August 2023 Housing Market – Downtown San Diego Condo Market
Over the last couple of months I’ve struggled with the source I traditionally get my data from. I likely will need to rethink how I do these market updates, as I believe the information is extremely inaccurate in a couple of categories. The number of active listings according to InfoSparks, which is available to agents through the San Diego Association of Realtors membership, states that there are 206 Active Listings in Downtown San Diego for the month of July. If I look at the numbers directly from the MLS, it shows that there are only 117 listings in 92101 and only 111 if you cut out the portion of 92101 that includes Bankers Hill south of Laurel. Last month, when I ran the numbers in the MLS it came out to 112 listings, but InfoSparks stated 180. If you know me personally, you likely know that I am extremely analytical and this discrepancy is very frustrating to me as I have relied on InfoSparks for 8+ years.
The increase in Active listings on InfoSparks directly impacts their calculation of Inventory. With 206 active listings, they are calculating the inventory at 4.4 months. If we do the manual calculation, the actual inventory is 2.9 months of inventory (111 active listings / 39 sales in July = 2.85 month’s of inventory).
The inventory still suggests it is a seller’s market, but downtown is seeing very low activity levels. There were only 39 sales in the month of July, which is typically a fairly active month. List to sales price percentages are back to normal pre pandemic levels. On average, homes are selling 2-3% under list price. Despite the lower number of sales in July, we’ve seen the number of listings to go under contract continue to rise. There are currently 56 properties under contract in Downtown San Diego and 17 of the 56 are over $1,000,000.
Overall, the downtown market is currently moving fine. It isn’t the super fast market we saw in 2021/2022, but that wasn’t sustainable. Now we are in a bit of a normalized downtown market.
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Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- Median Price Per Square Foot ($)
Average Vs. Median Sales Price in 92101
- Average Sales Price
- Median Sales Price
Average Vs. Median Active Market Time
- Average Active Market Time
- Median Active Market Time
Average List to Sales Price (%)
- Average List to Sales (%)
Months Supply of Inventory Actual
# Active Listings / # Sales That Month
Number of Sales
Sales Volume ($) in the Millions
*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on August 1st, 2023.