Downtown San Diego Condo Absorption Rate

Posted on July 13, 2011 | by Denny Oh

Downtown San Diego:

As of July 13th, 2011, there are a total of 32 active listings priced below $200K. Of those, 10 are at the Hard Rock Hotel and you can’t live in them.  The average list price is $178,172 and the average size is 575sqft.

Currently, there are 22 downtown San Diego condos in escrow(with a list price of $200K or less).  And over the last 6 months, there have been 66 sales where the list price was below $200K.  So at an average of 11 sales per month, there’s a 3 month supply of condos for $200K or less.

At the other end of the spectrum, there are 13 downtown San Diego condos that have a list price of $2M or more – the highest price is $5.5M for a 4170 sqft condo on the 38th floor at the Harbor Club. The average list price is just over $3.1M and the average size is 3,164 sqft(who said you can’t have a large downtown home?!).

There are two condos currently in escrow that have a list price over $2M and they’re both at Sapphire Tower.  Additionally, there have been eight $2M+ sales in the last 12 months downtown, giving us a little less than 9 months supply of higher end condos.

With a total of only 304 active listings downtown(at all prices) and 490 sales in the last 6 months, there’s less than 4 months worth of inventory.  If you can sell, I’d strongly suggest you do it now.  I promise you, waiting for interest rates to go up, will not help.  If you would like a free evaluation of your homes value, please call me at 858-243-2092.  Talk to you soon.

Denny Oh 858-243-2092 [email protected]

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