resale prices on average are down 0.4% (less than 1%) Jan-Jun YTD 2010 vs 2009. Bank owned sale prices are down 25% and brand new condos from developers are down 23% in price. Every category shows in increase in sales volume in 2010 except bank owned units, down about 20% in volume.
This is a very dynamic time in the San Diego real estate market. There are a lot of opportunities to choose from, getting yourself educated on the sales trends and plans for future development will help you chose the right condo.