June 2026 Housing Market Update

June 2026 brought very little overall change to the Downtown San Diego condo market compared to May. There were 35 closed sales during the month, up just slightly from 34 sales in May. That small increase was not enough to meaningfully change the overall feel of the market, which continues to lean in buyers’ favor. At the same time, active inventory dipped slightly to 329 listings, down from 338 the previous month.

Because both sales and inventory changed only modestly, the broader market picture remained largely the same. The months supply of inventory came in at 9.40 months, down a bit from May’s 9.94 months but still clearly a buyer’s market. Downtown buyers continue to have negotiating leverage in many situations, and sellers still need to be realistic about pricing, competition, and the pace of demand.

One of the more positive notes this month is that new listings declined to 116, down from 132 in May. That helped bring active inventory down slightly and is preferable to seeing even more supply hit the market. Even so, the improvement was not dramatic. Pending listings came in at 38, which is down from May, and that reinforces the idea that buyer demand is still fairly restrained overall.

Now that we are halfway through the year, one of the bigger themes is just how slow the Downtown market has been. Year to date, Downtown San Diego has recorded 208 sales, which is about 13% lower than the same point last year, and last year was already a slow year. Before COVID, Downtown would typically see roughly 800 to 1,100 sales per year, averaging somewhere around 70 to 90 sales per month. So the current pace remains well below more normal historical levels, which shows that demand still has not really picked up in a meaningful way.

One piece of good news is that Measure A did not pass. That is positive for Downtown homeowners, because in a market that is already struggling with weak demand, a vacant second-home tax likely would have made conditions even tougher by reducing demand further. Pricing metrics in June were mixed. The average sales price came in at $883,149, while the median sales price was $610,000. The average price per square foot was $738, with the median at $713 per square foot. Homes sold at an average of 97.19% of asking price. The average active market time was 40 days, while the median was 35 days. If you’d like to talk through what this means for your building, your price range, or your property specifically, feel free to reach out anytime.