Selection of condos available for sale in Downtown San Diego is very low, as of November 2023 in downtown San Diego there are only 160 condos for sale. This is 1% of the total condo market of 10,850. Prices rose 5.2% in the last 12 months and are up 36% in the last 3 years. The market bottomed out at the end of 2022. Sales volume is down about 50% from last years monthly rate of sales.
The best agents in downtown are finding off market opportunities for their clients, reach out to me if your looking for something specific your not seeing available online, I have resources and strategies to find condos that can be bought but are not listed for sale.
I'm expecting very little turnover in 2023 and 2024. One reason is the spike in mortgage rates discouraging condo owners with a 3% mortgage from trading up knowing they will give up their low rate for a much higher interest rate. It will take some time for the higher rates to become the new normal and have buyers that are waiting for lower rates to jump back on the market.
If you want a brand new condo, you have to wait till 2026 or later as there are no new condo buildings under construction at the moment. A lot of owners have been doing total remodels on their existing condos, so its possible to buy a resale with a newer updated interior. All but two condo buildings in downtown are over 10 years old now, most are 15-20 years old and just a select few over 20 years old.
There are two huge construction projects going on in Downtown San Diego that will add several thousand jobs and buyers for near by residential properties. To read about them see the articles on my blog.
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