SAN DIEGO—The Downtown San Diego Condominium Pricing Index increased 1% in November to $650 per square foot, and is now 10% higher than one year ago, according to the Condominium Pricing Index released Monday by The Mark Company, a leading urban residential marketing and sales firm.
"There are no new condominiums currently available for sale in Downtown San Diego, although units at Aloft in Cortez Hill, which had previously been converted to rental apartments, are now being offered for sale as they become available," said Erin Kennelly, senior director of research, The Mark Company.
"Pacific Gate, which will offer 216 units when completed, remains the only condominium development currently under construction in Downtown San Diego, and is the first new condominium development since 2009," said Kennelly.
The average resale price per square foot for condominiums in Downtown San Diego decreased by 2% last month to $516 per square foot, and is now 6% higher than the same month one year ago.
Resale inventory remains relatively low, with 4.8 months of inventory at the current pace of sales. 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 Downtown 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 $920 per square foot in November, representing an increase of 1% from the previous month, and 10% year-over-year.
The Mark Company has also released the November San Francisco Trend Sheet, the November Downtown Los Angeles Trend Sheet and the November Downtown Seattle Trend Sheet. All are available for download.
The Mark Company is one of the nation's premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States.
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