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March 2025 Housing Market Stats – Downtown San Diego Condo Market

Downtown San Diego saw a slight uptick in sales activity in March, with 39 closings—about a 5% increase from February, but still well below typical levels. Active inventory continues to rise, now sitting at 262 listings, which is the highest it’s been in years and a big jump from the sub-200 range we’ve seen since 2020. With so few sales and so much inventory, we’re sitting at about a 6.72-month supply, which points to a buyer’s market. But that number doesn’t tell the full story. Homes with views—especially two-bedroom residences in great locations—are still moving quickly and often with strong interest. On the other hand, entry-level options, larger condos without views, and townhomes are seeing softer demand and are often sitting longer or requiring more aggressive pricing.

Even with the broader market slowdown, properties that are selling are closing at around 98% of their list price, showing that well-positioned homes are still fetching solid offers. However, we are seeing more price reductions overall and more negotiation room on listings that don’t align with what buyers are prioritizing right now. The good news for sellers is that momentum appears to be building—pending listings jumped 42% month-over-month, with 52 homes under contract heading into April. If that activity continues and inventory levels stabilize, we could see absorption improve. There’s also renewed energy in the market with Bosa Development’s announcement of a new 40-story tower—Downtown’s first high-rise condo project in about eight years. Presales will begin soon, though completion isn’t expected until late 2027.

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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!