November 2024 Housing Market Stats – Downtown San Diego Condo Market

Downtown San Diego saw just 34 sales in November, marking one of the slowest months this year. Supply is pulling back dramatically, with only 179 active listings, compared to the usual 220–250 range seen earlier in the year. Despite the decline in active listings, the months of inventory have increased to 5.6 months due to the low number of sales, signaling a neutral to buyer-favored market. Properties are sitting on the market longer, with an average of 61 days, and many listings are either expiring or being withdrawn as sellers choose alternative paths like renting or staying put. This slowdown is expected to shift early next year if interest rates begin to decline.

The average list-to-sales price ratio dropped to 96.49% last month, a roughly 1% decline compared to earlier months. This adjustment aligns with recent changes to buyer’s agent commission structures. Sellers are now often building commission costs into their listing prices, but some buyers opt to negotiate lower purchase prices and pay their agents directly, leaving the seller’s net proceeds essentially unaffected. This dynamic is expected to continue exerting downward pressure on list-to-sales ratios in a market that remains favorable to buyers. If you are not familiar with the recent changes to commissions, you can read about it here. Despite these trends, Downtown San Diego’s market is positioned for improvement in 2024 as rates seem to be trending back down.

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