In the first quarter of 2013, there were 227 sales in downtown San Diego. This year, there were only 181 sales in the first quarter, which represented a 19.2% decline in units sold. Sales have slowed from 74 sales per month (last 12 months) to just 68 sales per month (last 90 days). However, the average condo sales price from March of 2013 to March of 2014 increased 26.3% to just over $690,000. This is in addition to the 13% increase from June ’12 to June ’13.
I don’t think we’ll continue to see prices raise at this pace, but I don’t see them going down either. With no new inventory on the horizon, I think downtown San Diego will continue to do well…just at a more sustainable rate. If you take a look around, you’ll see new businesses opening up, less vacant office/retail space and the general energy seems to be better (which is clearly a scientific way to determine how a city is doing).
Spaces that have been vacant for years are finally being filled and many of the existing business owners are opening new ventures downtown. Here are just a few places that are open, or coming soon.
For more information about what’s going on in San Diego, please contact Denny Oh at 858-243-2092 or [email protected]