July 2023 Housing Market – Downtown San Diego Condo Market
The median sales price actually surpassed the peak of $811,000 back in May of 2022. The average sales price has also been going up quickly, but has not exceeded the peak set in April 2022 ($1,041,345). Both the average and median price per square foot are also nearing their records that were set last year.
There are some dramatic changes in terms of inventory and active listings according to the charts below. I want to start off by saying that I am looking into some inconsistencies with the data I get through InfoSparks, a tool available to members of the San Diego Association of Realtors. I walk through the data in my video above, but there are two charts that do not line up with the information I can pull directly from the Multiple Listing Service (MLS). The first chart that appears to be incorrect is the number of active listings. InfoSparks says there were 180 listings in the month of June in Downtown. Given I study the market on a daily basis, I found this to be odd so I manually pulled them. There are currently 112 listings in Downtown and we’ve consistently been between 100-115 listings over the last month. I have an inquiry with the company as to how they are calculating the active listings, as it’s always been similar to the number I pull directly from the MLS. I have screenshots in my video above as I explain it. The second chart showing a drastic jump is the inventory chart. This is affected by the active listings shown in InfoSparks since inventory is the number of active listings divided by the number of sales in a month.
The number of active listings is inaccurately showing the inventory much higher than it actually is. If I pull the numbers from the Multiple Listings Service (MLS), there are currently 112 active listings, 55 sold in June, and there are currently 52 properties under contract. That would put us at a 2 month’s supply of inventory, which is far more accurate. The 2 month’s supply of inventory also lines up with my Quarter 2 market update, which shows a 2.2 month’s supply in Downtown.
Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- 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 July 5th, 2023.