February 2025 Housing Market Stats – Downtown San Diego Condo Market

Downtown San Diego’s real estate market started the year at a slow pace, with only 37 sales in February, following just 30 sales in January. That puts the projected annual sales at around 400, significantly lower than the 549 transactions recorded last year. While these early months tend to be sluggish, inventory is climbing, as expected. Active listings have risen from 223 at the beginning of February to 229, marking an increase of about 80 listings since the start of the year. Buyer activity, however, has yet to pick up enough to match the growing inventory, leading to longer days on market for many properties, with some failing to sell altogether.

On the positive side, mortgage rates are trending downward, starting the year at 7.25% and now averaging around 6.75%, with some lenders offering even lower rates. This could help stimulate demand in the coming months. The average sales price jumped 22% from January to over $1.1 million, but this increase was primarily driven by strong activity in the luxury segment, particularly two-bedroom condos with views in the $1M+ range. Buyers looking in less competitive segments still have negotiating power, but unless a listing falls into high-demand criteria, sellers should prepare for extended market times, ranging from 60 to 90 days or longer.

Sign Up For Our Newsletter

A Downtown Professional You Can Trust!

Give me a call today at (619) 228-6790 or email me at Ryan@livingthesandiegolife.com for more information or to schedule a tour of the neighborhood!