03Jun
By: Ryan Ponce On: June 3, 2024 In: Downtown San Diego, Market Update Comments: 0

June 2024 Housing Market – Downtown San Diego Condo Market

Downtown San Diego numbers seemed to have increased across the board, which is interesting. Typically if inventory, active listings, days on market, and new listings climb, you would expect to see an inverse reaction in some areas, such as the average sales price, number of sales, sales volume, and average list to sales price ratio. Oddly enough, the opposite happened. The average sales price rose to $1,029,953 (+19.8%), the number of sales went up to 51 (+10.9%), and the sales volume went up to $52.5 million (+32.8%). These increases are mainly due to some sales in the higher end price ranges, specifically in properties over $1,600,000. Those sales increased the average to over $1m. It is important to note that the median sales price went up dramatically as well to $815,000 (+24.0%) but still remains well under $1,000,000.

Inventory has continued to rise in Downtown San Diego and will likely continue upward if the number of sales does not increase. We finally broke 50 sales in one month in 2024, but the number of sales is still about 30-40% lower than what we typically saw before 2020. Inventory is slightly above a 4 month supply, indicating that it is now a fairly balanced market between buyers and sellers. The average list to sales price is still 98.1%, but I believe that number will begin to come down a bit as buyers gain more negotiating power. As a seller, it is important to remain patient. We became accustomed to the market moving very quickly, but that is no longer the case in Downtown.

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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

New Listings

Active Listings

Pending Listings

Sales Volume ($) in the Millions

*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on June 3rd, 2024.

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