Downtown San Diego 2009 Real Estate Report

San Diego, CA:  807 Attached Homes Sold in Downtown San Diego in 2009

Living in the land of facts vs. the land of spin thought I would take a look at the Downtown San Diego real estate market for 2009.

While many thought 2009 was a bust year for real estate you can see by the above graph that 2009 for sales units was 807 attached units sold reported to Sandicor MLS.  You have to go back to the peak of the market in 2005 to find a higher number of sales at 846.

The average sales price in Downtown San Diego rose from 2002 at $463,385 to $709,058 in 2004 at the peak.  The average sales price in 2009 was $553, 318 which is still above the average sales price in 2002.

Looking at the average price per square foot for units sold was $375.78 in 2002, peaked at $594.95 in 2005, and was $399.29 for 2009.

Here is  summary:

2002 – 311 Sales – High $2,400,000 – Low $170,000 – Avg. LP $509,121 – SP $490,815 or 97% SP/LP

2003 – 612 Sales – High $3,600,000 – Low $229,500 – Avg. LP $577,625 – SP $556,165 or 97% SP/LP

2004 – 603 Sales – High $4,400,000 – Low $255,000 – Avg. LP $736,669 – SP $709,058 or 97% SP/LP

2005 – 846 Sales – High $5,500,000 – Low $246,500 – Avg. LP $713,158 – SP $686,991 or 97% SP/LP

2006 – 617 Sales – High $4,250,000 – Low $263,903 – Avg. LP $727,227 – SP $686,880 or 96% SP/LP

2007 – 614 Sales – High $7,250,000 – Low $190,000 – Avg. LP $643,733 – SP $613,926 or 96% SP/LP

2008 – 681 Sales – High $2,975,000 – Low $139,900 – Avg. LP $584,468 – SP $553,318 or 96% SP/LP

2009 – 807 Sales – High $6,160,000 – Low $118,000 – Avg. LP $484,321 – SP $463,385 or 97% SP/LP

View mid 2009 market update for Downtown or visit our weekly sales report section.

Weekly updated market statistics & active listings on Downtown Community Page or view Flash Charts.

It is important to note that this analysis is only from sales reported to the Sandicor MLS.  Most new development sales were not reported to Sandicor as they were not placed into the MLS.  The exception to that would be more developer sales have appeared and been reported sold in Sandicor in the last several years as new developers looked for increased exposure for their units.

I will be doing a second analysis looking at the combined sales of both Sandicor and units that have been recorded in San Diego County.

Part two – some market speculation.

The data was pulled for this analysis on February 16, 2010 from Sandicor MLS and while deemed reliable the information is not guaranteed.  The search included all attached property located in the 92101 zip code.