With the first quarter of 2011 already gone, it’s time to do some market analysis. People constantly ask me how the market is doing, where are pricing going and if they should buy or not. My crystal ball doesn’t work any better than theirs, but I’ve learned the people like to be told what to think. Too bad I have a conscience and don’t say whatever, just to make some money.
If you want to buy, you probably should. If you can’t afford to buy, you should probably wait. Aside from that, I’ll tell you what I think, but there are no guarantees! Yes prices are down and yes there’s more activity. Interest rates are incredibly low(not for much longer) and deals are being made. So in a nutshell, yes, you should probably be buying right now(if it makes sense to you).
The Grande at Santa Fe – in the first quarter of 2011, there were 10 condo sales between the Grande North(1205 Pacific Hwy) and South(1199 Pacific Hwy) towers. The average sales price was $600,480 and the average market time was 193 days. In 2010, there were 8 condo sales at The Grande, with an average of 28 days on the market. Q1 of 2010 at The Grande had an average sales price of $686,875.
Downtown San Diego as a whole, had 225 condo sales in the first quarter of 2011 – up about 14.8% from 2010’s Q1 sales figure of 196 condos. The average condo sales price for 2011’s Q1 in 92101 was $417,918, up about 2.2% from 2010’s $409,023 average condo sales price.
All of the statistics in this post are strictly from the MLS – they do not include all new condo sales. With that said, most of the new developer condos have been sold and as we all know, nothing is currently under construction. I think we’re going to see downtown San Diego condo prices start to slowly rise over the next several years as demand picks up.
I think we’ll also see a shift in where people live and work. As gas prices rise and the ability for companies to work in smaller spaces(we no longer needs tons of space for filing cabinets since we can use servers, etc), I think we’ll see more business relocate to downtown. This will ultimately(in addition to the lack of space) be the cause of increasing condo prices in downtown San Diego. If you’re interested in San Diego real estate or have any questions, please let me know.
Click here to see what’s for sale at The Grande condos
Click here to see more downtown San Diego real estate statistics.