January 2022 Housing Market – Downtown San Diego Condo Market

In January 2022, the average condo sold for $893,052! That is +58.2% higher than January 2021. While that is impressive, that does not indicate that properties have appreciated +58.2% in 1 year, but rather that the higher price points have been more active.  The average price per square foot also shot up to $753/sf, which is a +33.0% increase over January 2021.

Overall, the market is moving extremely fast and there is very little inventory. In January there were 64 sales, which was a 12 month low, but that doesn’t tell the full story. If we compare that to January 2021, that is a +10.3% increase. On top of that, the number of active listings continues to decline. We are at 61 active listings and if we remove the Hardrock Hotel Condos, that number would be even lower. Last month there were 88 new listings, which is much lower than the 144 new listings we saw in January of 2021. Additionally, we also saw 90 properties go under contract last month. That means more properties are going into contract than there are hitting the market. Inventory continues to decline and remains well under a 1 month supply. The median market time for listings is only 8 days and the current average list to sales price is over 100%! It is a great time to be a seller!

Each year, I compile the numbers for each individual building and I compare the stats. Click here to see the list of Downtown San Diego building stats for 2021.

And Always Remember, It Matters Who You Work With!

Give me a call today at (619) 228-6790 or email me at Ryan@www.livingthesandiegolife.com for more information or to schedule a tour of the neighborhood!