San Diego Downtown Real Estate – Bumping Along The Bottom?
I thought it would be interesting to put together a chart today looking at downtown real estate inventory, median prices, and price per square foot. Note that you can zoom in and out of the time frame the chart covers from March 9, 2007 by clicking on the image taking you to the flash chart.
Click image for actual flash chart
San Diego downtown real estate inventory peaked August 24, 2007 with 653 active listings in Sandicor Multiple Listing (MLS). As of January 22, 2010 active listings were down to 503.
Median price peaked on July 4th, 2008 at $612,450 compared with $469,000.
Median price per square foot peaked in August of 2007 at around $700.00 per square foot and has been trending downward since that time to $435,000 as of January 22, 2010.
It is any ones guess if this is the bottom. Until we have a clear upward trend for several months we will not know. Unfortunately this is the nature of calling bottoms – you won’t know until you have passed them. Using the active market data is much more up to date than sold data which lags months behind.
My guess for the lower priced inventory which has been selling at or above asking price we are at the bottom. Properties priced over $500,000 need to be looked a carefully for location and value but I would expect some more softening. You can review sales prices on our downtown closings category posted weekly usually on Wednesdays.
If you want to keep a close eye on the downtown real estate market I would encourage you to sign up for my weekly Douglass Report delivered to your e-mail. You may sign up for your complementary copy here and can opt out at any time.
More information on downtown San Diego including videos and homes for sale can be found here.
