San Diego Condo Prices Continue Their Upward Trend - Up 8% 1st Qtr 2017
Downtown San Diego Condo Pricing Data just in for the first quarter of 2017 showing prices up 8.0% from first quarter of 2016 to an average of $568/sf. Luxury condos over 1,200 sf were up a similar 7.9% to $629/sf. Sold prices for the quarter ranged from $372/sf at Union Square condos to $1,149/sf at Park Place condos. San Diego Condo prices have been on this upward path since the market bottomed out in late 2011 rising 60.9% since the bottom and up 50.3% over the last five years.
As we all know prices are driven by supply vs demand and the demand for the downtown lifestyle and the views you can get here continues to exceed the supply of for sale condos. Finally after eight years since the last new condo tower was built in downtown one is expected to come on line in December (Pacific Gate). Other factors to watch that could influence pricing in the years ahead are, mortgage interest rates, over all macro economy and Federal Government spending on the military.