June 2016 Market Update – Downtown San Diego Condo Market
Downtown San Diego had a good May. The number of sales dropped a little, but the number of listings that went into escrow continues to grow each month. This could be used to forecast the next couple of months. With the changes to the lending industry and the number of buildings in construction defect litigation, the average escrow timeline is now longer than 30 days when buyers are obtaining financing. I estimate that many of the homes that went into escrow in April will be closing in June so there will be an upswing in sales from May to June.
Inventory is still a big issue. We are hovering around a 2.7 months supply in downtown San Diego, which is a seller’s market. If we dissect the inventory available you would learn that it also doesn’t match demand. The average list price in 92101 is currently $920,446, while the average sales price is $668,577. The median active time on market is also only 17 days!
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Average Vs. Median Sales Price in 92101
- Average Sales Price
- Median Sales Price
Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- 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 June 2nd, 2016.