High End of the Downtown San Diego Condo Market…. listings are camping out.

Horizons.... downtown high end high rise.

The market for San Diego condos in downtown is a funny funny beast.  We are seeing the decent properties (and in many cases even the sub-par properties) under $400,000 fly off the shelves and a steady sale rate in $400-$600,000.  However, the high-end inventory (that priced over a million bucks) is looking like its moving like molasses as it has for much of the past 2-3 years.  No surprise here…. in this economy buying a condo for upwards of a $1MM seems just down right obscene to most people.  However, there are units selling.  And there are (gulp) deals to be had if you are in this price point, most definitely. 

July 14th numbers - Downtown Listings over a $1MM asking price:

• Total Active Listings = 88
• Average Active List Price = $1,864,996 ($869/sf)
• Average Days On Market = 147
• 9 Pending listings currently posted
• Total Sold Listings last 6 months = 19
• Average List Price of Sold Listings = $1,589,526 ($743/sf)
• Average Sold Price percent of List Price = 94%
• Expired Listings last 6 months = 68

In considering the sold versus listing, in addition to those listings that expired, it looks like we’ve got at least 2-3 years worth of inventory in the market waters out there.  And with a 94% sold price of list price, that likely means that the well-priced (good condition) units are selling rather than the over-priced units with arrogant owners whom are living in the market of 3 years ago (sorry owners but we see this in many cases). 

Happy shopping…. and if you are in the need of $1mm+ property here in San Diego, of course I would be delighted to assist you!

Best,
Tara