05Dec
By: Ryan Ponce On: December 5, 2023 In: Downtown San Diego, Market Update Comments: 0

December 2023 Housing Market – Downtown San Diego Condo Market

The theme this year continues to be the balance between supply and demand. There are currently 156 listings in Downtown San Diego, which has been increasing steadily all year. That is 40% more than just 1 year ago, but that was when we were nearing all time lows with regard to the number of active listings.  This increase has not been due to a surge of new listings, but rather the lack of sales happening per month. There were only 36 sales in the month of November. As new listings hit the market, they are not being absorbed at equal rates, so property is slowly collecting. This is leading to an increase in the overall inventory (month’s supply).

Why is Month’s Supply of Inventory important? It represents the balance between supply and demand. Under a 4 month supply of inventory, the market tends to favor sellers. Between 4-6 months, the market is considered balanced, and neither buyers or sellers have the upper hand. Above a 6 month supply, buyers have the advantage in this market. As you can see, we are currently entering into a more balanced market.

As always, I’m here to guide you through these market intricacies, ensuring you make well-informed decisions. Whether you’re considering selling, purchasing, or merely seeking insights, feel free to reach out. Here’s to navigating the dynamic world of real estate together!

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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

Active Market Time

The active market time remains below 30 days, which is telling. Good property is still selling quickly, but there are quite a few options that are now sitting on the market. During a time of low activity, it is really important that the property is positioned better than the average home. You need to be aware of the competition and how your property compares.

Months Supply of Inventory

This number has continued to grow, so it is something I am closely monitoring. While month’s supply of inventory is growing, there really isn’t many options in each price range. If you think about Downtown, each neighborhood and building differ dramatically. As a buyer, you should be focusing on choosing an area and building that offers the lifestyle you’re looking for. This is where working with a good downtown real estate agent comes into play. They can help you narrow down the neighborhoods and even buildings, to help you stay focused. Then as new options come up, you can quickly react. Typically, my clients will have their eye on just a handful of buildings by the time we narrow their search.

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 December 1st, 2023.

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And Always Remember, It Matters Who You Work With!

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!