February 2023 Housing Market – Downtown San Diego Condo Market
January tends to be the slowest month when it comes to the number of homes to sell. January 2023 was no exception. With only 30 sales in January, it was one of the slowest months Downtown San Diego has seen. So what is the cause?
In my opinion, there are several different factors contributing to the slow market. I am going to start with inventory. It still remains an issue in Downtown San Diego, and the County for that matter. There isn’t enough to choose from and this is especially apparent if you are searching Downtown. This is also bringing down the average price in Downtown San Diego. There were only 11 sales Downtown over $1,000,000. I really believe there are buyers out there but the problem is they can’t find what they are looking for. View condos are in short supply. At least a couple of times a week, I have other agents ask me if I have anything good coming to the market because they have buyers looking.
The second factor contributing to slowing sales in Downtown San Diego is the uncertainty of things right now. Interest rates shot up, which slowed buyer demand, but I do not believe that is really having a huge impact on downtown. I do, however, think that buyers and sellers are watching what is going on and seeing how things pan out. The combination of higher interest rates, inflation, and a volatile stock market is keeping a lot of people on the side lines. This is not only having an effect on buyer demand, but also causing some sellers to slow their plans.
Each year, I compile the numbers for each individual building and I compare the stats. Click here to see the most recent Downtown San Diego building stats.
Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- 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 February 2nd, 2023.
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