SAN DIEGO—Prices for condos in Downtown San Diego decreased 2% in August from the previous month to $644 per square foot, but rose 3% compared to the same month one year ago. This according to the Condominium Pricing Index released this week by The Mark Company, a leading urban residential marketing and sales firm. The company added Downtown San Diego to its Trend Sheet coverage just this month.
“There have been no new condominiums completed in San Diego since the last recession,” said Erin Kennelly, senior director of research. “Bosa's next offering, recently named Pacific Gate, will be the first new condominium development in Downtown San Diego since its previous development, Bayside at the Embarcadero was completed in 2009. Apartment construction, however, has been robust, and there are currently nearly 2,000 new apartments currently under construction.”
Average resale condominium prices increased by 4% last month to $529 per square foot, and are now 5% higher than the same month one year ago.
The current resale condominium inventory of 342 units represents 4.8 months of sales at the current pace. Six months is considered the equilibrium between a buyer's and a seller's market.
Although there are no new condominiums currently for sale in San Diego, The Mark Company Condominium Pricing Index, part of the firm's monthly Trend Sheet (available at www.themarkcompany.com), models the hypothetical price per square foot of a 10th floor, 1,000 square foot new condominium.
The Mark Company Penthouse Pricing Index, which applies the same methodology to a new 30th floor, 2,000-square-foot condominium, was $912 per square foot in August, decreasing 2 percent from the previous month but 3 percent higher year-over-year.
The firm has also released the August San Francisco Trend Sheet, the August Downtown Los Angeles Trend Sheet and the August Downtown Seattle Trend Sheet. All are available for download at www.themarkcompany.com.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
