April 2020 House Market – Downtown San Diego Condo Market
Downtown’s housing market has net yet seen the repercussions of COVID-19. The number of closings in March reached a 6 month high of 67 sales, beating out February which had 65 sales. In March of 2019, there were 59 closings, so there was a 13.6% increase YOY.
We had a very productive start to the year, which was slated to carry over to the second quarter. Due to COVID-19, we will likely see a decline in the number of sales for at least the months of April and May. It is important to keep in mind that it isn’t necessarily buyer demand that has decreased, but rather the inability to conduct business as usual. For 2 weeks, it was against our State’s order to show property. Now showings are extremely limited in order to take proper safety precautions. Also, the mortgage industry has drastically changed over the course of 1 month. Guidelines have tightened, making it more difficult to obtain loans. Interest rates, while still really low, have been extremely volatile. Portfolio loans, which opened up the buyer pools based on qualifying using non traditional means, have also become non-existent.
The number of properties to go into escrow in the month of March declined by 31% when compared to February and by 42.3% when compared to March of 2019. As mentioned before, we will likely see a drastic decrease in the number of sales at least through April and May.
So many people ask me “How’s the market?”, but as you can see there isn’t a one size fits all answer. Are you a buyer or seller? What price range are you looking to buy/sell in? Do you have time to wait for the right deal or find the right buyer? Questions like these are important to understanding how your market is.
If you are looking to purchase a home in Downtown San Diego, it important to have a competitive edge. Find out what mistakes buyers are making when purchasing property downtown.
As the market heads towards a balanced market, now more than ever it is important to work with a professional! Learn how to avoid common mistakes sellers are making in Downtown San Diego so you can net more money when selling your home! There is a difference between listing your home and selling it for top dollar.
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Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- Median Price Per Square Foot ($)
Average Vs. Median Sales Price in 92101
- Average Sales Price
- Median Sales Price
Average Vs. Median Market Time
- Average Market Time
- Median Market Time
Average Vs. Median Active Market Time
- Average Active Market Time
- Median Active Market Time
Months Supply of Inventory Actual
# Active Listings / # Sales That Month
Months Supply of Inventory Forecast (Pending Listings)
# Active Listings / # Pending That Month
Average Vs. Median List to Sales Price (%)
- Average List to Sales (%)
- Median List to Sales (%)
Number of Sales
New Listings
Active Listings
Pending Listings
Sales Volume ($) in the Millions
*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on April 3rd, 2020.
And Always Remember, It Matters Who You Work With!
Give me a call today at (619) 228-6790 or email me at Ryan@www.livingthesandiegolife.com for more information or to schedule a tour of the neighborhood!
