February 2024 Housing Market – Downtown San Diego Condo Market
As the number of active listings continues to steadily rise, the market appears to be effectively absorbing these new listings. Despite an increase of 5 in the number of active listings, the supply of inventory for the month has decreased from the previous month, due to an increase in sales. Furthermore, the number of pending listings in January also rose, suggesting a likely increase in sales for February.
The average list-to-sales price ratio remains stable at around 98%, indicating strong pricing. Observing the average price, one might initially be concerned about the significant decrease of -15.5% compared to the previous month. However, it’s important to understand that this reflects where market activity is concentrated, rather than representing an actual average decrease in home values in the area. For instance, if you own a property valued at approximately $1,000,000, this does not mean its price has dropped to $845,000. These month-to-month fluctuations are indicative of the price range where sales activity was more prevalent. If the majority of sales in a month are above $1,000,000, the average sales price will be higher, and vice versa.
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Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- Median Price Per Square Foot ($)
Average Vs. Median Sales Price in 92101
- Average Sales Price
- Median Sales Price
Average Vs. Median Active Market Time
- Average Active Market Time
- Median Active Market Time
Average List to Sales Price (%)
- Average List to Sales (%)
Months Supply of Inventory Actual
# Active Listings / # Sales That Month
Number of Sales
Number of Sales
The number of sales was up 51.7% compared to December, but down about -17% year over year. I am anticipating that the number of sales begins to steadily rise in 2024. In 2023, we closed out the year with only about 550 sales. That number is dramatically lower than we typically see.
Months Supply of Inventory
The number of active listings went up, but so did the number of sales. This is why inventory is down this month. 3.3 months of inventory suggests it is still a fairly strong sellers market.
This number always tends to be higher in January. Not only are people listing their home after the holidays, but many listings that have been sitting expire on December 31st. Many of those sellers will relist their home within the first week of the new year. This is why you don’t see the number of active listings climb dramatically.
Sales Volume ($) in the Millions
*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on February 2nd, 2024.