The desire to live in downtown San Diego continues to be very strong as people are relocating here from less desirable cities now that they can work remotely from anywhere. Also as the baby boomers are retiring a lot of them wish to live in downtown San Diego for its amazing weather and walkable lifestyle.
This strong demand continues even as interest rates have risen from their lows of under 3% to close to 5%.
The supply of condos in downtown has not kept up with the demand as only two condo buildings have been added in the last 13 years.
This imbalance of more demand than supply has pushed the prices of condos in downtown San Diego up 12.3% in the first three months of 2022. In the last 12 months prices have risen 28.6%.
Here is a graph of the price trends of condos in downtown San Diego.
If your trying to buy a condo and want to find one before the general public finds out about it and you get into a multiple offer situation please reach out to me as I often hear about some condos being available for purchase before they show up on the internet.
