January 2017 Market Update – Downtown San Diego Condo Market
Last month we saw a slight rise in the average sales price, as well as the average sales price per square foot, but we saw a drastic drop in just about every other category. The inventory continues to fall, which price typically follows an inverse trend. In 92101, we saw the inventory drop to only a 1.7 month supply, which is extremely low. Only 50 new listings hit the market in 92101 (less then 2 per day) in December and we saw the number of active listings drop to 131. When compared to December of 2015, we saw a difference of 57 listings (30.3%). We also saw the number of pending listings in December drop down to 43, which generally means the number of sales in January will continue to sink. Based on historical trends, we should see an spike going into February and March.
Is the sky falling? Probably not. The lack of inventory should continue the steady rise in home prices. The sudden rise in interest rates will also motivate buyers to act sooner than later. Keep in mind, the interest rates had been slowly declining in 2016 and then they suddenly jumped about a quarter of a percent, but that is where they were at in the second half of 2015. They are still at historic lows. According to Alan Nevin, a well respected economist that specifically focuses on San Diego’s micro economy, interest rates don’t negatively effect sales until they exceed 6.0%.
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Average Vs. Median Sales Price in 92101
- Average Sales Price
- Median Sales Price
Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- Median Price Per Square Foot ($)
Average Vs. Median Market Time
- Average Market Time
- Median Market Time
Average Vs. Median Active Market Time
- Average Active Market Time
- Median Active Market Time
Months Supply of Inventory Actual
# Active Listings / # Sales That Month
Months Supply of Inventory Forecast (Pending Listings)
# Active Listings / # Pending That Month
Average Vs. Median List to Sales Price (%)
- Average List to Sales (%)
- Median List to Sales (%)
Number of Sales
Sales Volume ($) in the Millions
*All information is deemed reliable, but not guaranteed. Information obtained through the Sandicor MLS on January 7th, 2017.