May 2025 Housing Market Stats – Downtown San Diego Condo Market

Downtown San Diego’s real estate market remained slow in May, with only 39 sales recorded—an extremely low number given the size of the market. Interestingly, the number of active listings dipped slightly from 285 at the beginning of the month to 275 by the end, not because fewer properties were listed but because more sellers are choosing to pull their listings off the market rather than let them sit unsold. In fact, 77 properties expired, canceled, or were withdrawn in May alone. Some of these properties get relisted quickly, so the overall impact on inventory was modest. Even so, the market is seeing more homes that are struggling to attract buyers, especially in segments where there just isn’t enough demand right now. So far this year, Downtown San Diego has only seen 193 sales over the first five months—an average of just 38.6 sales per month. Last year was also slow, but not as slow, with 242 sales over the first five months.

Properties that are positioned and marketed correctly are still moving, but many homes are taking longer to sell. The market is highly segmented: some price ranges and unit types are still seeing activity, while others are sitting with little buyer interest. For buyers, there are some great opportunities—properties are listed hundreds of thousands of dollars below previous sales, and motivated sellers are out there. Overall, while interest rates haven’t dropped as expected yet, I believe demand will eventually pick up as rates come down. Until then, motivated buyers can take advantage of the softer market before demand grows and competition heats up again.

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