May 2023 Housing Market – Downtown San Diego Condo Market

There were 50 sales in April, which when compared to January and February, is a big improvement. However, If you compare it to April of last year, the number of sales is down -48.5%. The number of new listings is also down -48.7% year over year, so overall activity is down. That is keeping inventory fairly suppressed, although it has been increasing very slowly. Month’s supply of inventory is calculated by dividing the number of active listings by the number of sales happening. Since sales are down drastically, inventory has been increasing. In reality, there are only about 100 listings on the market, which is about 1/3 of the listings we typically see at any given time.

Downtown’s average list to sales price is at 98.8%, meaning on average sellers are only taking an offer -1.2% below their asking. To put that into perspective, a home listed at $1,000,000 is, on average, is selling for $988,000. Obviously this depends on how a home is positioned, but an average of 98.8% is higher than we typically see in Downtown San Diego. Historically, we’ve fluctuated between a 96-97% average from January 2015 up until February of 2021.

Overall, it is still a great time to be a seller in Downtown. The lack of inventory is great for well positioned homes. Condos that show well and are priced appropriately are selling quickly. As a buyer, you will likely struggle on finding what you want. It is really important to have a clear sense of what you are looking for and work with an agent that can find options both on and off of the market. I am relying heavily on my connections in Downtown to find off market options.

Each year, I compile the numbers for each individual building and I compare the stats. Click here to see the most recent Downtown San Diego building stats.

And Always Remember, It Matters Who You Work With!

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!