COMMUNITY INFORMATION
Downtown San Diego is located in Central San Diego County within the state of California, USA. The downtown region is generally considered to be the area within the 92101 Zip Code. There are approximately 28,231 residents in this Zip code and 14,705 households. The median age of the population is 38.88 years.
TEMPERATURES
The weather in Downtown San Diego is relatively moderate. The warmest time of year occurs in August during which temperatures reach an average high of 73?F. The coldest time of year occurs in December with average temperatures falling to 58? F.
HOME AND REAL ESTATE PRICES
The housing options in Downtown San Diego include single-family homes, condominiums, townhouses, and apartments. The price of housing is as follows:
? One bedroom townhouse/condominium start in the low $300,000s.
? Two bedroom townhouse/condominium start in the high 3200,000s.
? Three bedroom townhouse/condominium start in the low $600,000s.
? Two bedroom single-family homes start in the low $700,000s.
? Three bedroom single-family homes start in the low $800,000s.
REAL ESTATE MARKET TRENDS
As with most products and services in the United States, price shifts in the real estate industry are subject to the forces of supply and demand. Whether it's a buyers market or a seller's market, it is useful to evaluate home sales data for the most recent month available (June 2006), compared against the same period in the previous year (June 2005).
The median price of condominiums and townhomes rose from $515,000 in June 2005 to $725,000 in June 2006, which represents a whopping 40.8% increase. However, slightly fewer units sold in June 2006 (52 homes) than in June 2005 (49 homes). Also, properties took longer to sell in June 2006 (83 days) than in June 2005 (54 days).
Homebuyers and home sellers should keep in mind that the data above is simply a snapshot in time. Therefore, the data must be evaluated over a longer duration to understand enduring market trends.
