Now that we’re half way through February, I thought it be a good time to look back at how downtown San Diego condo sales in 2011 went. With only 184 active listings in downtown San Diego(6% less than what we started with this month), maybe some of you sellers will be inspired by 2011’s sales info!
My previous post about the Pinnacle condo sales in 2011, was accurate in regards to The Pinnacle, but not for the overall number of sales in downtown San Diego. I think this was primarily due to delayed tax recordings, but either way, I apologize for any inconvenience. The new number of sales in downtown San Diego in 2011, is 1028 sales.
Approximately 39% of these sales were resales and about 21% were developer sales(new construction). Another 24% or so were short sales and roughly 16% were REOs(foreclosures). August of 2011 had the most sales, with over twice as many resales than July, which is typically the busiest month for real estate sales. The average sales price for 92101 condos fluctuated between about $407K-507K.
East Village had the most number of condo sales, followed by Little Italy and the Marina District. Year over year, 2011 had about 9% fewer sales than 2010, but had about a 5.5% higher average resale price($510,004 vs $483,391) than 2010. The biggest difference was that there were 412 developer sales in 2010 and only 217 in 2011. The number of short sales and REOs were about the same, as were their average sales prices.
The most obvious trend of 2011, was that 41% of all downtown San Diego condo sales sold for $300K or less. This includes properties that were purchased at the court house steps(Trustee Sale auctions). An additional 33% of all 2011 sales were between $301-500K – so 74% of all downtown condo sales in 2011 sold for $500K or less. However, there were 13 condos that sold for over $2M. Cash was also pretty popular, making up 42% of all downtown condo purchases last year.
Overall, 2011 seemed to be a pretty good year in real estate. Buyers were spending money and more importantly, investors were spending their money on real estate. I honestly think this is probably the best time to buy real estate in San Diego and depending on what you have, one of the best times to sell real estate as well.
If you have any questions about these statistics or real estate in San Diego, please call Denny Oh at 858-243-2092 or email me at [email protected].
Please click below to see a slide show of the data above(and some other statistics).